Fmi Funds NPORT-P FMI Common Stock Fund (Dec 2021 report)

FMI Common Stock Fund
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Shares			Value
COMMON STOCKS - 98.3% (a)
COMMERCIAL SERVICES SECTOR - 20.6%
		Advertising/Marketing Services - 4.5%
	1,185,000	Interpublic Group of Cos. Inc.	$	44,378,250
		Miscellaneous Commercial Services - 11.3%
	305,000	CDK Global Inc.		12,730,700
	122,000	Concentrix Corp.		21,791,640
	190,000	FTI Consulting Inc. *		29,149,800
	895,000	Genpact Ltd.		47,506,600
				111,178,740
		Personnel Services - 4.8%
	143,000	ManpowerGroup Inc.		13,918,190
	302,000	Robert Half International Inc.		33,679,040
				47,597,230
CONSUMER DURABLES SECTOR - 1.0%
		Homebuilding - 1.0%
	65,000	LGI Homes Inc. *		10,041,200
CONSUMER NON-DURABLES SECTOR - 2.3%
		Apparel/Footwear - 2.3%
	520,000	Skechers U.S.A. Inc. - Cl A*		22,568,000
DISTRIBUTION SERVICES SECTOR - 13.3%
		Electronics Distributors - 3.7%
	271,000	Arrow Electronics Inc. *		36,387,170
		Medical Distributors - 5.0%
	448,000	Henry Schein Inc. *		34,733,440
	367,000	Herbalife Nutrition Ltd. *		15,021,310
				49,754,750
		Wholesale Distributors - 4.6%
	218,000	Applied Industrial Technologies Inc.		22,388,600
	395,000	Beacon Roofing Supply Inc. *		22,653,250
				45,041,850
ELECTRONIC TECHNOLOGY SECTOR - 7.7%
		Aerospace & Defense - 1.2%
	63,000	Huntington Ingalls Industries Inc.		11,764,620
		Electronic Components - 6.5%
	840,000	nVent Electric PLC		31,920,000
	335,000	Plexus Corp. *		32,123,150
				64,043,150
FINANCE SECTOR - 19.9%
		Finance/Rental/Leasing - 3.8%
	477,000	FirstCash Holdings Inc.		35,684,370
	32,123	Triton International Ltd.		1,934,768
				37,619,138
		Investment Banks/Brokers - 3.8%
	360,000	Houlihan Lokey Inc. - Cl A		37,267,200
		Life/Health Insurance - 2.5%
	158,000	Primerica Inc.		24,216,660
		Multi-Line Insurance - 1.1%
	11,000	White Mountains Insurance Group Ltd.		11,152,900
		Real Estate Development - 4.8%
	215,000	The Howard Hughes Corp. *		21,882,700
	1,070,000	Kennedy-Wilson Holdings Inc.		25,551,600
				47,434,300
		Regional Banks - 3.9%
	602,000	Zions Bancorporation N.A.		38,022,320
HEALTH TECHNOLOGY SECTOR - 3.0%
		Medical Specialties - 1.9%
	330,000	Dentsply Sirona Inc.		18,410,700
		Pharmaceuticals: Major - 1.1%
	555,000	Phibro Animal Health Corp.		11,333,100
PROCESS INDUSTRIES SECTOR - 2.0%
		Industrial Specialties - 2.0%
	332,000	Donaldson Co. Inc.		19,674,320
PRODUCER MANUFACTURING SECTOR - 20.9%
		Building Products - 3.1%
	143,000	A.O. Smith Corp.		12,276,550
	130,000	Simpson Manufacturing Co. Inc.		18,079,100
				30,355,650
		Industrial Machinery - 4.1%
	505,000	Flowserve Corp.		15,453,000
	615,000	Gates Industrial Corp. PLC *		9,784,650
	135,000	Woodward Inc.		14,777,100
				40,014,750
		Miscellaneous Manufacturing - 12.1%
	170,000	Brady Corp. - Cl A		9,163,000
	206,000	Carlisle Cos. Inc.		51,112,720
	138,000	LCI Industries		21,510,060
	1,000,000	TriMas Corp.		37,000,000
				118,785,780
		Trucks/Construction/Farm Machinery - 1.6%
	525,000	Trinity Industries Inc.		15,855,000
RETAIL TRADE SECTOR - 1.8%
		Specialty Stores - 1.8%
	271,000	BJ's Wholesale Club Holdings Inc. *		18,148,870
TECHNOLOGY SERVICES SECTOR - 5.8%
		Information Technology Services - 5.8%
	321,000	Insight Enterprises Inc. *		34,218,600
	475,000	KBR Inc.		22,619,500
				56,838,100
		Total common stocks (cost $629,170,258)		967,883,748
Principal Amount
SHORT-TERM INVESTMENTS - 1.8% (a)
		Bank Deposit Account - 1.8%
$	17,442,486	U.S. Bank N.A., 0.006% ^		17,442,486
		Total short-term investments (cost $17,442,486)		17,442,486
		Total investments - 100.1% (cost $646,612,744)		985,326,234
		Other liabilities, less assets - (0.1%) (a)		(883,703	)
		TOTAL NET ASSETS - 100.0%	$	984,442,531
	*	Non-income producing security.
^		The rate shown is as of December 31, 2021.
(a)		Percentages for the various classifications relate to total net assets.
PLC		Public Limited Company

FMI Common Stock 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		$	967,883,748
Level 1 - Bank Deposit Account		17,442,486
	Total Level 1	985,326,234
Level 2 -		---
Level 3 -		---
Total Assets		985,326,234
Total		$	985,326,234
See the Schedule of Investments for investments detailed by industry classifications.