# EDGAR Filing Document

**Accession Number:** 0001023391
**File Stem:** 0000894189-25-005607
**Filing Date:** 2025-8
**Character Count:** 22490
**Document Hash:** 20fb6d1e2daec0ceb4a2a47d5c624a3b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-005607.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0000894189-25-005607

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250815

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FMI FUNDS INC
- **CENTRAL INDEX KEY:** 0001023391

**ORGANIZATION NAME:**
- **EIN:** 391861095
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07831
- **FILM NUMBER:** 251222779

**BUSINESS ADDRESS:**
- **STREET 1:** 790 NORTH WATER STREET, SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-226-4545

**MAIL ADDRESS:**
- **STREET 1:** 790 NORTH WATER STREET, SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FMI FOCUS FUND
- **DATE OF NAME CHANGE:** 19960921

## Series and Classes Contracts Data

### Common Stock Fund (Series ID: S000043149)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000133547 | Common Stock Fund Investor Class      | FMIMX           |
| C000174402 | Common Stock Fund Institutional Class | FMIUX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **FMI Common Stock Fund** | **FMI Common Stock Fund** | **FMI Common Stock Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 96.5%** | **Shares** | **Value**  |
| **<u>Commercial Services Sector</u> - 4.3%** | **<u>Commercial Services Sector</u> - 4.3%** | |
| **Miscellaneous Commercial Services - 2.5%** | | |
| Genpact Ltd. | 1225000 | $53912250 |
|  |  | $– |
| **Personnel Services - 1.8%** |  |  |
| Robert Half, Inc. | 985000 | 40434250 |
| **Total Commercial Services Sector** | **Total Commercial Services Sector** | 94346500 |
| **<u>Consumer Durables Sector</u> - 5.0%** | **<u>Consumer Durables Sector</u> - 5.0%** |  |
| **Other Consumer Specialties - 2.2%** |  |  |
| MSA Safety, Inc. | 290000 | 48583700 |
|  |  | $– |
| **Recreational Products - 2.8%** |  |  |
| Hayward Holdings, Inc. <sup>(a)</sup> | 4450000 | 61410000 |
| **Total Consumer Durables Sector** | **Total Consumer Durables Sector** | 109993700 |
| **<u>Consumer Non-Durables Sector</u> - 2.9%** | **<u>Consumer Non-Durables Sector</u> - 2.9%** |  |
| **Apparel/Footwear - 2.9%** |  |  |
| Skechers USA, Inc. - Class A <sup>(a)</sup> | 1030000 | 64993000 |
| **<u>Consumer Services Sector</u> - 10.1%** | **<u>Consumer Services Sector</u> - 10.1%** |  |
| **Other Consumer Services - 4.3%** |  |  |
| Valvoline, Inc. <sup>(a)</sup> | 2550000 | 96568500 |
|  |  | $– |
| **Restaurants - 5.8%** |  |  |
| Aramark | 3075000 | 128750250 |
| **Total Consumer Services Sector** | **Total Consumer Services Sector** | 225318750 |
| **<u>Distribution Services Sector</u> - 14.3%** | **<u>Distribution Services Sector</u> - 14.3%** |  |
| **Electronics Distributors - 5.2%** |  |  |
| Arrow Electronics, Inc. <sup>(a)</sup> | 900000 | 114687000 |
|  |  | $– |
| **Medical Distributors - 4.3%** |  |  |
| Henry Schein, Inc. <sup>(a)</sup> | 1315000 | 96060750 |
|  |  | $– |
| **Wholesale Distributors - 4.8%** |  |  |
| Applied Industrial Technologies, Inc. | 130000 | 30218500 |
| Core & Main, Inc. - Class A <sup>(a)</sup> | 1275000 | 76946250 |
|  |  | 107164750 |
| **Total Distribution Services Sector** | **Total Distribution Services Sector** | 317912500 |
| **<u>Electronic Technology Sector</u> - 8.7%** | **<u>Electronic Technology Sector</u> - 8.7%** |  |
| **Electronic Components - 4.4%** |  |  |
| nVent Electric PLC | 1340000 | 98155000 |
|  |  | $– |
| **Electronic Production Equipment - 4.3%** |  |  |
| CTS Corp. | 655000 | 27909550 |
