# EDGAR Filing Document

**Accession Number:** 0001023391
**File Stem:** 0001145549-23-006562
**Filing Date:** 2023-2
**Character Count:** 31947
**Document Hash:** fb869ba6cab8a5f72fef88cec8043216
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-006562.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001145549-23-006562

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FMI FUNDS INC
- **CENTRAL INDEX KEY:** 0001023391
- **IRS NUMBER:** 391861095
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07831
- **FILM NUMBER:** 23634411

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST WISCONSIN AVENUE, SUITE 2200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-226-4545

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST WISCONSIN AVENUE, SUITE 2200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FMI FOCUS FUND
- **DATE OF NAME CHANGE:** 19960921

## Series and Classes Contracts Data

### International Fund (Series ID: S000030572)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000094796 | International Fund Investor Class      | FMIJX           |
| C000174401 | International Fund Institutional Class | FMIYX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| FMI International Fund | FMI International Fund |  |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |  |
| December 31, 2022 (Unaudited) | December 31, 2022 (Unaudited) |  |
| **Shares** |  | **Value** |
| **LONG-TERM INVESTMENTS - 102.2% (a)** | **LONG-TERM INVESTMENTS - 102.2% (a)** |  |
| **COMMON STOCKS - 95.9% (a)** | **COMMON STOCKS - 95.9% (a)** |  |
| **<u>COMMERCIAL SERVICES SECTOR - 4.1%</u>** | **<u>COMMERCIAL SERVICES SECTOR - 4.1%</u>** |  |
|  | **Advertising/Marketing Services - 2.0%** |  |
| 6800000 | WPP PLC (Jersey) \* (b) | $67184248 |
|  | **Miscellaneous Commercial Services - 2.1%** |  |
| 1500000 | Genpact Ltd. (Bermuda) | 69480000 |
| **<u>CONSUMER DURABLES SECTOR - 2.1%</u>** | **<u>CONSUMER DURABLES SECTOR - 2.1%</u>** |  |
|  | **Electronics/Appliances - 2.1%** |  |
| 10340000 | Howden Joinery Group PLC (Britain) (b) | 69819951 |
| **<u>CONSUMER NON-DURABLES SECTOR - 8.9%</u>** | **<u>CONSUMER NON-DURABLES SECTOR - 8.9%</u>** |  |
|  | **Food: Specialty/Candy - 3.5%** |  |
| 4125000 | Greggs PLC (Britain) (b) | 115901424 |
|  | **Household/Personal Care - 5.4%** |  |
| 665000 | Henkel AG & Co. KGaA (Germany) (b) | 42735891 |
| 2665000 | Unilever PLC (Britain) (b) | 134550758 |
|  |  | 177286649 |
| **<u>CONSUMER SERVICES SECTOR - 10.9%</u>** | **<u>CONSUMER SERVICES SECTOR - 10.9%</u>** |  |
|  | **Media Conglomerates - 0.7%** |  |
| 2535000 | Vivendi (France) (b) | 24216622 |
|  | **Other Consumer Services - 4.6%** |  |
| 75000 | Booking Holdings Inc. (United States) \* | 151146000 |
|  | **Restaurants - 5.6%** |  |
| 1935000 | Sodexo S.A. (France) (b) | 185137129 |
| **<u>DISTRIBUTION SERVICES SECTOR - 13.0%</u>** | **<u>DISTRIBUTION SERVICES SECTOR - 13.0%</u>** |  |
|  | **Medical Distributors - 3.1%** |  |
| 1325000 | DKSH Holding AG (Switzerland) (b) | 100479025 |
|  | **Wholesale Distributors - 9.9%** |  |
| 1620000 | Ferguson PLC (Jersey) (b) | 203382083 |
| 6225000 | Rexel S.A. (France) (b) | 123120643 |
|  |  | 326502726 |
| **<u>ELECTRONIC TECHNOLOGY SECTOR - 11.2%</u>** | **<u>ELECTRONIC TECHNOLOGY SECTOR - 11.2%</u>** |  |
|  | **Aerospace & Defense - 5.2%** |  |
| 1355000 | Safran S.A. (France) (b) | 169718542 |
