Fmi Funds NPORTP FMI Common Stock Fund (Jun 2023 report)

FMI Common Stock Fund
SCHEDULE OF INVESTMENTS
June 30, 2023 (Unaudited)

Shares			Value
COMMON STOCKS - 93.5% ⁽¹⁾
COMMERCIAL SERVICES SECTOR - 12.2%
		Advertising/Marketing Services - 4.2%
	1,508,000	Interpublic Group of Cos. Inc.	$	58,178,640
		Miscellaneous Commercial Services - 3.9%
	1,447,000	Genpact Ltd.		54,363,790
		Personnel Services - 4.1%
	743,000	Robert Half International Inc.		55,888,460
CONSUMER DURABLES SECTOR - 2.5%
		Homebuilding - 2.5%
	253,000	LGI Homes Inc. ⁽²⁾		34,127,170
CONSUMER NON-DURABLES SECTOR - 4.1%
		Apparel/Footwear - 4.1%
	1,076,000	Skechers U.S.A. Inc. - Cl A ⁽²⁾		56,662,160
DISTRIBUTION SERVICES SECTOR - 15.2%
		Electronics Distributors - 3.0%
	286,000	Arrow Electronics Inc. ⁽²⁾		40,963,780
		Medical Distributors - 4.7%
	805,000	Henry Schein Inc. ⁽²⁾		65,285,500
		Wholesale Distributors - 7.5%
	282,000	Applied Industrial Technologies Inc.		40,842,060
	753,000	Beacon Roofing Supply Inc.⁽²⁾		62,483,940
				103,326,000
ELECTRONIC TECHNOLOGY SECTOR - 9.5%
		Electronic Components - 3.8%
	1,005,000	nVent Electric PLC		51,928,350
		Electronic Production Equipment - 4.4%
	315,000	CTS Corp.		13,428,450
	482,000	Plexus Corp. ⁽²⁾		47,351,680
				60,780,130
		Semiconductors - 1.3%
	140,000	Fabrinet ⁽²⁾		18,183,200
FINANCE SECTOR - 16.4%
		Finance/Rental/Leasing - 5.7%
	492,000	FirstCash Holdings Inc.		45,918,360
	396,000	Triton International Ltd.		32,970,960
				78,889,320
		Investment Banks/Brokers - 3.3%
	460,000	Houlihan Lokey Inc. - Cl A		45,222,600
		Life/Health Insurance - 4.1%
	288,000	Primerica Inc.		56,954,880
		Major Banks - 1.8%
	920,000	Zions Bancorporation N.A.		24,711,200
		Multi-Line Insurance - 1.5%
	15,000	White Mountains Insurance Group Ltd.		20,833,650
PROCESS INDUSTRIES SECTOR - 1.8%
		Containers/Packaging - 1.8%
	217,000	AptarGroup Inc.		25,141,620
PRODUCER MANUFACTURING SECTOR - 23.9%
		Auto Parts: OEM - 3.2%
	700,000	Donaldson Co. Inc.		43,757,000
		Building Products - 11.9%
	233,000	Carlisle Cos. Inc.		59,771,490
	713,000	Fortune Brands Innovations Inc.		51,300,350
	379,000	Simpson Manufacturing Co. Inc.		52,491,500
				163,563,340
		Industrial Machinery - 4.4%
	2,343,000	Gates Industrial Corp. PLC ⁽²⁾		31,583,640
	305,000	ITT Inc.		28,429,050
				60,012,690
		Miscellaneous Manufacturing - 4.4%
	201,000	LCI Industries		25,398,360
	1,281,000	TriMas Corp.		35,214,690
				60,613,050
RETAIL TRADE SECTOR - 3.9%
		Specialty Stores - 3.9%
	855,000	BJ’s Wholesale Club Holdings Inc. ⁽²⁾		53,873,550
TECHNOLOGY SERVICES SECTOR - 4.0%
		Information Technology Services - 4.0%
	380,000	Insight Enterprises Inc.⁽²⁾		55,609,200
		Total common stocks (cost $927,295,155)		1,288,869,280

SHORT-TERM INVESTMENT - 6.2% ⁽¹⁾
		Money Market Fund - 6.2%
	85,715,649	First American Treasury Obligations Fund, CL X, 5.04%⁽³⁾		85,715,649
		Total short-term investment (cost $85,715,649)		85,715,649
		Total investments - 99.7% (cost $1,013,010,804)		1,374,584,929
		Other assets, less liabilities - 0.3%⁽¹⁾		3,530,681
		TOTAL NET ASSETS - 100.0%	$	1,378,115,610

⁽¹⁾	Percentages for the various classifications relate to total net assets.
⁽²⁾	Non-income producing security.
⁽³⁾	The rate quoted is the annualized 7-day yield as of June 30, 2023.
^PLC	- Public Limited Company

FMI Common Stock Fund

Summary of Fair Value Exposure at June 30, 2023 (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.

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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 June 30, 2023, based on the inputs used to value them:

	Investments in Securities
Valuation Inputs	Investments in Securities
Assets:
Level 1 - Common Stocks¹	$	1,288,869,280
Level 1 - Money Market Fund		85,715,649
Total Level 1		1,374,584,929
Level 2 -		---
Level 3 -		---
Total Assets		1,374,584,929
Total	$	1,374,584,929

¹See the Schedule of Investments for investments detailed by industry classifications.

Fmi Funds NPORT-PFMI Common Stock Fund (Jun 2023 report)