FMI International Fund II - Currency Unhedged | ||||||||
Schedule of Investments | ||||||||
as of June 30, 2024 (Unaudited) | ||||||||
LONG-TERM INVESTMENTS – 96.4% | ||||||||
COMMON STOCKS - 91.9% | Shares | Value | ||||||
Bermuda - 5.5% | ||||||||
Miscellaneous Commercial Services - 2.8% | ||||||||
Genpact Ltd. | 58,200 | $ | 1,873,458 | |||||
$ | – | |||||||
Multi-Line Insurance - 2.7% | ||||||||
Arch Capital Group Ltd.(a) | 17,650 | 1,780,709 | ||||||
Total Bermuda | 3,654,167 | |||||||
Britain - 28.4% | ||||||||
Beverages: Alcoholic - 2.7% | ||||||||
Diageo PLC | 55,775 | 1,750,994 | ||||||
$ | – | |||||||
Beverages: Non-Alcoholic - 2.9% | ||||||||
Coca-Cola Europacific Partners PLC | 25,975 | 1,892,798 | ||||||
$ | – | |||||||
Electrical Products - 2.3% | ||||||||
Smiths Group PLC | 71,475 | 1,537,894 | ||||||
$ | – | |||||||
Electronics/Appliances - 2.6% | ||||||||
Howden Joinery Group PLC | 156,125 | 1,726,726 | ||||||
$ | – | |||||||
Finance/Rental/Leasing - 2.1% | ||||||||
Ashtead Group PLC | 20,475 | 1,365,138 | ||||||
$ | – | |||||||
Food: Specialty/Candy - 3.7% | ||||||||
Greggs PLC | 70,400 | 2,460,206 | ||||||
$ | – | |||||||
Household/Personal Care - 4.4% | ||||||||
Unilever PLC | 52,975 | 2,907,645 | ||||||
$ | – | |||||||
Major Banks - 2.4% | ||||||||
Lloyds Banking Group PLC | 2,319,175 | 1,599,565 | ||||||
$ | – | |||||||
Medical Specialties - 2.1% | ||||||||
Smith & Nephew PLC | 110,200 | 1,365,627 | ||||||
$ | – | |||||||
Trucks/Construction/Farm Machinery - 3.2% | ||||||||
Weir Group PLC | 85,350 | 2,134,559 | ||||||
Total Britain | 18,741,152 | |||||||
Curacao - 2.1% | ||||||||
Contract Drilling - 2.1% | ||||||||
Schlumberger NV | 28,825 | 1,359,964 | ||||||
France - 14.3% | ||||||||
Aerospace & Defense - 2.9% | ||||||||
Safran SA | 9,175 | 1,933,709 | ||||||
$ | – | |||||||
Regional Banks - 2.1% | ||||||||
Edenred SE | 32,400 | 1,374,143 | ||||||
$ | – | |||||||
Restaurants - 5.5% | ||||||||
Sodexo SA | 40,025 | 3,605,493 | ||||||
$ | – | |||||||
Wholesale Distributors - 3.8% | ||||||||
Rexel SA | 98,400 | 2,545,467 | ||||||
Total France | 9,458,812 | |||||||
Germany - 1.7% | ||||||||
Medical/Nursing Services - 1.7% | ||||||||
Fresenius Medical Care AG & Co. KGaA | 29,625 | 1,132,172 | ||||||
Hong Kong - 2.3% | ||||||||
Tools & Hardware - 2.3% | ||||||||
Techtronic Industries Co. Ltd. | 130,525 | 1,487,971 | ||||||
Ireland - 3.2% | ||||||||
Airlines - 3.2% | ||||||||
Ryanair Holdings PLC - SP - ADR | 18,125 | 2,110,475 | ||||||
Japan - 6.2% | ||||||||
Chemicals: Specialty - 1.9% | ||||||||
NOF Corp. | 92,000 | 1,261,791 | ||||||
$ | – | |||||||
Computer Processing Hardware - 2.4% | ||||||||
Sony Group Corp. | 18,500 | 1,576,592 | ||||||
$ | – | |||||||
Electronic Equipment/Instruments - 1.9% | ||||||||
Yokogawa Electric Corp. | 52,100 | 1,265,305 | ||||||
Total Japan | 4,103,688 | |||||||
Jersey - 6.9% | ||||||||
Wholesale Distributors - 6.9% | ||||||||
Ferguson PLC | 23,700 | 4,545,331 | ||||||
Luxembourg - 5.0% | ||||||||
Discount Stores - 5.0% | ||||||||
B&M European Value Retail SA | 602,050 | 3,316,671 | ||||||
Netherlands - 3.0% | ||||||||
Medical Specialties - 3.0% | ||||||||
Koninklijke Philips NV(a) | 78,400 | 1,971,646 | ||||||
Singapore - 2.6% | ||||||||
Major Banks - 2.6% | ||||||||
DBS Group Holdings Ltd. | 64,750 | 1,705,437 | ||||||
Switzerland - 5.7% | ||||||||
Medical Distributors - 2.1% | ||||||||
DKSH Holding AG | 20,925 | 1,413,710 | ||||||
$ | – | |||||||
Pharmaceuticals: Major - 3.6% | ||||||||
Roche Holding AG | 8,500 | 2,355,000 | ||||||
Total Switzerland | 3,768,710 | |||||||
United States - 5.0% | ||||||||
Other Consumer Services - 5.0% | ||||||||
Booking Holdings, Inc. | 825 | 3,268,237 | ||||||
TOTAL COMMON STOCKS (Cost $50,274,558) | 60,624,433 | |||||||
PREFERRED STOCK - 4.5% | Shares | Value | ||||||
South Korea - 4.5% | ||||||||
Telecommunications Equipment — 4.5% | ||||||||
Samsung Electronics Co. Ltd. | 65,100 | 2,989,182 | ||||||
TOTAL PREFERRED STOCK (Cost $2,645,577) | 2,989,182 | |||||||
TOTAL LONG-TERM INVESTMENTS (Cost $52,920,135) | 63,613,615 | |||||||
SHORT-TERM INVESTMENT - 3.2% | ||||||||
Money Market Fund - 3.2% | ||||||||
First American Treasury Obligations Fund - Class X, 5.21%(b) | 2,140,450 | 2,140,450 | ||||||
TOTAL SHORT-TERM INVESTMENT (Cost $2,140,450) | 2,140,450 | |||||||
TOTAL INVESTMENTS - 99.6% (Cost $55,060,585) | 65,754,065 | |||||||
Other Assets in Excess of Liabilities - 0.4% | 243,115 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 65,997,180 | ||||||
Percentages are stated as a percent of net assets. |
PLC - Public Limited Company |
SP - ADR - American Depositary Receipt |
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
FMI International Fund II - Currency Unhedged
Summary of Fair Value Exposure at June 30, 2024 (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 June 30, 2024, based on the inputs used to value them:
v
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 13,699,351 | $ | 46,925,082 | $ | – | $ | 60,624,433 | ||||||||
Preferred Stock | – | 2,989,182 | – | 2,989,182 | ||||||||||||
Money Market Fund | 2,140,450 | – | – | 2,140,450 | ||||||||||||
Total Investments | $ | 15,839,801 | $ | 49,914,264 | $ | – | $ | 65,754,065 | ||||||||
Refer to the Schedule of Investments for additional information. | ||||||||||||||||