FMI Common Stock Fund
Schedule of Investments
December 31, 2025 (Unaudited)
COMMON STOCKS - 98.7%	Shares		Value
Commercial Services Sector - 3.8%
Miscellaneous Commercial Services - 2.5%
Huron Consulting Group, Inc. (a)		275,000	$	47,550,250
Personnel Services - 1.3%
Robert Half, Inc.		890,000		24,172,400
Total Commercial Services Sector				71,722,650
Consumer Durables Sector - 10.0%
Homebuilding - 3.1%
Cavco Industries, Inc. (a)		102,000		60,255,480
Other Consumer Specialties - 3.1%
MSA Safety, Inc.		370,000		59,251,800
Recreational Products - 3.8%
Hayward Holdings, Inc. (a)		4,695,000		72,537,750
Total Consumer Durables Sector				192,045,030
Consumer Services Sector - 9.0%
Other Consumer Services - 3.8%
Valvoline, Inc. (a)		2,510,000		72,940,600
Restaurants - 5.2%
Aramark		2,705,000		99,706,300
Total Consumer Services Sector				172,646,900
Distribution Services Sector - 14.3%
Electronics Distributors - 4.6%
Arrow Electronics, Inc. (a)		800,000		88,144,000
Medical Distributors - 4.5%
Henry Schein, Inc. (a)		1,145,000		86,539,100
Wholesale Distributors - 5.2%
Applied Industrial Technologies, Inc.		110,000		28,244,700
Core & Main, Inc. - Class A (a)		1,350,000		70,159,500
				98,404,200
Total Distribution Services Sector				273,087,300
Electronic Technology Sector - 6.2%
Electronic Production Equipment - 6.2%
CTS Corp.		550,000		23,578,500
Plexus Corp. (a)		645,000		94,815,000
Total Electronic Technology Sector				118,393,500
Finance Sector - 25.7% (b)
Finance/Rental/Leasing - 8.9%
FirstCash Holdings, Inc.		480,000		76,502,400
OneMain Holdings, Inc.		1,390,000		93,894,500
				170,396,900
Investment Banks/Brokers - 3.1%
Houlihan Lokey, Inc. - Class A		340,000		59,224,600
Life/Health Insurance - 4.2%
Primerica, Inc.		315,000		81,383,400
Major Banks - 4.6%
Zions Bancorp NA		1,495,000		87,517,300
Multi-Line Insurance - 4.9%
White Mountains Insurance Group Ltd.		45,000		93,511,350
Total Finance Sector				492,033,550
Non-Energy Minerals Sector - 2.3%
Forest Products - 2.3%
Louisiana-Pacific Corp.		550,000		44,418,000
Process Industries Sector - 4.1%
Containers/Packaging - 4.1%
AptarGroup, Inc.		645,000		78,664,200
Producer Manufacturing Sector - 18.7%
Auto Parts: OEM - 5.3%
Donaldson Co., Inc.		1,145,000		101,515,700
Building Products - 7.4%
Carlisle Cos., Inc.		150,000		47,979,000
Fortune Brands Innovations, Inc.		1,120,000		56,022,400
Simpson Manufacturing Co., Inc.		235,000		37,945,450
				141,946,850
Industrial Machinery - 6.0%
Gates Industrial Corp. PLC (a)		3,510,000		75,359,700
Mueller Water Products, Inc. - Class A		1,600,000		38,112,000
				113,471,700
Total Producer Manufacturing Sector				356,934,250
Retail Trade Sector - 1.7%
Specialty Stores - 1.7%
BJ's Wholesale Club Holdings, Inc. (a)		355,000		31,960,650
Technology Services Sector - 2.9%
Information Technology Services - 2.9%
Insight Enterprises, Inc. (a)		670,000		54,584,900
TOTAL COMMON STOCKS (Cost $1,492,496,170)				1,886,490,930
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 1.4%	Shares		Value
First American Treasury Obligations Fund - Class X, 3.68% (c)		26,537,584		26,537,584
TOTAL MONEY MARKET FUNDS (Cost $26,537,584)				26,537,584
TOTAL INVESTMENTS - 100.1% (Cost $1,519,033,754)				1,913,028,514
Liabilities in Excess of Other Assets - (0.1)%				(2,198,870	)
TOTAL NET ASSETS - 100.0%			$	1,910,829,644
Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)	Non-income producing security.
(b)	To the extent that the Fund invests more heavily in a particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)	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 Common Stock 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	$	1,886,490,930	$	–	$	–	$	1,886,490,930
Money Market Funds		26,537,584		–		–		26,537,584
Total Investments	$	1,913,028,514	$	–	$	–	$	1,913,028,514
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.