| FMI Common Stock Fund | | |
| SCHEDULE OF INVESTMENTS | | |
December 31, 2020 (Unaudited)
|
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| Shares | | | Value |
| COMMON STOCKS - 96.3% (a) | | |
COMMERCIAL SERVICES SECTOR - 18.0% | | |
| | | Advertising/Marketing Services - 3.7% | | |
| 1,275,000 | | Interpublic Group of Cos. Inc. | $ | 29,988,000 |
| | | Miscellaneous Commercial Services - 8.7% | | |
| 315,000 | | CDK Global Inc. | | 16,326,450 |
| 160,000 | | FTI Consulting Inc. * | | 17,875,200 |
| 890,000 | | Genpact Ltd. | | 36,810,400 |
| | | | | 71,012,050 |
| | | Personnel Services - 5.6% | | |
| 160,000 | | ManpowerGroup Inc. | | 14,428,800 |
| 495,000 | | Robert Half International Inc. | | 30,927,600 |
| | | | | 45,356,400 |
CONSUMER SERVICES SECTOR - 2.9% | | |
| | | Other Consumer Services - 2.9% | | |
| 45,000 | | Graham Holdings Co. | | 24,002,100 |
DISTRIBUTION SERVICES SECTOR - 8.2% | | |
| | | Electronics Distributors - 3.6% | | |
| 300,000 | | Arrow Electronics Inc. * | | 29,190,000 |
| | | Medical Distributors - 2.5% | | |
| 305,000 | | Henry Schein Inc. * | | 20,392,300 |
| | | Wholesale Distributors - 2.1% | | |
| 225,000 | | Applied Industrial Technologies Inc. | | 17,547,750 |
ELECTRONIC TECHNOLOGY SECTOR - 5.4% | | |
| | | Aerospace & Defense - 1.4% | | |
| 67,000 | | Huntington Ingalls Industries Inc. | | 11,422,160 |
| | | Electronic Components - 4.0% | | |
| 665,000 | | nVent Electric PLC | | 15,487,850 |
| 217,000 | | Plexus Corp. * | | 16,971,570 |
| | | | | 32,459,420 |
FINANCE SECTOR - 25.3% | | |
| | | Finance/Rental/Leasing - 7.9% | | |
| 528,000 | | FirstCash Inc. | | 36,981,120 |
| 440,000 | | Ryder System Inc. | | 27,174,400 |
| | | | | 64,155,520 |
| | | Investment Banks/Brokers - 3.5% | | |
| 420,000 | | Houlihan Lokey Inc. | | 28,236,600 |
| | | Life/Health Insurance - 1.6% | | |
| 95,000 | | Primerica Inc. | | 12,723,350 |
| | | Multi-Line Insurance - 1.3% | | |
| 11,000 | | White Mountains Insurance Group Ltd. | | 11,007,260 |
| | | Property/Casualty Insurance - 2.6% | | |
| 320,000 | | W.R. Berkley Corp. | | 21,254,400 |
| | | Real Estate Development - 4.8% | | |
| 240,000 | | The Howard Hughes Corp. * | | 18,943,200 |
| 1,150,000 | | Kennedy-Wilson Holdings Inc. | | 20,573,500 |
| | | | | 39,516,700 |
| | | Regional Banks - 3.6% | | |
| 670,000 | | Zions Bancorporation N.A. | | 29,104,800 |
HEALTH TECHNOLOGY SECTOR - 3.5% | | |
| | | Medical Specialties - 2.8% | | |
| 440,000 | | Dentsply Sirona Inc. | | 23,038,400 |
| | | Pharmaceuticals: Major - 0.7% | | |
| 290,000 | | Phibro Animal Health Corp. | | 5,631,800 |
PROCESS INDUSTRIES SECTOR - 7.8% | | |
| | | Containers/Packaging - 5.4% | | |
| 285,000 | | Avery Dennison Corp. | | 44,206,350 |
| | | Industrial Specialties - 2.4% | | |
| 350,000 | | Donaldson Co. Inc. | | 19,558,000 |
PRODUCER MANUFACTURING SECTOR - 21.7% | | |
| | | Building Products - 2.6% | | |
| 150,000 | | A.O. Smith Corp. | | 8,223,000 |
| 180,000 | | Armstrong World Industries Inc. | | 13,390,200 |
| | | | | 21,613,200 |
| | | Industrial Machinery - 6.1% | | |
| 170,000 | | EnPro Industries Inc. | | 12,838,400 |
| 530,000 | | Flowserve Corp. | | 19,530,500 |
| 140,000 | | Woodward Inc. | | 17,014,200 |
| | | | | 49,383,100 |
| | | Miscellaneous Manufacturing - 10.0% | | |
| 135,550 | | Brady Corp. Cl A | | 7,159,751 |
| 275,000 | | Carlisle Cos. Inc. | | 42,949,500 |
| 990,000 | | TriMas Corp. * | | 31,353,300 |
| | | | | 81,462,551 |
| | | Trucks/Construction/Farm Machinery - 3.0% | | |
| 915,000 | | Trinity Industries Inc. | | 24,146,850 |
RETAIL TRADE SECTOR - 0.9% | | |
| | | Specialty Stores - 0.9% | | |
| 129,994 | | Penske Automotive Group Inc. | | 7,720,344 |
TECHNOLOGY SERVICES SECTOR - 2.6% | | |
| | | Information Technology Services - 2.6% | | |
| 275,000 | | Insight Enterprises Inc. * | | 20,924,750 |
| | | Total common stocks (cost $543,334,794) | | 785,054,155 |
| | | | | |
| Principal Amount | | | | |
| SHORT-TERM INVESTMENTS - 4.0% (a) | | |
| | | Bank Deposit Account - 4.0% | | |
$
| 32,701,964 | | U.S. Bank N.A., 0.03% ^ | | 32,701,964 |
| | | Total short-term investments (cost $32,701,964) | | 32,701,964 |
| | | Total investments - 100.3% (cost $576,036,758) | | 817,756,119 |
| | | | | |
| | | Other liabilities, less assets - (0.3%) (a) | | (2,383,388) |
| | | TOTAL NET ASSETS - 100.0% | $ | 815,372,731 |
| | | | |
| * | | Non-income producing security. | | |
| ^ | | The rate shown is as of December 31, 2020. | | |
| (a) | | Percentages for the various classifications relate to total net assets. | | |
| PLC | | -Public Limited Company | | |
| | | | | | | FMI Common Stock Fund | | | | | | | |
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| | | | | | | Summary of Fair Value Exposure at December 31, 2020 (Unaudited) | | | | | | | |
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| 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. These inputs are summarized in the three broad levels listed below: |
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Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets. |
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Level 2 – Valuations based on quoted prices for similar securities or in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
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Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
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| The following table summarizes the Fund’s investments as of December 31, 2020, based on the inputs used to value them: |
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