|  | **Computer Processing Hardware - 4.4%** |  |
| 1885000 | Sony Group Corp. (Japan) (b) | 143677755 |
|  | **Electronic Equipment/Instruments - 1.6%** |  |
| 3340000 | Yokogawa Electric Corp. (Japan) (b) | 53009062 |
| **<u>FINANCE SECTOR - 12.0%</u>** | **<u>FINANCE SECTOR - 12.0%</u>** |  |
|  | **Finance/Rental/Leasing - 2.2%** |  |
| 1300000 | Ashtead Group PLC (Britain) (b) | 73846593 |
|  | **Major Banks - 6.2%** |  |
| 4905000 | DBS Group Holdings Ltd. (Singapore) (b) | 124153416 |
| 149400000 | Lloyds Banking Group PLC (Britain) (b) | 81530070 |
|  |  | 205683486 |
|  | **Multi-Line Insurance - 3.6%** |  |
| 1890000 | Arch Capital Group Ltd. (Bermuda) \* | 118654200 |
| **<u>HEALTH SERVICES SECTOR - 1.5%</u>** | **<u>HEALTH SERVICES SECTOR - 1.5%</u>** |  |
|  | **Medical/Nursing Services - 1.5%** |  |
| 1460000 | Fresenius Medical Care AG & Co. KGaA (Germany) (b) | 47687146 |
| **<u>HEALTH TECHNOLOGY SECTOR - 8.7%</u>** | **<u>HEALTH TECHNOLOGY SECTOR - 8.7%</u>** |  |
|  | **Medical Specialties - 4.8%** |  |
| 4220000 | Koninklijke Philips N.V. (Netherlands) (b) | 63499045 |
| 7190000 | Smith & Nephew PLC (Britain) (b) | 96021696 |
|  |  | 159520741 |
|  | **Pharmaceuticals: Major - 3.9%** |  |
| 405000 | Roche Holding AG (Switzerland) (b) | 127266210 |
| **<u>INDUSTRIAL SERVICES SECTOR - 3.0%</u>** | **<u>INDUSTRIAL SERVICES SECTOR - 3.0%</u>** |  |
|  | **Contract Drilling - 3.0%** |  |
| 1845000 | Schlumberger Ltd. (Curacao) | 98633700 |
| **<u>PROCESS INDUSTRIES SECTOR - 1.7%</u>** | **<u>PROCESS INDUSTRIES SECTOR - 1.7%</u>** |  |
|  | **Chemicals: Specialty - 1.7%** |  |
| 1415000 | NOF Corp. (Japan) (b) | 56407105 |
| **<u>PRODUCER MANUFACTURING SECTOR - 6.4%</u>** | **<u>PRODUCER MANUFACTURING SECTOR - 6.4%</u>** |  |
|  | **Building Products - 1.7%** |  |
| 6050000 | Sanwa Holdings Corp. (Japan) (b) | 55702145 |
|  | **Electrical Products - 1.5%** |  |
| 2650000 | Smiths Group PLC (Britain) (b) | 50859246 |
|  | **Industrial Conglomerates - 1.8%** |  |
| 1155000 | Jardine Matheson Holdings Ltd. (Bermuda) (b) | 58755825 |
|  | **Industrial Machinery - 1.4%** |  |
| 1877000 | Nabtesco Corp. (Japan) (b) | 47608922 |
| **<u>RETAIL TRADE SECTOR - 8.2%</u>** | **<u>RETAIL TRADE SECTOR - 8.2%</u>** |  |
|  | **Discount Stores - 5.7%** |  |
| 37900000 | B&M European Value Retail S.A. (Luxembourg) (b) | 188128945 |
|  | **Specialty Stores - 2.5%** |  |
| 13825000 | CK Hutchison Holdings Ltd. (Cayman Islands) (b) | 82823526 |
| **<u>TECHNOLOGY SERVICES SECTOR - 4.2%</u>** | **<u>TECHNOLOGY SERVICES SECTOR - 4.2%</u>** |  |
|  | **Packaged Software - 4.2%** |  |
| 1337000 | SAP SE (Germany) (b) | 138032357 |
|  | Total common stocks (cost $3,146,114,711) | 3163169280 |
| **PREFERRED STOCKS - 6.3% (a)** | **PREFERRED STOCKS - 6.3% (a)** |  |
| **<u>CONSUMER NON-DURABLES SECTOR - 1.6%</u>** | **<u>CONSUMER NON-DURABLES SECTOR - 1.6%</u>** |  |
|  | **Household/Personal Care - 1.6%** |  |
| 820495 | Amorepacific Corp. (South Korea) (b) | 31469090 |
| 80840 | LG Household & Health Care Ltd. (South Korea) (b) | 20256605 |
|  |  | 51725695 |
| **<u>ELECTRONIC TECHNOLOGY SECTOR - 4.7%</u>** | **<u>ELECTRONIC TECHNOLOGY SECTOR - 4.7%</u>** |  |
|  | **Telecommunications Equipment - 4.7%** |  |
| 3890000 | Samsung Electronics Co. Ltd. (South Korea) (b) | 155885361 |
|  | Total preferred stocks (cost $169,569,127) | 207611056 |
