FMI Large Cap Fund | ||||||||
Schedule of Investments | ||||||||
as of June 30, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 97.0% | Shares | Value | ||||||
Commercial Services Sector - 2.6% | ||||||||
Advertising/Marketing Services - 2.6% | ||||||||
Omnicom Group, Inc. | 490,000 | $ | 43,953,000 | |||||
Consumer Non-Durables Sector - 3.5% | ||||||||
Household/Personal Care - 3.5% | ||||||||
Unilever PLC - SP - ADR | 1,055,000 | 58,014,450 | ||||||
Consumer Services Sector - 8.1% | ||||||||
Other Consumer Services - 4.8% | ||||||||
Booking Holdings, Inc. | 20,000 | 79,230,000 | ||||||
$ | – | |||||||
Restaurants - 3.3% | ||||||||
Aramark | 1,600,000 | 54,432,000 | ||||||
Total Consumer Services Sector | 133,662,000 | |||||||
Distribution Services Sector - 7.8% | ||||||||
Food Distributors - 2.7% | ||||||||
Sysco Corp. | 640,000 | 45,689,600 | ||||||
$ | – | |||||||
Wholesale Distributors - 5.1% | ||||||||
Ferguson PLC | 435,000 | 84,237,750 | ||||||
Total Distribution Services Sector | 129,927,350 | |||||||
Electronic Technology Sector - 5.2% | ||||||||
Computer Processing Hardware - 2.0% | ||||||||
Sony Group Corp. - SP - ADR | 390,000 | 33,130,500 | ||||||
$ | – | |||||||
Semiconductors - 3.2% | ||||||||
Micron Technology, Inc. | 403,000 | 53,006,590 | ||||||
Total Electronic Technology Sector | 86,137,090 | |||||||
Finance Sector - 19.9% | ||||||||
Investment Banks/Brokers - 5.3% | ||||||||
Charles Schwab Corp. | 1,200,000 | 88,428,000 | ||||||
$ | – | |||||||
Investment Managers - 3.9% | ||||||||
BlackRock, Inc. | 40,000 | 31,492,800 | ||||||
Northern Trust Corp. | 400,000 | 33,592,000 | ||||||
65,084,800 | ||||||||
Multi-Line Insurance - 5.8% | ||||||||
Arch Capital Group Ltd.(a) | 420,000 | 42,373,800 | ||||||
Progressive Corp. | 255,000 | 52,966,050 | ||||||
95,339,850 | ||||||||
Property/Casualty Insurance - 4.9% | ||||||||
Berkshire Hathaway, Inc. - Class B(a) | 200,000 | 81,360,000 | ||||||
Total Finance Sector | 330,212,650 | |||||||
Health Services Sector - 8.0% | ||||||||
Health Industry Services - 3.2% | ||||||||
Quest Diagnostics Inc. | 380,000 | 52,014,400 | ||||||
$ | – | |||||||
Managed Health Care - 3.2% | ||||||||
UnitedHealth Group, Inc. | 105,000 | 53,472,300 | ||||||
$ | – | |||||||
Medical/Nursing Services - 1.6% | ||||||||
Fresenius Medical Care AG & Co. KGaA - SP - ADR | 1,400,000 | 26,726,000 | ||||||
Total Health Services Sector | 132,212,700 | |||||||
Health Technology Sector - 4.5% | ||||||||
Medical Specialties - 4.5% | ||||||||
Koninklijke Philips NV(a) | 1,795,000 | 45,234,000 | ||||||
Smith & Nephew PLC - SP - ADR | 1,185,000 | 29,364,300 | ||||||
74,598,300 | ||||||||
Total Health Technology Sector | 74,598,300 | |||||||
Industrial Services Sector - 1.5% | ||||||||
Contract Drilling - 1.5% | ||||||||
Schlumberger NV | 510,000 | 24,061,800 | ||||||
Process Industries Sector - 4.3% | ||||||||
Containers/Packaging - 4.3% | ||||||||
Avery Dennison Corp. | 330,000 | 72,154,500 | ||||||
Producer Manufacturing Sector - 11.6% | ||||||||
Building Products - 8.1% | ||||||||
Carlisle Cos., Inc. | 175,000 | 70,911,750 | ||||||
Masco Corp. | 955,000 | 63,669,850 | ||||||
134,581,600 | ||||||||
Industrial Machinery - 3.5% | ||||||||
Carrier Global Corp. | 926,305 | 58,431,320 | ||||||
Total Producer Manufacturing Sector | 193,012,920 | |||||||
Retail Trade Sector - 12.4% | ||||||||
Apparel/Footwear Retail - 1.4% | ||||||||
TJX Cos., Inc. | 205,000 | 22,570,500 | ||||||
$ | – | |||||||
Discount Stores - 5.3% | ||||||||
Dollar General Corp. | 340,000 | 44,958,200 | ||||||
Dollar Tree, Inc.(a) | 410,000 | 43,775,700 | ||||||
88,733,900 | ||||||||
Specialty Stores - 5.7% | ||||||||
CarMax, Inc.(a) | 810,000 | 59,405,400 | ||||||
O'Reilly Automotive, Inc.(a) | 34,000 | 35,906,040 | ||||||
95,311,440 | ||||||||
Total Retail Trade Sector | 206,615,840 | |||||||
Technology Services Sector - 7.6% | ||||||||
Information Technology Services - 1.4% | ||||||||
CDW Corp. | 105,000 | 23,503,200 | ||||||
$ | – | |||||||
Internet Software/Services - 6.2% | ||||||||
Alphabet, Inc. - Class A | 565,000 | 102,914,750 | ||||||
Total Technology Services Sector | 126,417,950 | |||||||
TOTAL COMMON STOCKS (Cost $1,081,826,423) | 1,610,980,550 | |||||||
SHORT-TERM INVESTMENT - 2.9% | ||||||||
Money Market Fund - 2.9% | ||||||||
First American Treasury Obligations Fund - Class X, 5.21%(b) | 48,315,907 | 48,315,907 | ||||||
TOTAL SHORT-TERM INVESTMENT (Cost $48,315,907) | 48,315,907 | |||||||
TOTAL INVESTMENTS - 99.9% (Cost $1,130,142,330) | 1,659,296,457 | |||||||
Other Assets in Excess of Liabilities - 0.1% | 1,938,567 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 1,661,235,024 | ||||||
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 June 30, 2024. |
FMI Large Cap 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 | $ | 1,610,980,550 | $ | – | $ | – | $ | 1,610,980,550 | ||||||||
Money Market Fund | 48,315,907 | – | – | 48,315,907 | ||||||||||||
Total Investments | $ | 1,659,296,457 | $ | – | $ | – | $ | 1,659,296,457 | ||||||||
Refer to the Schedule of Investments for additional information. | ||||||||||||||||