| Plexus Corp. <sup>(a)</sup> | 505000 | 68331550 |
|  |  | 96241100 |
| **Total Electronic Technology Sector** | **Total Electronic Technology Sector** | 194396100 |
| **<u>Finance Sector</u> - 21.3%** | **<u>Finance Sector</u> - 21.3%** |  |
| **Finance/Rental/Leasing - 8.2%** |  |  |
| FirstCash Holdings, Inc. | 690000 | 93246600 |
| OneMain Holdings, Inc. | 1575000 | 89775000 |
|  |  | 183021600 |
| **Investment Banks/Brokers - 3.2%** |  |  |
| Houlihan Lokey, Inc. - Class A | 395000 | 71080250 |
|  |  | $– |
| **Life/Health Insurance - 3.4%** |  |  |
| Primerica, Inc. | 275000 | 75259250 |
| **Major Banks - 3.4%** |  |  |
| Zions Bancorp NA | 1460000 | 75832400 |
|  |  | $– |
| **Multi-Line Insurance - 3.1%** |  |  |
| White Mountains Insurance Group Ltd. | 38000 | 68237360 |
| **Total Finance Sector** | **Total Finance Sector** | 473430860 |
| **<u>Non-Energy Minerals Sector</u> - 1.8%** | **<u>Non-Energy Minerals Sector</u> - 1.8%** |  |
| **Forest Products - 1.8%** |  |  |
| Louisiana-Pacific Corp. | 465000 | 39985350 |
| **<u>Process Industries Sector</u> - 3.0%** | **<u>Process Industries Sector</u> - 3.0%** |  |
| **Containers/Packaging - 3.0%** |  |  |
| AptarGroup, Inc. | 425000 | 66482750 |
| **<u>Producer Manufacturing Sector</u> - 19.6%** | **<u>Producer Manufacturing Sector</u> - 19.6%** |  |
| **Auto Parts: OEM - 4.1%** |  |  |
| Donaldson Co., Inc. | 1320000 | 91542000 |
|  |  | $– |
| **Building Products - 9.2%** |  |  |
| Carlisle Cos., Inc. | 137000 | 51155800 |
| Fortune Brands Innovations, Inc. | 1265000 | 65122200 |
| Simpson Manufacturing Co., Inc. | 565000 | 87750150 |
|  |  | 204028150 |
| **Industrial Machinery - 6.3%** |  |  |
| Gates Industrial Corp. PLC <sup>(a)</sup> | 4050000 | 93271500 |
| Timken Co. | 640000 | 46432000 |
|  |  | 139703500 |
| **Total Producer Manufacturing Sector** | **Total Producer Manufacturing Sector** | 435273650 |
| **<u>Retail Trade Sector</u> - 1.9%** | **<u>Retail Trade Sector</u> - 1.9%** |  |
| **Specialty Stores - 1.9%** |  |  |
| BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> | 400000 | 43132000 |
| **<u>Technology Services Sector</u> - 3.6%** | **<u>Technology Services Sector</u> - 3.6%** |  |
| **Information Technology Services - 3.6%** |  |  |
| Insight Enterprises, Inc. <sup>(a)</sup> | 585000 | 80779725 |
| **TOTAL COMMON STOCKS** (Cost $1,592,596,828) | **TOTAL COMMON STOCKS** (Cost $1,592,596,828) | 2146044885 |
| **SHORT-TERM INVESTMENTS - 3.6%** |  | **Value**  |
| **Money Market Funds - 3.6%** | **<u>Shares</u>** |  |
| First American Treasury Obligations Fund - Class X, 4.24% <sup>(b)</sup> | 79166573 | 79166573 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $79,166,573) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $79,166,573) | 79166573 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $1,671,763,401**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $1,671,763,401**)** | 2225211458 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (1491836) |
| **TOTAL NET ASSETS - 100.0%** |  | $2223719622 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

PLC - Public Limited Company<br>

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

------

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
FMI Common Stock Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $2146044885 | $– | $– | $2146044885 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 79166573 | – | – | 79166573 |
| Total Investments | $2225211458 | $– | $– | $2225211458 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.<br>

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year's annual report. See the Fund's Valuation Policy in Note 2a to the financial statements.<br>

