NPORT-EX 2 fcs-v2.htm NPORT-EX

FMI Common Stock Fund
  
Schedule of Investments
  
as of December 31, 2023 (Unaudited)
  
   
COMMON STOCKS - 93.9%
  
Shares
    
Value
  
Commercial Services Sector - 11.7%
        
Advertising/Marketing Services - 3.3%
            
Interpublic Group of Cos. Inc.
    
1,800,000
    
$
58,752,000
  
           
$
–
  
Miscellaneous Commercial Services - 4.1%
                
Genpact Ltd.
    
2,075,000
      
72,023,250
  
           
$
–
  
Personnel Services - 4.3%
                
Robert Half Inc.
    
875,000
      
76,930,000
  
Total Commercial Services
      
207,705,250
  
                 
Consumer Non-Durables Sector - 4.5%
          
Apparel/Footwear - 4.5%
                
Skechers U.S.A. Inc. - Class A(a)
    
1,280,000
      
79,795,200
  
                 
Consumer Services Sector - 3.0%
          
Other Consumer Services - 3.0%
                
Valvoline Inc.(a)
    
1,430,000
      
53,739,400
  
                 
Distribution Services Sector - 16.5%
          
Electronics Distributors - 2.8%
                
Arrow Electronics Inc.(a)
    
400,000
      
48,900,000
  
           
$
–
  
Medical Distributors - 4.5%
                
Henry Schein Inc.(a)
    
1,060,000
      
80,252,600
  
           
$
–
  
Wholesale Distributors - 9.2%
                
Applied Industrial Technologies Inc.
    
250,000
      
43,172,500
  
Beacon Roofing Supply Inc.(a)
    
875,000
      
76,142,500
  
Core & Main Inc. - Class A(a)
    
1,110,000
      
44,855,100
  
             
164,170,100
  
Total Distribution Services
      
293,322,700
  
                 
Electronic Technology Sector - 8.9%
          
Electronic Components - 2.8%
                
nVent Electric PLC
    
845,000
      
49,931,050
  
           
$
–
  
Electronic Production Equipment - 4.9%
                
CTS Corp.
    
575,000
      
25,150,500
  
Plexus Corp.(a)
    
565,000
      
61,093,450
  
             
86,243,950
  
Semiconductors - 1.2%
                
Fabrinet(a)
    
112,000
      
21,316,960
  
Total Electronic Technology
      
157,491,960
  
                 
Finance Sector - 13.0%
          
Finance/Rental/Leasing - 2.6%
                
FirstCash Holdings Inc.
    
425,000
      
46,065,750
  
           
$
–
  
Investment Banks/Brokers - 3.7%
                
Houlihan Lokey Inc. - Class A
    
540,000
      
64,751,400
  
           
$
–
  
Life/Health Insurance - 2.6%
                
Primerica Inc.
    
225,000
      
46,296,000
  
           
$
–
  
Major Banks - 2.7%
                
Zions Bancorporation N.A.
    
1,085,000
      
47,598,950
  
           
$
–
  
Multi-Line Insurance - 1.4%
                
White Mountains Insurance Group Ltd.
    
17,000
      
25,585,170
  
Total Finance
      
230,297,270
  
                 
Process Industries Sector - 1.8%
          
Containers/Packaging - 1.8%
                
AptarGroup Inc.
    
260,000
      
32,141,200
  
                 
Producer Manufacturing Sector - 26.4%
          
Auto Parts: OEM - 3.0%
                
Donaldson Co. Inc.
    
825,000
      
53,913,750
  
           
$
–
  
Building Products - 13.8%
                
Carlisle Cos. Inc.
    
275,000
      
85,918,250
  
Fortune Brands Innovations Inc.
    
960,000
      
73,094,400
  
Simpson Manufacturing Co. Inc.
    
435,000
      
86,121,300
  
             
245,133,950
  
Industrial Machinery - 7.5%
                
Gates Industrial Corp. PLC(a)
    
3,400,000
      
45,628,000
  
ITT Inc.
    
355,000
      
42,358,600
  
Timken Co.
    
550,000
      
44,082,500
  
             
132,069,100
  
Miscellaneous Manufacturing - 2.1%
                
TriMas Corp.
    
1,490,000
      
37,741,700
  
Total Producer Manufacturing
      
468,858,500
  
                 
Retail Trade Sector - 4.3%
          
Specialty Stores - 4.3%
                
BJ's Wholesale Club Holdings Inc.(a)
    
1,145,000
      
76,325,700
  
                 
Technology Services Sector - 3.8%
          
Information Technology Services - 3.8%
                
Insight Enterprises Inc.(a)
    
380,000
      
67,332,200
  
TOTAL COMMON STOCKS (Cost $1,164,653,557)
      
1,667,009,380
  
                 
SHORT-TERM INVESTMENT - 5.6%
                
Money Market Fund - 5.6%
                
First American Treasury Obligations Fund - Class X, 5.29%(b)
    
100,002,357
      
100,002,357
  
TOTAL SHORT-TERM INVESTMENT (Cost $100,002,357)
      
100,002,357
  
                 
TOTAL INVESTMENTS - 99.5% (Cost $1,264,655,914)
      
1,767,011,737
  
Other Assets in Excess of Liabilities - 0.5%
      
8,652,329
  
TOTAL NET ASSETS - 100.0%
          
$
1,775,664,066
  
                 
Percentages are stated as a percent of net assets.
          

PLC - Public Limited Company

(a)
Non-income producing security.
          
(b)
The rate shown represents the 7-day effective yield as of December 31, 2023.
          
FMI Common Stock Fund

  Summary of Fair Value Exposure at December 31, 2023 (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. The fair value hierarchy is categorized into three levels based on the  inputs as follows:
                           
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
                           
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
                           
Level 3 – Unobservable inputs for the asset or liability.
                           
The following table summarizes the Fund’s investments as of December 31, 2023, based on the inputs used to value  them:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
1,667,009,380
    
$
–
    
$
–
    
$
1,667,009,380
  
  Money Market Fund
    
100,002,357
      
–
      
–
      
100,002,357
  
Total Investments
  
$
1,767,011,737
    
$
–
    
$
–
    
$
1,767,011,737
  
                                 
   
Refer to the Schedule of Investments for industry classifications.