# EDGAR Filing Document

**Accession Number:** 0001023391
**File Stem:** 0001145549-23-006563
**Filing Date:** 2023-2
**Character Count:** 21683
**Document Hash:** ec8d27fc62104d9575e0e1fc01e5464e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-006563.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001145549-23-006563

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FMI FUNDS INC
- **CENTRAL INDEX KEY:** 0001023391
- **IRS NUMBER:** 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:** 23634410

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST WISCONSIN AVENUE, SUITE 2200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-226-4545

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST WISCONSIN AVENUE, SUITE 2200
- **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 |  |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |  |
| December 31, 2022 (Unaudited) | December 31, 2022 (Unaudited) |  |
| **Shares** |  | **Value** |
| **COMMON STOCKS - 94.8% (a)** | **COMMON STOCKS - 94.8% (a)** |  |
| **<u>COMMERCIAL SERVICES SECTOR - 14.3%</u>** | **<u>COMMERCIAL SERVICES SECTOR - 14.3%</u>** |  |
|  | **Advertising/Marketing Services - 4.7%** |  |
| 1498000 | Interpublic Group of Cos. Inc. | $49898380 |
|  | **Miscellaneous Commercial Services - 4.8%** |  |
| 1098000 | Genpact Ltd. | 50859360 |
|  | **Personnel Services - 4.8%** |  |
| 164000 | ManpowerGroup Inc. | 13646440 |
| 517000 | Robert Half International Inc. | 38170110 |
|  |  | 51816550 |
| **<u>CONSUMER DURABLES SECTOR - 1.9%</u>** | **<u>CONSUMER DURABLES SECTOR - 1.9%</u>** |  |
|  | **Homebuilding - 1.9%** |  |
| 219000 | LGI Homes Inc. \* | 20279400 |
| **<u>CONSUMER NON-DURABLES SECTOR - 4.3%</u>** | **<u>CONSUMER NON-DURABLES SECTOR - 4.3%</u>** |  |
|  | **Apparel/Footwear - 4.3%** |  |
| 1085000 | Skechers U.S.A. Inc. - Cl A \* | 45515750 |
| **<u>DISTRIBUTION SERVICES SECTOR - 14.0%</u>** | **<u>DISTRIBUTION SERVICES SECTOR - 14.0%</u>** |  |
|  | **Electronics Distributors - 2.5%** |  |
| 255000 | Arrow Electronics Inc. \* | 26665350 |
|  | **Medical Distributors - 5.3%** |  |
| 707000 | Henry Schein Inc. \* | 56468090 |
|  | **Wholesale Distributors - 6.2%** |  |
| 246000 | Applied Industrial Technologies Inc. | 31003380 |
| 664000 | Beacon Roofing Supply Inc. \* | 35052560 |
|  |  | 66055940 |
| **<u>ELECTRONIC TECHNOLOGY SECTOR - 7.8%</u>** | **<u>ELECTRONIC TECHNOLOGY SECTOR - 7.8%</u>** |  |
|  | **Electronic Components - 3.7%** |  |
| 1044000 | nVent Electric PLC | 40162680 |
|  | **Electronic Production Equipment - 4.1%** |  |
| 424000 | Plexus Corp. \* | 43642320 |
| **<u>FINANCE SECTOR - 16.4%</u>** | **<u>FINANCE SECTOR - 16.4%</u>** |  |
|  | **Finance/Rental/Leasing - 4.8%** |  |
| 445000 | FirstCash Holdings Inc. | 38674950 |
| 188000 | Triton International Ltd. | 12930640 |
|  |  | 51605590 |
|  | **Investment Banks/Brokers - 3.4%** |  |
| 413000 | Houlihan Lokey Inc. - Cl A | 35997080 |
|  | **Life/Health Insurance - 3.3%** |  |
| 251000 | Primerica Inc. | 35596820 |
|  | **Major Banks - 2.7%** |  |
| 586000 | Zions Bancorporation N.A. | 28807760 |
|  | **Multi-Line Insurance - 1.7%** |  |
| 13000 | White Mountains Insurance Group Ltd. | 18386290 |
|  | **Real Estate Development - 0.5%** |  |
| 357311 | Kennedy-Wilson Holdings Inc. | 5620502 |
| **<u>PROCESS INDUSTRIES SECTOR - 2.0%</u>** | **<u>PROCESS INDUSTRIES SECTOR - 2.0%</u>** |  |
|  | **Containers/Packaging - 2.0%** |  |
| 194000 | AptarGroup Inc. | 21336120 |
| **<u>PRODUCER MANUFACTURING SECTOR - 20.9%</u>** | **<u>PRODUCER MANUFACTURING SECTOR - 20.9%</u>** |  |
|  | **Auto Parts: OEM - 3.9%** |  |
| 711000 | Donaldson Co. Inc. | 41856570 |
|  | **Building Products - 8.9%** |  |
| 541000 | The AZEK Co. Inc. \* | 10993120 |
| 132000 | Carlisle Cos. Inc. | 31105800 |
| 410000 | Fortune Brands Innovations Inc. | 23415100 |
| 335000 | Simpson Manufacturing Co. Inc. | 29701100 |
|  |  | 95215120 |
|  | **Industrial Machinery - 3.7%** |  |
| 1610000 | Gates Industrial Corp. PLC \* | 18370100 |
| 124579 | ITT Inc. | 10103357 |
| 112000 | Woodward Inc. | 10820320 |
|  |  | 39293777 |
|  | **Miscellaneous Manufacturing - 4.4%** |  |
| 176000 | LCI Industries | 16271200 |
| 1126000 | TriMas Corp. | 31235240 |
|  |  | 47506440 |
| **<u>RETAIL TRADE SECTOR - 6.5%</u>** | **<u>RETAIL TRADE SECTOR - 6.5%</u>** |  |
|  | **Discount Stores - 3.3%** |  |
| 197000 | Five Below Inc. \* | 34843390 |
|  | **Specialty Stores - 3.2%** |  |
| 518000 | BJ's Wholesale Club Holdings Inc. \* | 34270880 |
| **<u>TECHNOLOGY SERVICES SECTOR - 6.7%</u>** | **<u>TECHNOLOGY SERVICES SECTOR - 6.7%</u>** |  |
|  | **Information Technology Services - 6.7%** |  |
| 446000 | Insight Enterprises Inc. \* | 44720420 |
| 521000 | KBR Inc. | 27508800 |
|  |  | 72229220 |
|  | Total common stocks (cost $773,030,675) | 1013929379 |
| **Principal Amount** |  |  |
| **SHORT-TERM INVESTMENTS - 5.0% (a)** | **SHORT-TERM INVESTMENTS - 5.0% (a)** |  |
|  | **Bank Deposit Account - 5.0%** |  |
| $52936104 | U.S. Bank N.A., 3.90% ^ | 52936104 |
|  | Total short-term investments (cost $52,936,104) | 52936104 |
|  | Total investments - 99.8% (cost $825,966,779) | 1066865483 |
|  | Other assets, less liabilities **- 0.2% (a)** | 2491147 |
|  | **TOTAL NET ASSETS - 100.0%** | $1069356630 |
| \* | Non-income producing security. |  |
| ^ | The rate shown is as of December 31, 2022. |  |
| (a) | Percentages for the various classifications relate to total net assets. |  |
| PLC | Public Limited Company |  |