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FMI Funds Inc

- **b. Investment Company Act file number:** 811-07831

- **c. CIK number of Registrant:** 0001023391

- **d. LEI of Registrant:** 549300LLBZ5DPX7B5F83

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 790 North Water Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-226-4545

**Item A.2. Information about the Series.**

- **a. Name of Series:** FMI Common Stock Fund

- **b. EDGAR series identifier (if any):** S000043149

- **c. LEI of Series:** 5493008BPLB0WO8JM055

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2225532932.71

**Total Liabilities:** $1497771.90

**Net Assets:** $2224035160.81

**Cash Not Reported:** $194599.54

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000133547 | -2.07%               | 4.61%                | 3.58%                |
| Class ID C000174402 | -2.04%               | 4.60%                | 3.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $24547252.68             | $-68487860.67                              |
| Month 2  | $0.00                    | $90657037.24                               |
| Month 3  | $-6623880.02             | $84387500.08                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AptarGroup Inc                 | AptarGroup Inc                           | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |    425000 | NS      | $66482750.00  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc          | Arrow Electronics Inc                    | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |    900000 | NS      | $114687000.00 | 5.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                | Core & Main Inc                          | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1275000 | NS      | $76946250.00  | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc | Fortune Brands Innovations Inc           | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |   1265000 | NS      | $65122200.00  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc             | Houlihan Lokey Inc                       | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |    395000 | NS      | $71080250.00  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou | White Mountains Insurance Group Ltd      | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |     38000 | NS      | $68237360.00  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie | Applied Industrial Technologies Inc      | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |    130000 | NS      | $30218500.00  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                        | Aramark                                  | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |   3075000 | NS      | $128750250.00 | 5.79%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I | BJ's Wholesale Club Holdings Inc         | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |    400000 | NS      | $43132000.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc               | Carlisle Cos Inc                         | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |    137000 | NS      | $51155800.00  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  78971973 | NS      | $78971973.17  | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings Inc           | Hayward Holdings Inc                     | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4450000 | NS      | $61410000.00  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc        | Insight Enterprises Inc                  | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |    585000 | NS      | $80779725.00  | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp         | Louisiana-Pacific Corp                   | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |    465000 | NS      | $39985350.00  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Plexus Corp                    | Plexus Corp                              | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |    505000 | NS      | $68331550.00  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                  | Timken Co/The                            | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |    640000 | NS      | $46432000.00  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                  | Valvoline Inc                            | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |   2550000 | NS      | $96568500.00  | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA               | Zions Bancorp NA                         | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |   1460000 | NS      | $75832400.00  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC             | nVent Electric PLC                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |   1340000 | NS      | $98155000.00  | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                       | CTS Corp                                 | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |    655000 | NS      | $27909550.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc               | Donaldson Co Inc                         | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |   1320000 | NS      | $91542000.00  | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc                 | MSA Safety Inc                           | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |    290000 | NS      | $48583700.00  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc           | OneMain Holdings Inc                     | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |   1575000 | NS      | $89775000.00  | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc               | Henry Schein Inc                         | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |   1315000 | NS      | $96060750.00  | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC      | Gates Industrial Corp PLC                | CUSIP: N/A<br>LEI: 549300S6K4FWUSB9KM27       | Long             | EC               | CORP              | US        |   4050000 | NS      | $93271500.00  | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc   | Simpson Manufacturing Co Inc             | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |    565000 | NS      | $87750150.00  | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc         | FirstCash Holdings Inc                   | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    690000 | NS      | $93246600.00  | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                  | Primerica Inc                            | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |    275000 | NS      | $75259250.00  | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half Inc                | Robert Half Inc                          | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |    985000 | NS      | $40434250.00  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Skechers USA Inc               | Skechers USA Inc                         | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |   1030000 | NS      | $64993000.00  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                    | Genpact Ltd                              | CUSIP: N/A<br>LEI: 529900OSEC6Q0L4L5B35       | Long             | EC               | CORP              | US        |   1225000 | NS      | $53912250.00  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

**Name of Applicant:** FMI Funds Inc

**Signature:** /s/ John S. Brandser

**Name of Signer:** FMI Funds Inc

**Title:** President