|  | Total long-term investments (cost $3,315,683,838) | 3370780336 |
| **Principal Amount** |  |  |
| **SHORT-TERM INVESTMENTS - 3.6% (a)** | **SHORT-TERM INVESTMENTS - 3.6% (a)** |  |
|  | **Bank Deposit Account - 3.6%** |  |
| $119641306 | U.S. Bank N.A., 3.900% ^ (c) | 119641306 |
|  | Total short-term investments (cost $119,641,306) | 119641306 |
|  | Total investments - 105.8% (cost $3,435,325,144) | 3490421642 |
|  | Other liabilities, less assets **- (5.8%) (a)** | (192610892) |
|  | **TOTAL NET ASSETS - 100.0%** | $3297810750 |
| \* | Non-income producing security. |  |
| ^ | The rate shown is as of December 31, 2022. |  |
| (a) | Percentages for the various classifications relate to 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, 2022 the aggregate value of these securities was $2,932,866,436. | 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, 2022 the aggregate value of these securities was $2,932,866,436. |
| (c) | As of December 31, 2022, $22,051,641 of this security is held as collateral for certain forward currency contracts. | As of December 31, 2022, $22,051,641 of this security is held as collateral for certain forward currency contracts. |
| PLC | Public Limited Company |  |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FMI International Fund** | **FMI International Fund** | **FMI International Fund** | **FMI International Fund** | **FMI International Fund** | **FMI International Fund** | **FMI International Fund** | **FMI International Fund** | **FMI International Fund** |
| **SCHEDULE OF FORWARD CURRENCY CONTRACTS** | **SCHEDULE OF FORWARD CURRENCY CONTRACTS** | **SCHEDULE OF FORWARD CURRENCY CONTRACTS** | **SCHEDULE OF FORWARD CURRENCY CONTRACTS** | **SCHEDULE OF FORWARD CURRENCY CONTRACTS** | **SCHEDULE OF FORWARD CURRENCY CONTRACTS** | **SCHEDULE OF FORWARD CURRENCY CONTRACTS** | **SCHEDULE OF FORWARD CURRENCY CONTRACTS** | **SCHEDULE OF FORWARD CURRENCY CONTRACTS** |
| **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** | **December 31, 2022 (Unaudited)** |
|  |  |  |  | **U.S. $ Value on** |  |  | **U.S. $ Value on** |  |
|  |  |  |  | **December 31, 2022** |  |  | **December 31, 2022** |  |
| **Settlement** |  |  | **Currency to** | **of Currency to** |  | **Currency to** | **of Currency to** | **Unrealized** |
| **Date** | **Counterparty** |  | **be Delivered** | **be Delivered** |  | **be Received** | **be Received** | (Depreciation) |
| 1/13/2023 | State Street Bank and Trust Co. | 780000000 | British Pound | $943351084 | 871991900 | U.S. Dollar | $871991900 | $(71359184) |
| 1/13/2023 | The Bank of New York Mellon | 685000000 | Euro | 733999065 | 674237525 | U.S. Dollar | 674237525 | (59761540) |
| 1/13/2023 | JPMorgan Chase Bank, N.A. | 545000000 | Hong Kong Dollar | 69849668 | 69531270 | U.S. Dollar | 69531270 | (318398) |
| 1/13/2023 | The Bank of New York Mellon | 43000000000 | Japanese Yen | 328277920 | 298495030 | U.S. Dollar | 298495030 | (29782890) |
| 1/13/2023 | JPMorgan Chase Bank, N.A. | 150000000 | Singapore Dollar | 112026423 | 104300664 | U.S. Dollar | 104300664 | (7725759) |
| 1/13/2023 | State Street Bank and Trust Co. | 260000000000 | South Korea Won | 205668258 | 183756987 | U.S. Dollar | 183756987 | (21911271) |
| 1/13/2023 | JPMorgan Chase Bank, N.A. | 200000000 | Swiss Franc | 216643408 | 202347228 | U.S. Dollar | 202347228 | (14296180) |
|  |  |  |  | $2609815826 |  |  | $2404660604 | $(205155222) |

