FMI Large Cap Fund | ||||||||
Schedule of Investments | ||||||||
as of December 31, 2023 (Unaudited) | ||||||||
COMMON STOCKS - 98.7% | Shares | Value | ||||||
Commercial Services Sector - 2.8% | ||||||||
Advertising/Marketing Services - 2.8% | ||||||||
Omnicom Group Inc. | 545,000 | $ | 47,147,950 | |||||
Consumer Non-Durables Sector - 2.6% | ||||||||
Household/Personal Care - 2.6% | ||||||||
Unilever PLC - SP - ADR | 885,000 | 42,904,800 | ||||||
Consumer Services Sector - 4.5% | ||||||||
Other Consumer Services - 4.5% | ||||||||
Booking Holdings Inc.(a) | 21,000 | 74,491,620 | ||||||
Distribution Services Sector - 8.4% | ||||||||
Food Distributors - 2.9% | ||||||||
Sysco Corp. | 650,000 | 47,534,500 | ||||||
$ | – | |||||||
Wholesale Distributors - 5.5% | ||||||||
Ferguson PLC | 475,000 | 91,708,250 | ||||||
Total Distribution Services | 139,242,750 | |||||||
Electronic Technology Sector - 9.4% | ||||||||
Computer Processing Hardware - 4.7% | ||||||||
Sony Group Corp. - SP - ADR | 815,000 | 77,172,350 | ||||||
$ | – | |||||||
Semiconductors - 4.7% | ||||||||
Micron Technology Inc. | 920,000 | 78,512,800 | ||||||
Total Electronic Technology | 155,685,150 | |||||||
Finance Sector - 20.0% | ||||||||
Investment Banks/Brokers - 5.5% | ||||||||
The Charles Schwab Corp. | 1,335,000 | 91,848,000 | ||||||
$ | – | |||||||
Investment Managers - 5.1% | ||||||||
BlackRock Inc. | 45,000 | 36,531,000 | ||||||
Northern Trust Corp. | 560,000 | 47,252,800 | ||||||
83,783,800 | ||||||||
Multi-Line Insurance - 4.8% | ||||||||
Arch Capital Group Ltd.(a) | 460,000 | 34,164,200 | ||||||
Progressive Corp. | 280,000 | 44,598,400 | ||||||
78,762,600 | ||||||||
Property/Casualty Insurance - 4.6% | ||||||||
Berkshire Hathaway Inc. - Class B(a) | 215,000 | 76,681,900 | ||||||
Total Finance | 331,076,300 | |||||||
Health Services Sector - 6.4% | ||||||||
Managed Health Care - 4.5% | ||||||||
UnitedHealth Group Inc. | 140,000 | 73,705,800 | ||||||
$ | – | |||||||
Medical/Nursing Services - 1.9% | ||||||||
Fresenius Medical Care AG & Co. KGaA - SP - ADR | 1,530,000 | 31,869,900 | ||||||
Total Health Services | 105,575,700 | |||||||
Health Technology Sector - 4.8% | ||||||||
Medical Specialties - 4.8% | ||||||||
Koninklijke Philips N.V. – SP - ADR(a) | 1,905,000 | 44,443,650 | ||||||
Smith & Nephew PLC - SP - ADR | 1,305,000 | 35,600,400 | ||||||
80,044,050 | ||||||||
Total Health Technology | 80,044,050 | |||||||
Industrial Services Sector - 1.7% | ||||||||
Contract Drilling - 1.7% | ||||||||
Schlumberger Ltd. | 555,000 | 28,882,200 | ||||||
Process Industries Sector - 4.5% | ||||||||
Containers/Packaging - 4.5% | ||||||||
Avery Dennison Corp. | 365,000 | 73,788,400 | ||||||
Producer Manufacturing Sector - 12.9% | ||||||||
Building Products - 7.9% | ||||||||
Carlisle Cos. Inc. | 195,000 | 60,923,850 | ||||||
Masco Corp. | 1,050,000 | 70,329,000 | ||||||
131,252,850 | ||||||||
Electrical Products - 1.5% | ||||||||
Eaton Corp. PLC | 100,000 | 24,082,000 | ||||||
$ | – | |||||||
Industrial Machinery - 3.5% | ||||||||
Carrier Global Corp. | 1,020,000 | 58,599,000 | ||||||
Total Producer Manufacturing | 213,933,850 | |||||||
Retail Trade Sector - 10.5% | ||||||||
Apparel/Footwear Retail - 1.3% | ||||||||
The TJX Cos. Inc. | 230,000 | 21,576,300 | ||||||
$ | – | |||||||
Discount Stores - 6.1% | ||||||||
Dollar General Corp. | 375,000 | 50,981,250 | ||||||
Dollar Tree Inc.(a) | 350,000 | 49,717,500 | ||||||
100,698,750 | ||||||||
Specialty Stores - 3.1% | ||||||||
CarMax Inc.(a) | 665,000 | 51,032,100 | ||||||
Total Retail Trade | 173,307,150 | |||||||
Technology Services Sector - 10.2% | ||||||||
Information Technology Services - 2.3% | ||||||||
CDW Corp. | 170,000 | 38,644,400 | ||||||
$ | – | |||||||
Internet Software/Services - 5.3% | ||||||||
Alphabet Inc. - Class A(a) | 625,000 | 87,306,250 | ||||||
$ | – | |||||||
Packaged Software - 2.6% | ||||||||
SAP SE - SP - ADR | 275,000 | 42,512,250 | ||||||
Total Technology Services | 168,462,900 | |||||||
TOTAL COMMON STOCKS (Cost $1,114,240,593) | 1,634,542,820 | |||||||
SHORT-TERM INVESTMENT - 1.3% | ||||||||
Money Market Fund - 1.3% | ||||||||
First American Treasury Obligations Fund - Class X, 5.29%(b) | 21,092,388 | 21,092,388 | ||||||
TOTAL SHORT-TERM INVESTMENT (Cost $21,092,388) | 21,092,388 | |||||||
TOTAL INVESTMENTS – 100.0% (Cost $1,135,332,981) | 1,655,635,208 | |||||||
Other Assets in Excess of Liabilities - 0.0% | 1,054,025 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 1,656,689,233 | ||||||
Percentages are stated as a percent of net assets. |
PLC - Public Limited Company |
SP - ADR – Sponsored American Depositary Receipt |
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day effective yield as of December 31, 2023. |
FMI Large Cap Fund | |||||||||||||
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. The fair value hierarchy is categorized into three levels based on the inputs as follows: | |||||||||||||
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. | |||||||||||||
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||||||
Level 3 – Unobservable inputs for the asset or liability. | |||||||||||||
The following table summarizes the Fund’s investments as of December 31, 2023, based on the inputs used to value them: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 1,634,542,820 | $ | – | $ | – | $ | 1,634,542,820 | ||||||||
Money Market Fund | 21,092,388 | – | – | 21,092,388 | ||||||||||||
Total Investments | $ | 1,655,635,208 | $ | – | $ | – | $ | 1,655,635,208 | ||||||||
Refer to the Schedule of Investments for industry classifications. |