| FMI Common Stock Fund | | |
| SCHEDULE OF INVESTMENTS | | |
| June 30, 2020 (Unaudited) | | |
| | | | | |
| Shares | | | Value |
| COMMON STOCKS - 92.6% (a) | | |
COMMERCIAL SERVICES SECTOR - 13.9% | | |
| | | Advertising/Marketing Services - 3.3% | | |
| 1,420,000 | | Interpublic Group of Cos. Inc. | $ | 24,367,200 |
| | | Miscellaneous Commercial Services - 5.2% | | |
| 1,070,000 | | Genpact Ltd. | | 39,076,400 |
| | | Personnel Services - 5.4% | | |
| 170,000 | | ManpowerGroup Inc. | | 11,687,500 |
| 545,000 | | Robert Half International Inc. | | 28,792,350 |
| | | | | 40,479,850 |
CONSUMER SERVICES SECTOR - 2.3% | | |
| | | Other Consumer Services - 2.3% | | |
| 50,000 | | Graham Holdings Co. | | 17,133,500 |
DISTRIBUTION SERVICES SECTOR - 13.2% | | |
| | | Electronics Distributors - 3.1% | | |
| 340,000 | | Arrow Electronics Inc. * | | 23,354,600 |
| | | Medical Distributors - 2.2% | | |
| 280,000 | | Henry Schein Inc. * | | 16,349,200 |
| | | Wholesale Distributors - 7.9% | | |
| 225,000 | | Applied Industrial Technologies Inc. | | 14,037,750 |
| 920,000 | | HD Supply Holdings Inc. * | | 31,878,000 |
| 185,000 | | MSC Industrial Direct Co. Inc. | | 13,469,850 |
| | | | | 59,385,600 |
ELECTRONIC TECHNOLOGY SECTOR - 2.2% | | |
| | | Aerospace & Defense - 1.0% | | |
| 43,000 | | Huntington Ingalls Industries Inc. | | 7,503,070 |
| | | Electronic Components - 1.2% | | |
| 125,000 | | Plexus Corp. * | | 8,820,000 |
FINANCE SECTOR - 23.6% | | |
| | | Finance/Rental/Leasing - 6.5% | | |
| 445,000 | | FirstCash Inc. | | 30,028,600 |
| 495,000 | | Ryder System Inc. | | 18,567,450 |
| | | | | 48,596,050 |
| | | Investment Banks/Brokers - 2.6% | | |
| 350,000 | | Houlihan Lokey Inc. | | 19,474,000 |
| | | Multi-Line Insurance - 3.7% | | |
| 31,000 | | White Mountains Insurance Group Ltd. | | 27,527,070 |
| | | Property/Casualty Insurance - 2.7% | | |
| 345,000 | | W.R. Berkley Corp. | | 19,765,050 |
| | | Real Estate Development - 4.6% | | |
| 275,000 | | The Howard Hughes Corp. * | | 14,286,250 |
| 1,325,000 | | Kennedy-Wilson Holdings Inc. | | 20,166,500 |
| | | | | 34,452,750 |
| | | Regional Banks - 3.5% | | |
| 775,000 | | Zions Bancorporation | | 26,350,000 |
HEALTH TECHNOLOGY SECTOR - 3.7% | | |
| | | Medical Specialties - 2.7% | | |
| 460,000 | | Dentsply Sirona Inc. | | 20,267,600 |
| | | Pharmaceuticals: Major - 1.0% | | |
| 290,000 | | Phibro Animal Health Corp. | | 7,618,300 |
PROCESS INDUSTRIES SECTOR - 8.3% | | |
| | | Containers/Packaging - 6.0% | | |
| 395,000 | | Avery Dennison Corp. | | 45,065,550 |
| | | Industrial Specialties - 2.3% | | |
| �� 375,000 | | Donaldson Co. Inc. | | 17,445,000 |
PRODUCER MANUFACTURING SECTOR - 21.8% | | |
| | | Building Products - 4.7% | | |
| 415,000 | | A.O. Smith Corp. | | 19,554,800 |
| 200,000 | | Armstrong World Industries Inc. | | 15,592,000 |
| | | | | 35,146,800 |
| | | Industrial Machinery - 4.9% | | |
| 199,000 | | EnPro Industries Inc. | | 9,808,710 |
| 430,000 | | Flowserve Corp. | | 12,263,600 |
| 190,000 | | Woodward Inc. | | 14,734,500 |
| | | | | 36,806,810 |
| | | Metal Fabrication - 1.1% | | |
| 70,000 | | Valmont Industries Inc. | | 7,953,400 |
| | | Miscellaneous Manufacturing - 8.3% | | |
| 300,000 | | Carlisle Cos. Inc. | | 35,901,000 |
| 1,090,000 | | TriMas Corp. * | | 26,105,500 |
| | | | | 62,006,500 |
| | | Trucks/Construction/Farm Machinery - 2.8% | | |
| 990,000 | | Trinity Industries Inc. | | 21,077,100 |
RETAIL TRADE SECTOR - 2.0% | | |
| | | Specialty Stores - 2.0% | | |
| 380,000 | | Penske Automotive Group Inc. | | 14,709,800 |
TECHNOLOGY SERVICES SECTOR - 1.6% | | |
| | | Information Technology Services - 1.6% | | |
| 240,000 | | Insight Enterprises Inc. * | | 11,808,000 |
| | | Total common stocks (cost $604,220,523) | | 692,539,200 |
| | | | | |
| Principal Amount | | | | |
| SHORT-TERM INVESTMENTS - 7.1% (a) | | |
| | | Bank Deposit Account - 7.1% | | |
$
| 53,068,821 | | U.S. Bank N.A., 0.09% ^ | | 53,068,821 |
| | | Total short-term investments (cost $53,068,821) | | 53,068,821 |
| | | Total investments - 99.7% (cost $657,289,344) | | 745,608,021 |
| | | | | |
| | | Other assets, less liabilities - 0.3% (a) | | 2,067,374 |
| | | TOTAL NET ASSETS - 100.0% | $ | 747,675,395 |
| | | | | |
*
| | Non-income producing security. | | |
| ^ | | The rate shown is as of June 30, 2020. | | |
| (a) | | Percentages for the various classifications relate to total net assets. | |
