FMI International Fund II - Currency Unhedged
Schedule of Investments
June 30, 2026 (Unaudited)
COMMON STOCKS - 97.6%			Shares		Value
Britain - 27.7% (a)
Beverages: Alcoholic - 1.8%
Diageo PLC			47,000		$946,587
Electrical Products - 3.2%
Smiths Group PLC			48,500		1,647,536
Electronics/Appliances - 4.0%
Howden Joinery Group PLC			185,000		2,056,649
Food: Specialty/Candy - 2.8%
Greggs PLC			67,600		1,435,744
Household/Personal Care - 4.3%
Unilever PLC			37,500		2,252,541
Internet Software/Services - 5.3%
Informa PLC			228,000		2,735,452
Major Banks - 3.6%
Lloyds Banking Group PLC			1,295,000		1,895,274
Trucks/Construction/Farm Machinery - 2.7%
Weir Group PLC			43,500		1,387,522
Total Britain					14,357,305
France - 10.6%
Miscellaneous Commercial Services - 2.8%
Edenred SE			57,200		1,470,386
Restaurants - 4.4%
Sodexo SA			39,200		2,267,351
Wholesale Distributors - 3.4%
Rexel SA			40,000		1,752,415
Total France					5,490,152
Germany - 7.9%
Apparel/Footwear - 2.0%
Adidas AG			5,000		1,026,145
Industrial Machinery - 3.6%
Siemens AG			5,900		1,896,886
Medical/Nursing Services - 2.3%
Fresenius Medical Care AG			26,200		1,186,090
Total Germany					4,109,121
Hong Kong - 4.6%
Tools & Hardware - 4.6%

Techtronic Industries Co. Ltd.			142,100		2,364,765
Ireland - 6.4%
Airlines - 4.1%
Ryanair Holdings PLC - ADR			32,700		2,117,325
Chemicals: Specialty - 2.3%
Kerry Group PLC - Class A			13,000		1,192,494
Total Ireland					3,309,819
Japan - 9.1%
Building Products - 3.0%
Sanwa Holdings Corp.			67,000		1,570,761
Chemicals: Specialty - 2.9%
NOF Corp.			91,700		1,497,772
Electronic Equipment/Instruments - 3.2%
Yokogawa Electric Corp.			47,000		1,651,730
Total Japan					4,720,263
Jersey - 2.3%
Discount Stores - 2.3%
B&M European Value Retail PLC			460,000		1,190,818
Netherlands - 7.3%
Medical/Nursing Services - 3.5%
Koninklijke Philips NV			66,583		1,810,695
Wholesale Distributors - 3.8%
IMCD NV			21,900		1,980,276
Total Netherlands					3,790,971
Spain - 4.6%
Recreational Products - 4.6%
Fluidra SA			106,000		2,398,774
Switzerland - 5.3%
Medical Distributors - 2.7%
DKSH Holding AG			17,900		1,375,577
Pharmaceuticals: Major - 2.6%
Roche Holding AG			3,300		1,356,585
Total Switzerland					2,732,162
United States - 11.8%
Finance/Rental/Leasing - 3.4%
Sunbelt Rentals Holdings, Inc.			24,500		1,787,240
Other Consumer Services - 6.5%
Booking Holdings, Inc.			18,800		3,350,912
Wholesale Distributors - 1.9%
Ferguson Enterprises, Inc.			4,200		996,786
Total United States					6,134,938

TOTAL COMMON STOCKS (Cost $41,715,209)					50,599,088
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 2.1%			Shares		Value
First American Treasury Obligations Fund - Class X, 3.58% (b)			1,072,714		1,072,714
TOTAL MONEY MARKET FUNDS (Cost $1,072,714)					1,072,714
TOTAL INVESTMENTS - 99.7% (Cost $42,787,923)					51,671,802
Other Assets in Excess of Liabilities - 0.3%				0.00303	156,817
TOTAL NET ASSETS - 100.0%					$51,828,619
Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(a)		To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(b)		The rate shown represents the 7-day annualized yield as of June 30, 2026.

Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)

 

FMI International Fund II - Currency Unhedged has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for

measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a

discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs

are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with

investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may

include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves,

default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the

assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2026:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$6,465,023		$44,134,065		$–		$50,599,088
Money Market Funds	1,072,714		–		–		1,072,714
Total Investments	$7,537,737		$44,134,065		$–		$51,671,802

		Refer to the Schedule of Investments for further disaggregation of investment categories.