FMI Common Stock Fund | ||||||||
Schedule of Investments | ||||||||
as of June 30, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 94.6% | Shares | Value | ||||||
Commercial Services Sector - 10.0% | ||||||||
Advertising/Marketing Services - 2.9% | ||||||||
Interpublic Group of Cos., Inc. | 2,020,000 | $ | 58,761,800 | |||||
$ | – | |||||||
Miscellaneous Commercial Services - 4.1% | ||||||||
Genpact Ltd. | 2,615,000 | 84,176,850 | ||||||
$ | – | |||||||
Personnel Services - 3.0% | ||||||||
Robert Half, Inc. | 965,000 | 61,740,700 | ||||||
Total Commercial Services Sector | 204,679,350 | |||||||
Consumer Non-Durables Sector - 4.2% | ||||||||
Apparel/Footwear - 4.2% | ||||||||
Skechers USA, Inc. - Class A(a) | 1,260,000 | 87,091,200 | ||||||
Consumer Services Sector - 3.4% | ||||||||
Other Consumer Services - 3.4% | ||||||||
Valvoline, Inc.(a) | 1,605,000 | 69,336,000 | ||||||
Distribution Services Sector - 15.5% | ||||||||
Electronics Distributors - 2.6% | ||||||||
Arrow Electronics, Inc.(a) | 445,000 | 53,738,200 | ||||||
$ | – | |||||||
Medical Distributors - 3.7% | ||||||||
Henry Schein, Inc.(a) | 1,180,000 | 75,638,000 | ||||||
$ | – | |||||||
Wholesale Distributors - 9.2% | ||||||||
Applied Industrial Technologies, Inc. | 280,000 | 54,320,000 | ||||||
Beacon Roofing Supply, Inc.(a) | 810,000 | 73,305,000 | ||||||
Core & Main, Inc. - Class A(a) | 1,230,000 | 60,196,200 | ||||||
187,821,200 | ||||||||
Total Distribution Services Sector | 317,197,400 | |||||||
Electronic Technology Sector - 9.3% | ||||||||
Electronic Components - 3.1% | ||||||||
nVent Electric PLC | 820,000 | 62,820,200 | ||||||
$ | – | |||||||
Electronic Production Equipment - 4.7% | ||||||||
CTS Corp. | 635,000 | 32,150,050 | ||||||
Plexus Corp.(a) | 630,000 | 65,003,400 | ||||||
97,153,450 | ||||||||
Semiconductors - 1.5% | ||||||||
Fabrinet(a) | 130,000 | 31,822,700 | ||||||
Total Electronic Technology Sector | 191,796,350 | |||||||
Finance Sector - 16.1% | ||||||||
Finance/Rental/Leasing - 4.4% | ||||||||
FirstCash Holdings, Inc. | 370,000 | 38,805,600 | ||||||
OneMain Holdings, Inc. | 1,085,000 | 52,611,650 | ||||||
91,417,250 | ||||||||
Investment Banks/Brokers - 4.0% | ||||||||
Houlihan Lokey, Inc. - Class A | 605,000 | 81,590,300 | ||||||
$ | – | |||||||
Life/Health Insurance - 2.9% | ||||||||
Primerica, Inc. | 255,000 | 60,327,900 | ||||||
$ | – | |||||||
Major Banks - 2.6% | ||||||||
Zions Bancorp NA | 1,210,000 | 52,477,700 | ||||||
$ | – | |||||||
Multi-Line Insurance - 2.2% | ||||||||
White Mountains Insurance Group Ltd. | 25,000 | 45,436,250 | ||||||
Total Finance Sector | 331,249,400 | |||||||
Process Industries Sector - 2.0% | ||||||||
Containers/Packaging - 2.0% | ||||||||
AptarGroup, Inc. | 285,000 | 40,130,850 | ||||||
Producer Manufacturing Sector - 23.9% | ||||||||
Auto Parts: OEM - 3.2% | ||||||||
Donaldson Co., Inc. | 915,000 | 65,477,400 | ||||||
$ | – | |||||||
Building Products - 11.8% | ||||||||
Carlisle Cos., Inc. | 225,000 | 91,172,250 | ||||||
Fortune Brands Innovations, Inc. | 1,075,000 | 69,810,500 | ||||||
Simpson Manufacturing Co., Inc. | 485,000 | 81,737,050 | ||||||
242,719,800 | ||||||||
Electrical Products - 1.6% | ||||||||
Atkore, Inc. | 240,000 | 32,383,200 | ||||||
$ | – | |||||||
Industrial Machinery - 5.2% | ||||||||
Gates Industrial Corp. PLC(a) | 3,810,000 | 60,236,100 | ||||||
Timken Co. | 595,000 | 47,677,350 | ||||||
107,913,450 | ||||||||
Miscellaneous Manufacturing - 2.1% | ||||||||
TriMas Corp. | 1,680,000 | 42,940,800 | ||||||
Total Producer Manufacturing Sector | 491,434,650 | |||||||
Retail Trade Sector - 6.0% | ||||||||
Specialty Stores - 6.0% | ||||||||
BJ's Wholesale Club Holdings, Inc.(a) | 1,410,000 | 123,854,400 | ||||||
Technology Services Sector - 4.2% | ||||||||
Information Technology Services - 4.2% | ||||||||
Insight Enterprises, Inc.(a) | 430,000 | 85,294,800 | ||||||
TOTAL COMMON STOCKS (Cost $1,390,688,208) | 1,942,064,400 | |||||||
SHORT-TERM INVESTMENT - 5.4% | ||||||||
Money Market Fund - 5.4% | ||||||||
First American Treasury Obligations Fund - Class X, 5.21%(b) | 111,030,733 | 111,030,733 | ||||||
TOTAL SHORT-TERM INVESTMENT (Cost $111,030,733) | 111,030,733 | |||||||
TOTAL INVESTMENTS - 100.0% (Cost $1,501,718,941) | 2,053,095,133 | |||||||
Liabilities in Excess of Other Assets - 0.0%(c) | (7,664 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 2,053,087,469 | ||||||
Percentages are stated as a percent of net assets. |
PLC - Public Limited Company |
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
(c) | Represents less than 0.05% of net assets. |
FMI Common Stock Fund
Summary of Fair Value Exposure at June 30, 2024 (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. 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 June 30, 2024, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 1,942,064,400 | $ | – | $ | – | $ | 1,942,064,400 | ||||||||
Money Market Fund | 111,030,733 | – | – | 111,030,733 | ||||||||||||
Total Investments | $ | 2,053,095,133 | $ | – | $ | – | $ | 2,053,095,133 | ||||||||
Refer to the Schedule of Investments for additional information. | ||||||||||||||||