| FMI Large Cap Fund | | |
| SCHEDULE OF INVESTMENTS | | |
| December 31, 2021 (Unaudited) | | |
| | | | | |
| Shares | | | | Value |
| COMMON STOCKS - 98.6% (a) | | |
COMMERCIAL SERVICES SECTOR - 2.5% | | |
| | | Advertising/Marketing Services - 2.5% | | |
| | 1,120,000 | | Omnicom Group Inc. | | $ | 82,062,400 |
CONSUMER DURABLES SECTOR - 5.2% | | | |
| | | | Electronics/Appliances - 5.2% | | | |
| | 1,360,000 | | Sony Group Corp. - SP-ADR * | | | 171,904,000 |
CONSUMER NON-DURABLES SECTOR - 3.5% | | | |
| | | | Household/Personal Care - 3.5% | | | |
| | 2,160,000 | | Unilever PLC - SP-ADR | | | 116,186,400 |
CONSUMER SERVICES SECTOR - 7.5% | | | |
| | | | Cable/Satellite TV - 3.9% | | | |
| | 2,595,000 | | Comcast Corp. - Cl A | | | 130,606,350 |
| | | | Other Consumer Services - 3.6% | | | |
| | 50,000 | | Booking Holdings Inc. * | | | 119,961,500 |
ELECTRONIC TECHNOLOGY SECTOR - 4.2% | | | |
| | | | Semiconductors - 4.2% | | | |
| | 1,512,000 | | Micron Technology Inc. | | | 140,842,800 |
FINANCE SECTOR - 24.3% | | | |
| | | | Investment Banks/Brokers - 4.0% | | | |
| | 1,585,000 | | The Charles Schwab Corp. | | | 133,298,500 |
| | | | Major Banks - 3.6% | | | |
| | 760,000 | | JPMorgan Chase & Co. | | | 120,346,000 |
| | | | Multi-Line Insurance - 8.9% | | | |
| | 1,510,000 | | Arch Capital Group Ltd. * | | | 67,119,500 |
| | 770,000 | | Berkshire Hathaway Inc. - Cl B * | | | 230,230,000 |
| | | | | | | 297,349,500 |
| | | | Property/Casualty Insurance - 4.8% | | | |
| | 345,000 | | Chubb Ltd. | | | 66,691,950 |
| | 915,000 | | Progressive Corp. | | | 93,924,750 |
| | | | | | | 160,616,700 |
| | | | Regional Banks - 3.0% | | | |
| | 825,000 | | Northern Trust Corp. | | | 98,678,250 |
HEALTH SERVICES SECTOR - 10.6% | | | |
| | | | Health Industry Services - 3.9% | | | |
| | 755,000 | | Quest Diagnostics Inc. | | | 130,622,550 |
| | | | Managed Health Care - 4.5% | | | |
| | 300,000 | | UnitedHealth Group Inc. | | | 150,642,000 |
| | | | Medical/Nursing Services - 2.2% | | | |
| | 2,290,000 | | Fresenius Medical Care AG & Co. KGaA | | | 74,333,400 |
HEALTH TECHNOLOGY SECTOR - 5.4% | | | |
| | | | Medical Specialties - 5.4% | | | |
| | 2,280,000 | | Koninklijke Philips N.V. - SP-ADR | | | 84,018,000 |
| | 2,710,000 | | Smith & Nephew PLC - SP-ADR | | | 93,820,200 |
| | | | | | | 177,838,200 |
INDUSTRIAL SERVICES SECTOR - 1.6% | | | |
| | | | Oilfield Services/Equipment - 1.6% | | | |
| | 1,815,000 | | Schlumberger Ltd. | | | 54,359,250 |
PROCESS INDUSTRIES SECTOR - 3.0% | | | |
| | | | Industrial Specialties - 3.0% | | | |
| | 575,000 | | PPG Industries Inc. | | | 99,153,000 |
PRODUCER MANUFACTURING SECTOR - 14.6% | | | |
| | | | Building Products - 5.7% | | | |
| | 2,705,000 | | Masco Corp. | | | 189,945,100 |
| | | | Electrical Products - 3.4% | | | |
| | 390,000 | | Eaton Corp. PLC | | | 67,399,800 |
| | 475,000 | | Emerson Electric Co. | | | 44,160,750 |
| | | | | | | 111,560,550 |
| | | | Industrial Machinery - 2.5% | | | |
| | 455,000 | | Dover Corp. | | | 82,628,000 |
| | | | Trucks/Construction/Farm Machinery - 3.0% | | | |
| | 1,135,000 | | PACCAR Inc. | | | 100,175,100 |
RETAIL TRADE SECTOR - 10.5% | | | |
| | | | Apparel/Footwear Retail - 2.3% | | | |
| | 990,000 | | The TJX Companies Inc. | | | 75,160,800 |
| | | | Discount Stores - 8.2% | | | |
| | 680,000 | | Dollar General Corp. | | | 160,364,400 |
| | 795,000 | | Dollar Tree Inc. * | | | 111,713,400 |
| | | | | | | 272,077,800 |
TECHNOLOGY SERVICES SECTOR - 5.7% | | | |
| | | | Internet Software/Services - 5.7% | | | |
| | 35,000 | | Alphabet Inc. - Cl A * | | | 101,396,400 |
| | 260,000 | | Meta Platforms Inc. - Cl A (formerly Facebook Inc.) * | | | 87,451,000 |
| | | | | | | 188,847,400 |
| | | | Total common stocks (cost $2,006,611,486) | | | 3,279,195,550 |
| | | | | | | |
| Principal Amount | | | | | |
| SHORT-TERM INVESTMENTS - 1.3% (a) | | | |
| | | | Bank Deposit Account - 1.3% | | | |
| $ | 43,368,197 | | U.S. Bank N.A., 0.006% ^ | | | 43,368,197 |
| | | | Total short-term investments (cost $43,368,197) | | | 43,368,197 |
| | | | Total investments - 99.9% (cost $2,049,979,683) | | | 3,322,563,747 |
| | | | | | | |
| | | | Other assets, less liabilities - 0.1% (a) | | | 3,391,136 |
| | | | TOTAL NET ASSETS - 100.0% | | $ | 3,325,954,883 |
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| | | | | | | |
| | * | | Non-income producing security. | | | |
| ^ | | The rate shown is as of December 31, 2021. | | | |
| (a) | | Percentages for the various classifications relate to net assets. | | | |
| PLC | | -Public Limited Company | | | |
| SP-ADR | | -Sponsored American Depositary Receipt | | | |
| FMI Large Cap Fund | | |
| | | |
| Summary of Fair Value Exposure at December 31, 2021 (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. These inputs are summarized in the three broad levels listed below: |
| | | |
Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets. |
| | | |
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. |
| | | |
Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
| | | |
| The following table summarizes the Fund’s investments as of December 31, 2021, based on the inputs used to value them: |
| | | |
| | | Investments |
Valuation Inputs | | in Securities |
| Assets: | | |
| Level 1 - Common Stocks | | $ | 3,279,195,550 |
| Level 1 - Bank Deposit Account | | | 43,368,197 |
| Total Level 1 | | | 3,322,563,747 |
| Level 2 - | | | --- |
| Level 3 - | | | --- |
| Total Assets | | | 3,322,563,747 |
| Total | | $ | 3,322,563,747 |
| | | | |
| See the Schedule of Investments for investments detailed by industry classifications. | | | |