---

------

---

| |
|:---|
| FMI International Fund |
| Summary of Fair Value Exposure at December 31, 2022 (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: |
| <u>Level 1</u> – Valuations based on unadjusted quoted prices in active markets for identical assets. |
| <u>Level 2</u> – 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. |
| <u>Level 3</u> – 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, 2022, based on the inputs used to value them: |

---

---

| | | |
|:---|:---|:---|
| <u>Valuation Inputs</u> | Investments in <br> <u>Securities</u> | Other Financial <br> <u>Instruments^</u> |
| Assets: |  |  |
| Level 1 - Common Stocks\* | $437913900 | $- |
| Level 1 - Bank Deposit Account | 119641306 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Level 1 | 557555206 | - |
| Level 2 - Common Stocks\* | 2725255380 | - |
| Level 2 - Preferred Stocks\* | 207611056 | - |
| Level 2 - Forward Currency Contracts | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Level 2 | 2932866436 | - |
| Level 3 - | - | - |
| Total Assets | 3490421642 | - |
| Liabilities: |  |  |
| Level 2 - Forward Currency Contracts | - | (205155222) |
| Total | $3490421642 | $(205155222) |

---

---

| |
|:---|
| ^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 seven forward currency contracts with an average quarterly value of $2,347,670,674 outstanding during the three month period ending December 31, 2022. 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. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FMI Funds Inc

- **b. Investment Company Act file number:** 811-07831

- **c. CIK number of Registrant:** 0001023391

- **d. LEI of Registrant:** 549300LLBZ5DPX7B5F83

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 East Wisconsin Avenue

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-226-4545

**Item A.2. Information about the Series.**

- **a. Name of Series:** FMI International Fund

- **b. EDGAR series identifier (if any):** S000030572

- **c. LEI of Series:** 5493007OUQ0VACOCZT71

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3508259882.94

**Total Liabilities:** $208069623.85

**Net Assets:** $3300190259.09

**Cash Not Reported:** $1409999.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000094796 | 7.50%                | 7.67%                | -1.92%               |
| Class ID C000174401 | 7.48%                | 7.68%                | -1.90%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $18098833.16             | $230538401.55                              |
| Month 2  | $-4145320.21             | $371981381.91                              |
| Month 3  | $-15723356.48            | $-7688413.02                               |

