FMI Large Cap Fund
Schedule of Investments
December 31, 2025 (Unaudited)
COMMON STOCKS - 98.8%	Shares		Value
Consumer Durables Sector - 3.3%
Tools & Hardware - 3.3%
Allegion PLC		260,000	$	41,397,200
Consumer Non-Durables Sector - 3.4%
Household/Personal Care - 3.4%
Unilever PLC - ADR		653,889		42,764,334
Consumer Services Sector - 10.7%
Other Consumer Services - 6.0%
Booking Holdings, Inc.		14,000		74,974,620
Restaurants - 4.7%
Aramark		1,585,000		58,423,100
Total Consumer Services Sector				133,397,720
Distribution Services Sector - 8.4%
Food Distributors - 3.2%
Sysco Corp.		540,000		39,792,600
Wholesale Distributors - 5.2%
Ferguson Enterprises, Inc.		290,000		64,562,700
Total Distribution Services Sector				104,355,300
Electronic Technology Sector - 2.9%
Computer Processing Hardware - 2.9%
Sony Group Corp. - ADR		1,420,000		36,352,000
Finance Sector - 18.9%
Investment Banks/Brokers - 7.8%
Charles Schwab Corp.		975,000		97,412,250
Major Banks - 3.3%
Capital One Financial Corp.		170,000		41,201,200
Multi-Line Insurance - 4.1%
Arch Capital Group Ltd. (a)		285,000		27,337,200
Progressive Corp.		105,000		23,910,600
				51,247,800
Property/Casualty Insurance - 3.7%
Berkshire Hathaway, Inc. - Class B (a)		90,000		45,238,500
Total Finance Sector				235,099,750
Health Services Sector - 8.8%
Managed Health Care - 2.7%
UnitedHealth Group, Inc.		100,000		33,011,000
Medical/Nursing Services - 2.4%
Fresenius Medical Care AG - ADR		1,255,000		29,894,100
Services to the Health Industry - 3.7%
Quest Diagnostics Inc.		265,000		45,985,450
Total Health Services Sector				108,890,550
Health Technology Sector - 7.9%
Medical Specialties - 7.9%
Becton Dickinson & Co.		280,000		54,339,600
Koninklijke Philips NV		1,640,000		44,411,200
Total Health Technology Sector				98,750,800
Industrial Services Sector - 2.1%
Contract Drilling - 2.1%
SLB Ltd.		675,000		25,906,500
Process Industries Sector - 5.3%
Pulp & Paper - 5.3%
Avery Dennison Corp.		360,000		65,476,800
Producer Manufacturing Sector - 9.3%
Building Products - 5.1%
Carlisle Cos., Inc.		65,000		20,790,900
Masco Corp.		665,000		42,200,900
				62,991,800
Industrial Machinery - 4.2%
Carrier Global Corp.		1,000,000		52,840,000
Total Producer Manufacturing Sector				115,831,800
Retail Trade Sector - 3.0%
Discount Stores - 3.0%
Dollar Tree, Inc. (a)		300,000		36,903,000
Technology Services Sector - 11.8%
Information Technology Services - 6.6%
Accenture PLC - Class A		175,000		46,952,500
CDW Corp.		260,000		35,412,000
				82,364,500
Internet Software/Services - 5.2%
Alphabet, Inc. - Class A		205,000		64,165,000
Total Technology Services Sector				146,529,500
Transportation Sector - 3.0%
Railroads - 3.0%
CSX Corp.		1,020,000		36,975,000
TOTAL COMMON STOCKS (Cost $840,531,162)				1,228,630,254
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 1.4%	Shares		Value
First American Treasury Obligations Fund - Class X, 3.68% (b)		16,983,728		16,983,728
TOTAL MONEY MARKET FUNDS (Cost $16,983,728)				16,983,728
TOTAL INVESTMENTS - 100.2% (Cost $857,514,890)				1,245,613,982
Liabilities in Excess of Other Assets - (0.2)%				(2,196,262	)
TOTAL NET ASSETS - 100.0%			$	1,243,417,720
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 yield as of December 31, 2025.

Summary of Fair Value Disclosure as of December 31, 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 December 31, 2025:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	1,228,630,254	$	–	$	–	$	1,228,630,254
Money Market Funds		16,983,728		–		–		16,983,728
Total Investments	$	1,245,613,982	$	–	$	–	$	1,245,613,982
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 core financial statements.