| FMI Large Cap Fund | |
| SCHEDULE OF INVESTMENTS | |
June 30, 2022 (Unaudited)
| |
| | | | |
| Shares | | | Value |
| COMMON STOCKS - 98.7% (a) | |
COMMERCIAL SERVICES SECTOR - 2.6% | |
| | | Advertising/Marketing Services - 2.6% | |
| 975,000 | | Omnicom Group Inc. | $
| 62,019,750 |
CONSUMER DURABLES SECTOR - 3.8% | |
| | | Electronics/Appliances - 3.8% | |
| 1,105,000 | | Sony Group Corp. - SP-ADR | 90,355,850 |
CONSUMER NON-DURABLES SECTOR - 3.5% | |
| | | Household/Personal Care - 3.5% | |
| 1,840,000 | | Unilever PLC - SP-ADR | 84,327,200 |
CONSUMER SERVICES SECTOR - 6.6% | |
| | | Cable/Satellite TV - 3.0% | |
| 1,820,000 | | Comcast Corp. - Cl A | 71,416,800 |
| | | Other Consumer Services - 3.6% | |
| 49,000 | | Booking Holdings Inc. * | 85,700,510 |
DISTRIBUTION SERVICES SECTOR - 2.8% | |
| | | Wholesale Distributors - 2.8% | |
| 600,000 | | Ferguson PLC | 66,426,000 |
ELECTRONIC TECHNOLOGY SECTOR - 3.2% | |
| | | Semiconductors - 3.2% | |
| 1,400,000 | | Micron Technology Inc. | 77,392,000 |
FINANCE SECTOR - 22.2% | |
| | | Investment Banks/Brokers - 4.4% | |
| 1,650,000 | | The Charles Schwab Corp. | 104,247,000 |
| | | Major Banks - 2.2% | |
| 460,000 | | JPMorgan Chase & Co. | 51,800,600 |
| | | Multi-Line Insurance - 7.8% | |
| 1,280,000 | | Arch Capital Group Ltd. * | 58,227,200 |
| 470,000 | | Berkshire Hathaway Inc. - Cl B * | 128,319,400 |
| | | | 186,546,600 |
| | | Property/Casualty Insurance - 4.9% | |
| 260,000 | | Chubb Ltd. | 51,110,800 |
| 570,000 | | Progressive Corp. | 66,273,900 |
| | | | 117,384,700 |
| | | Regional Banks - 2.9% | |
| 720,000 | | Northern Trust Corp. | 69,465,600 |
HEALTH SERVICES SECTOR - 6.3% | |
| | | Managed Health Care - 4.2% | |
| 193,000 | | UnitedHealth Group Inc. | 99,130,590 |
| | | Medical/Nursing Services - 2.1% | |
| 2,040,000 | | Fresenius Medical Care AG & Co. KGaA | 50,877,600 |
HEALTH TECHNOLOGY SECTOR - 4.8% | |
| | | Medical Specialties - 4.8% | |
| 2,310,000 | | Koninklijke Philips N.V. - SP-ADR | 49,734,300 |
| 2,315,000 | | Smith & Nephew PLC - SP-ADR | 64,634,800 |
| | | | 114,369,100 |
INDUSTRIAL SERVICES SECTOR - 1.5% | |
| | | Oilfield Services/Equipment - 1.5% | |
| 975,000 | | Schlumberger Ltd. | 34,866,000 |
PROCESS INDUSTRIES SECTOR - 3.0% | |
| | | Containers/Packaging - 3.0% | |
| 440,000 | | Avery Dennison Corp. | 71,222,800 |
PRODUCER MANUFACTURING SECTOR - 12.2% | |
| | | Building Products - 6.7% | |
| 277,000 | | Carlisle Cos. Inc. | 66,094,970 |
| 1,875,000 | | Masco Corp. | 94,875,000 |
| | | | 160,969,970 |
| | | Electrical Products - 2.1% | |
| 395,000 | | Eaton Corp. PLC | 49,766,050 |
| | | Trucks/Construction/Farm Machinery - 3.4% | |
| 985,000 | | PACCAR Inc. | 81,104,900 |
RETAIL TRADE SECTOR - 14.7% | |
| | | Apparel/Footwear Retail - 2.1% | |
| 910,000 | | The TJX Companies Inc. | 50,823,500 |
| | | Discount Stores - 10.5% | |
| 585,000 | | Dollar General Corp. | 143,582,400 |
| 690,000 | | Dollar Tree Inc. * | 107,536,500 |
| | | | 251,118,900 |
| | | Specialty Stores - 2.1% | |
| 565,000 | | CarMax Inc. * | 51,121,200 |
TECHNOLOGY SERVICES SECTOR - 11.5% | |
| | | Information Technology Services - 2.9% | |
| 445,000 | | CDW Corp. | 70,114,200 |
| | | Internet Software/Services - 5.7% | |
| 46,000 | | Alphabet Inc. - Cl A * | 100,245,960 |
| 220,000 | | Meta Platforms Inc. -Cl A (formerly Facebook Inc.) * | 35,475,000 |
| | | | 135,720,960 |
| | | Packaged Software - 2.9% | |
| 755,000 | | SAP SE - SP-ADR | 68,493,600 |
| | | Total common stocks (cost $1,975,690,120) | 2,356,781,980 |
| | | | |
Principal Amount | | | |
| SHORT-TERM INVESTMENTS - 0.8% (a) | |
| | | Bank Deposit Account - 0.8% | |
$
| 20,313,599
| | U.S. Bank N.A., 1.25% ^ | 20,313,599 |
| | | Total short-term investments (cost $20,313,599) | 20,313,599 |
| | | Total investments - 99.5% (cost $1,996,003,719) | 2,377,095,579 |
| | | | |
| | | Other assets, less liabilities - 0.5% (a) | 11,293,995 |
| | | TOTAL NET ASSETS - 100.0% | $
| 2,388,389,574 |
| | |
| * | | Non-income producing security. | |
| ^ | | The rate shown is as of June 30, 2022. | |
| (a) | | Percentages for the various classifications relate to total net assets. |
| PLC | | -Public Limited Company | |
| SP-ADR | | -Sponsored American Depositary Receipt | |