### Schedule of Portfolio Investments

| Name                                   | Title                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ashtead Group PLC                      | Ashtead Group PLC                      | CUSIP: N/A<br>LEI: 2138007UTBN8X9K1A235       | Long             | EC               | CORP              | GB        |   1300000 | NS      | $73846593.04  | 2.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Howden Joinery Group PLC               | Howden Joinery Group PLC               | CUSIP: N/A<br>LEI: 213800KC1LJOJTY3JP45       | Long             | EC               | CORP              | GB        |  10340000 | NS      | $69819951.21  | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC               | Lloyds Banking Group PLC               | CUSIP: N/A<br>LEI: 549300PPXHEU2JF0AM85       | Long             | EC               | CORP              | GB        | 149400000 | NS      | $81530070.36  | 2.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC                     | Smith & Nephew PLC                     | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |   7190000 | NS      | $96021695.50  | 2.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                   | Booking Holdings Inc                   | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |     75000 | NS      | $151146000.00 | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Vivendi SE                             | Vivendi SE                             | CUSIP: F97982106<br>LEI: 969500FU4DRAEVJW7U54 | Long             | EC               | CORP              | FR        |   2535000 | NS      | $24216621.44  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                 | SAP SE                                 | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |   1337000 | NS      | $138032357.16 | 4.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co KGaA                    | Henkel AG & Co KGaA                    | CUSIP: N/A<br>LEI: 549300VZCL1HTH4O4Y49       | Long             | EC               | CORP              | DE        |    665000 | NS      | $42735890.89  | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius Medical Care AG & Co         | Fresenius Medical Care AG & Co KGaA    | CUSIP: N/A<br>LEI: 549300CP8NY40UP89Q40       | Long             | EC               | CORP              | DE        |   1460000 | NS      | $47687145.48  | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Philips NV                 | Koninklijke Philips NV                 | CUSIP: N/A<br>LEI: H1FJE8H61JGM1JSGM897       | Long             | EC               | CORP              | NL        |   4220000 | NS      | $63499045.01  | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd                 | DBS Group Holdings Ltd                 | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |   4905000 | NS      | $124153416.16 | 3.76%             |  |  |  | No            |                  2 | On Loan: No      |
| LG H&H Co Ltd                          | LG H&H Co Ltd                          | CUSIP: Y5275R118<br>LEI: N/A                  | Long             | EP               | CORP              | KR        |     80840 | NS      | $20256605.25  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd          | Jardine Matheson Holdings Ltd          | CUSIP: G50736100<br>LEI: 2138009KENVUNWOLPK41 | Long             | EC               | CORP              | HK        |   1155000 | NS      | $58755824.82  | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| NOF Corp                               | NOF Corp                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |   1415000 | NS      | $56407104.58  | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Nabtesco Corp                          | Nabtesco Corp                          | CUSIP: N/A<br>LEI: 529900DVHQXYRTGW7739       | Long             | EC               | CORP              | JP        |   1877000 | NS      | $47608921.61  | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd             | Samsung Electronics Co Ltd             | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |   3890000 | NS      | $155885360.49 | 4.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanwa Holdings Corp                    | Sanwa Holdings Corp                    | CUSIP: N/A<br>LEI: 5299003X6BCA4ROO5A70       | Long             | EC               | CORP              | JP        |   6050000 | NS      | $55702145.09  | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                        | Sony Group Corp                        | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |   1885000 | NS      | $143677755.38 | 4.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Yokogawa Electric Corp                 | Yokogawa Electric Corp                 | CUSIP: N/A<br>LEI: 529900MV0U7C9WWF4L22       | Long             | EC               | CORP              | JP        |   3340000 | NS      | $53009061.95  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Sodexo SA                              | Sodexo SA                              | CUSIP: N/A<br>LEI: 969500LCBOG12HXPYM84       | Long             | EC               | CORP              | FR        |   1935000 | NS      | $185137129.22 | 5.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                       | Roche Holding AG                       | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |    405000 | NS      | $127266210.11 | 3.