FMI Large Cap Fund
Schedule of Investments
June 30, 2025 (Unaudited)
COMMON STOCKS - 97.9%	Shares		Value
Consumer Durables Sector - 2.1%
Tools & Hardware - 2.1%
Allegion PLC		215,000	$	30,985,800
Consumer Non-Durables Sector – 3.7%
Household/Personal Care – 3.7%
Unilever PLC – ADR		865,000		52,912,050
Consumer Services Sector – 11.8%
Other Consumer Services – 6.4%
Booking Holdings, Inc.		16,000		92,627,840
			$	–
Restaurants – 5.4%
Aramark		1,865,000		78,087,550
Total Consumer Services Sector				170,715,390
Distribution Services Sector – 9.8%
Food Distributors – 3.2%
Sysco Corp.		615,000		46,580,100
			$	–
Wholesale Distributors – 6.6%
Ferguson Enterprises, Inc.		435,000		94,721,250
Total Distribution Services Sector				141,301,350
Electronic Technology Sector – 3.9%
Computer Processing Hardware – 3.9%
Sony Group Corp. – ADR		2,150,000		55,964,500
Finance Sector – 19.2%
Investment Banks/Brokers – 7.2%
Charles Schwab Corp.		1,135,000		103,557,400
			$	–
Investment Managers – 1.6%
Blackrock, Inc.		22,000		23,083,500
			$	–
Major Banks – 2.7%
Capital One Financial Corp.		185,000		39,360,600
			$	–
Multi-Line Insurance – 3.9%
Progressive Corp.		210,000		56,040,600
			$	–
Property/Casualty Insurance – 3.8%
Berkshire Hathaway, Inc. – Class B (a)		115,000		55,863,550
Total Finance Sector				277,905,650
Health Services Sector – 9.3%
Managed Health Care – 2.5%
UnitedHealth Group, Inc.		118,000		36,812,460
			$	–
Medical/Nursing Services – 2.9%
Fresenius Medical Care AG – ADR		1,475,000		42,140,750
			$	–
Services to the Health Industry – 3.9%
Quest Diagnostics Inc.		310,000		55,685,300
Total Health Services Sector				134,638,510
Health Technology Sector – 6.0%
Medical Specialties – 6.0%
Becton Dickinson & Co.		230,000		39,617,500
Koninklijke Philips NV		1,943,907		46,614,899
Total Health Technology Sector				86,232,399
Industrial Services Sector – 1.9%
Contract Drilling – 1.9%
Schlumberger NV		800,000		27,040,000
Process Industries Sector – 3.9%
Pulp & Paper – 3.9%
Avery Dennison Corp.		320,000		56,150,400
Producer Manufacturing Sector – 10.1%
Building Products – 5.5%
Carlisle Cos., Inc.		75,000		28,005,000
Masco Corp.		795,000		51,166,200
				79,171,200
Industrial Machinery – 4.6%
Carrier Global Corp.		915,000		66,968,850
Total Producer Manufacturing Sector				146,140,050
Retail Trade Sector – 7.2%
Discount Stores – 2.4%
Dollar Tree, Inc. (a)		349,000		34,564,960
			$	–
Specialty Stores – 4.8%
CarMax, Inc. (a)		735,000		49,399,350
O’Reilly Automotive, Inc. (a)		225,000		20,279,250
				69,678,600
Total Retail Trade Sector				104,243,560
Technology Services Sector – 5.5%
Information Technology Services – 2.2%
CDW Corp.		180,000		32,146,200
			$	–
Internet Software/Services – 3.3%
Alphabet, Inc. – Class A		266,000		46,877,180
Total Technology Services Sector				79,023,380
Transportation Sector – 3.5%
Railroads – 3.5%
CSX Corp.		1,575,000		51,392,250
TOTAL COMMON STOCKS (Cost $965,247,283)				1,414,645,289
SHORT-TERM INVESTMENTS – 2.1%			Value
Money Market Funds – 2.1%	Shares
First American Treasury Obligations Fund – Class X, 4.24% (b)		30,277,218		30,277,218
TOTAL SHORT-TERM INVESTMENTS (Cost $30,277,218)				30,277,218
TOTAL INVESTMENTS – 100.0% (Cost $995,524,501)				1,444,922,507
Other Assets in Excess of Other Assets – 0.0% (c)				70,763
TOTAL NET ASSETS – 100.0%			$	1,444,993,270
two				–	%
Percentages are stated as a percent of net assets.				–	%

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)	Non-income producing security.
(b)	The rate shown represents the 7-day annualized effective yield as of June 30, 2025.
(c)	Represents less than 0.05% of net assets.

Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)

FMI Large Cap Fund (the "Fund") 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, 2025:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks	$	1,414,645,289	$	–	$	–	$	1,414,645,289
Money Market Funds		30,277,218		–		–		30,277,218
Total Investments	$	1,444,922,507	$	–	$	–	$	1,444,922,507
Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.