FMI International Fund II - Currency Unhedged | |||||||
SCHEDULE OF INVESTMENTS | |||||||
June 30, 2023 (Unaudited) | |||||||
Shares | Value | ||||||
LONG-TERM INVESTMENTS - 95.5% (1) | |||||||
COMMON STOCKS - 90.8% (1) | |||||||
COMMERCIAL SERVICES SECTOR - 4.1% | |||||||
Advertising/Marketing Services - 1.7% | |||||||
114,600 | WPP PLC (Jersey) (a) | $ | 1,201,216 | ||||
Miscellaneous Commercial Services - 2.4% | |||||||
45,400 | Genpact Ltd. (Bermuda) | 1,705,678 | |||||
CONSUMER DURABLES SECTOR - 2.0% | |||||||
Electronics/Appliances - 2.0% | |||||||
174,500 | Howden Joinery Group PLC (Britain) (a) | 1,425,733 | |||||
CONSUMER NON-DURABLES SECTOR - 10.7% | |||||||
Beverages: Alcoholic - 1.9% | |||||||
31,500 | Diageo PLC (Britain) (a) | 1,354,219 | |||||
Food: Specialty/Candy - 5.4% | |||||||
650 | Barry Callebaut AG (Switzerland) (a) | 1,255,852 | |||||
77,500 | Greggs PLC (Britain) (a) | 2,517,603 | |||||
3,773,455 | |||||||
Household/Personal Care - 3.4% | |||||||
45,700 | Unilever PLC (Britain) (a) | 2,379,797 | |||||
CONSUMER SERVICES SECTOR - 8.7% | |||||||
Other Consumer Services - 3.6% | |||||||
925 | Booking Holdings Inc. (United States) (2) | 2,497,805 | |||||
Restaurants - 5.1% | |||||||
32,750 | Sodexo S.A. (France) (a) | 3,606,353 | |||||
DISTRIBUTION SERVICES SECTOR - 12.7% | |||||||
Medical Distributors - 2.4% | |||||||
22,900 | DKSH Holding AG (Switzerland) (a) | 1,704,513 | |||||
Wholesale Distributors - 10.3% | |||||||
28,975 | Ferguson PLC (Jersey) (a) | 4,576,657 | |||||
106,450 | Rexel S.A. (France) (a) | 2,630,804 | |||||
7,207,461 | |||||||
ELECTRONIC TECHNOLOGY SECTOR - 11.1% | |||||||
Aerospace & Defense - 4.6% | |||||||
20,800 | Safran S.A. (France) (a) | 3,259,571 | |||||
Computer Processing Hardware - 5.0% | |||||||
39,100 | Sony Group Corp. (Japan) (a) | 3,529,565 | |||||
Electronic Equipment/Instruments - 1.5% | |||||||
56,700 | Yokogawa Electric Corp. (Japan) (a) | 1,049,581 | |||||
FINANCE SECTOR - 8.6% | |||||||
Finance/Rental/Leasing - 2.2% | |||||||
22,050 | Ashtead Group PLC (Britain) (a) | 1,528,750 | |||||
Major Banks - 4.3% | |||||||
66,900 | DBS Group Holdings Ltd. (Singapore) (a) | 1,562,301 | |||||
2,595,800 | Lloyds Banking Group PLC (Britain) (a) | 1,438,981 | |||||
3,001,282 | |||||||
Multi-Line Insurance - 2.1% | |||||||
19,200 | Arch Capital Group Ltd. (Bermuda) (2) | 1,437,120 | |||||
HEALTH SERVICES SECTOR - 2.2% | |||||||
Medical/Nursing Services - 2.2% | |||||||
32,700 | Fresenius Medical Care AG & Co. KGaA (Germany) (a) | 1,562,774 | |||||
HEALTH TECHNOLOGY SECTOR - 8.4% | |||||||
Medical Specialties - 5.4% | |||||||
82,099 | Koninklijke Philips N.V. (Netherlands) (a) (2) | 1,778,898 | |||||
123,950 | Smith & Nephew PLC (Britain) (a) | 1,999,730 | |||||
3,778,628 | |||||||
Pharmaceuticals: Major - 3.0% | |||||||
6,950 | Roche Holding AG (Switzerland) (a) | 2,123,017 | |||||
INDUSTRIAL SERVICES SECTOR - 2.2% | |||||||
Contract Drilling - 2.2% | |||||||
30,800 | Schlumberger Ltd. (Curacao) | 1,512,896 | |||||