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Schlumberger Ltd                       | Schlumberger Ltd                       | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |   1845000 | NS      | $98633700.00  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account | CUSIP: 8AMMF0A92<br>LEI: N/A                  | Long             | STIV             | RF                | US        | 118231307 | NS      | $118231306.72 | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                              | Safran SA                              | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |   1355000 | NS      | $169718541.58 | 5.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                           | Unilever PLC                           | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |   2665000 | NS      | $134550758.16 | 4.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Amorepacific Corp                      | Amorepacific Corp                      | CUSIP: Y01258113<br>LEI: N/A                  | Long             | EP               | CORP              | KR        |    820495 | NS      | $31469090.21  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel SA                               | Rexel SA                               | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |   6225000 | NS      | $123120643.31 | 3.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                       | Smiths Group PLC                       | CUSIP: N/A<br>LEI: 213800MJL6IPZS3ASA11       | Long             | EC               | CORP              | GB        |   2650000 | NS      | $50859246.22  | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Greggs PLC                             | Greggs PLC                             | CUSIP: N/A<br>LEI: 213800I71QMUFJ64IW20       | Long             | EC               | CORP              | GB        |   4125000 | NS      | $115901424.00 | 3.51%             |  |  |  | No            |                  2 | On Loan: No      |
| DKSH Holding AG                        | DKSH Holding AG                        | CUSIP: N/A<br>LEI: 549300HUUUNHO6FJUS42       | Long             | EC               | CORP              | CH        |   1325000 | NS      | $100479025.28 | 3.04%             |  |  |  | No            |                  2 | On Loan: No      |
| WPP PLC                                | WPP PLC                                | CUSIP: N/A<br>LEI: 549300LSGBXPYHXGDT93       | Long             | EC               | CORP              | GB        |   6800000 | NS      | $67184248.27  | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferguson PLC                           | Ferguson PLC                           | CUSIP: N/A<br>LEI: 213800DU1LGY3R2S2X42       | Long             | EC               | CORP              | GB        |   1620000 | NS      | $203382082.91 | 6.16%             |  |  |  | No            |                  2 | On Loan: No      |
| B&M European Value Retail SA           | B&M European Value Retail SA           | CUSIP: L1175H106<br>LEI: 213800UK7ZRLY2K1X530 | Long             | EC               | CORP              | GB        |  37900000 | NS      | $188128945.19 | 5.70%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Hutchison Holdings Ltd              | CK Hutchison Holdings Ltd              | CUSIP: N/A<br>LEI: 254900Z8HM1VEPOQ2G79       | Long             | EC               | CORP              | HK        |  13825000 | NS      | $82823525.81  | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | CHF/USD FWD 20230113                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-14296180.67 | -0.43%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | EUR/USD FWD 20230113                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-59761539.98 | -1.81%            |  |  |  | No            |                  2 | On Loan: No      |
| Arch Capital Group Ltd                 | Arch Capital Group Ltd                 | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |   1890000 | NS      | $118654200.00 | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                            | Genpact Ltd                            | CUSIP: N/A<br>LEI: 529900OSEC6Q0L4L5B35       | Long             | EC               | CORP              | US        |   1500000 | NS      | $69480000.00  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | GBP/USD FWD 20230113                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-71359183.82 | -2.16%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | HKD/USD FWD 20230113                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-318398.09   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | JPY/USD FWD 20230113                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-29782890.04 | -0.90%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | KRW/USD FWD 20230113                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-21911270.58 | -0.66%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | SGD/USD FWD 20230113                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-7725758.86  | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-18

**Name of Applicant:** FMI Funds Inc

**Signature:** /s/ John S. Brandser

**Name of Signer:** FMI Funds Inc

**Title:** President and Treasurer