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 | ||||
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. |