PROCESS INDUSTRIES SECTOR - 1.5% | |||||||
Chemicals: Specialty - 1.5% | |||||||
24,100 | NOF Corp. (Japan) (a) | 1,035,311 | |||||
PRODUCER MANUFACTURING SECTOR - 6.0% | |||||||
Building Products - 1.9% | |||||||
105,000 | Sanwa Holdings Corp. (Japan) (a) | 1,367,012 | |||||
Electrical Products - 1.3% | |||||||
44,000 | Smiths Group PLC (Britain) (a) | 920,559 | |||||
Industrial Conglomerates - 1.4% | |||||||
19,250 | Jardine Matheson Holdings Ltd. (Bermuda) (a) | 976,171 | |||||
Industrial Machinery - 1.0% | |||||||
31,800 | Nabtesco Corp. (Japan) (a) | 702,837 | |||||
Trucks/Construction/Farm Machinery - 0.4% | |||||||
11,248 | Weir Group PLC (Britain) (a) | 251,119 | |||||
RETAIL TRADE SECTOR - 8.1% | |||||||
Discount Stores - 6.1% | |||||||
607,000 | B&M European Value Retail S.A. (Luxembourg) (a) | 4,298,983 | |||||
Specialty Stores - 2.0% | |||||||
234,675 | CK Hutchison Holdings Ltd. (Cayman Islands) (a) | 1,432,302 | |||||
TECHNOLOGY SERVICES SECTOR - 4.5% | |||||||
Packaged Software - 4.5% | |||||||
23,050 | SAP SE (Germany) (a) | 3,148,809 | |||||
Total common stocks (cost $56,523,600) | 63,772,517 | ||||||
PREFERRED STOCK - 4.7% (1) | |||||||
ELECTRONIC TECHNOLOGY SECTOR - 4.7% | |||||||
Telecommunications Equipment - 4.7% | |||||||
72,500 | Samsung Electronics Co. Ltd. (South Korea) (a) | 3,289,999 | |||||
Total preferred stock (cost $3,148,394) | 3,289,999 | ||||||
Total long-term investments (cost $59,671,994) | 67,062,516 | ||||||
SHORT-TERM INVESTMENT - 4.1% (1) | |||||||
Money Market Fund - 4.1% | |||||||
2,873,335 | First American Treasury Obligations Fund, Cl X, 5.04% (3) | 2,873,335 | |||||
Total short-term investments (cost $2,873,335) | 2,873,335 | ||||||
Total investments - 99.6% (cost $62,545,329) | 69,935,851 | ||||||
Other assets, less liabilities - 0.4% (1) | 268,862 | ||||||
TOTAL NET ASSETS - 100.0% | $ | 70,204,713 |
(a) | 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 June 30, 2023 the aggregate value of these securities was $59,909,017. | |
(1) | Percentages for the various classifications relate to total net assets. | |
(2) | Non-income producing security. | |
(3) | The rate quoted is the annualized 7-day yield as of June 30, 2023. | |
PLC | - Public Limited Company |
FMI International Fund II - Currency Unhedged |
Summary of Fair Value Exposure at June 30, 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. 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 June 30, 2023, based on the inputs used to value them: |
Investments | ||||
Valuation Inputs | in Securities | |||
Assets: | ||||
Level 1 - Common Stocks 1 | $ | 7,153,499 | ||
Level 1 - Money Market Fund | 2,873,335 | |||
Total Level 1 | 10,026,834 | |||
Level 2 - Common Stocks 1 | 56,619,018 | |||
Level 2 - Preferred Stocks 1 | 3,289,999 | |||
Total Level 2 | 59,909,017 | |||
Level 3 - | - | |||
Total Assets | 69,935,851 | |||
Total | $ | 69,935,851 | ||
1 See the Schedule of Investments for investments detailed by industry classifications. |