---

------

---

| |
|:---|
| FMI Common Stock Fund |
| Summary of Fair Value Exposure at December 31, 2022 (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: |
| <u>Level 1</u> – Valuations based on unadjusted quoted prices in active markets for identical assets. |
| <u>Level 2</u> – 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. |
| <u>Level 3</u> – 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 December 31, 2022, based on the inputs used to value them: |

---

---

| | |
|:---|:---|
| <u>Valuation Inputs</u> | Investments in <br> <u>Securities</u> |
| Assets: |  |
| Level 1 - Common Stocks\* | $1013929379 |
| Level 1 - Bank Deposit Account | 52936104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Level 1 | 1066865483 |
| Level 2 - | - |
| Level 3 - | - |
| Total Assets | 1066865483 |
| Total | $1066865483 |
| \*See the Schedule of Investments for investments detailed by industry classifications. |  |

---

## 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:** 100 East Wisconsin Avenue

  - **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:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $1070824885.97

**Total Liabilities:** $798167.66

**Net Assets:** $1070026718.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000133547 | 9.13%                | 6.34%                | -3.30%               |
| Class ID C000174402 | 9.15%                | 6.37%                | -3.31%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4885931.59              | $81978536.95                               |
| Month 2  | $949614.74               | $64578664.15                               |
| Month 3  | $-776692.92              | $-36681771.39                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| White Mountains Insurance Grou         | White Mountains Insurance Group Ltd    | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |     13000 | NS      | $18386290.00  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie         | Applied Industrial Technologies Inc    | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |    246000 | NS      | $31003380.00  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                         | AptarGroup Inc                         | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |    194000 | NS      | $21336120.00  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc                  | Arrow Electronics Inc                  | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |    255000 | NS      | $26665350.00  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| AZEK Co Inc/The                        | AZEK Co Inc/The                        | CUSIP: 05478C105<br>LEI: 5493002LDDDU1RX46815 | Long             | EC               | CORP              | US        |    541000 | NS      | $10993120.00  | 1.03%             |  |  |  | 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        |    518000 | NS      | $34270880.00  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Beacon Roofing Supply Inc              | Beacon Roofing Supply Inc              | CUSIP: 073685109<br>LEI: 549300HDXQWWCBOYXP31 | Long             | EC               | CORP              | US        |    664000 | NS      | $35052560.00  | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                       | Carlisle Cos Inc                       | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |    132000 | NS      | $31105800.00  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                       | Donaldson Co Inc                       | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |    711000 | NS      | $41856570.00  | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                 | FirstCash Holdings Inc                 | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    445000 | NS      | $38674950.00  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                         | Five Below Inc                         | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |    197000 | NS      | $34843390.00  | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc         | Fortune Brands Innovations Inc         | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |    410000 | NS      | $23415100.00  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                     | Houlihan Lokey Inc                     | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |    413000 | NS      | $35997080.00  | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                                | ITT Inc                                | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |    124579 | NS      | $10103356.90  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc                | Insight Enterprises Inc                | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |    446000 | NS      | $44720420.00  | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/T         | Interpublic Group of Cos Inc/The       | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |   1498000 | NS      | $49898380.00  | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                | KBR Inc                                | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |    521000 | NS      | $27508800.00  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy-Wilson Holdings Inc            | Kennedy-Wilson Holdings Inc            | CUSIP: 489398107<br>LEI: 549300MOI1T78144X610 | Long             | EC               | CORP              | US        |    357311 | NS      | $5620502.03   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI Homes Inc                          | LGI Homes Inc                          | CUSIP: 50187T106<br>LEI: 549300W02B4WNV8CV109 | Long             | EC               | CORP              | US        |    219000 | NS      | $20279400.00  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI Industries                         | LCI Industries                         | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |    176000 | NS      | $16271200.00  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc                      | ManpowerGroup Inc                      | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |    164000 | NS      | $13646440.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Plexus Corp                            | Plexus Corp                            | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |    424000 | NS      | $43642320.00  | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                          | Primerica Inc                          | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |    251000 | NS      | $35596820.00  | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half International Inc          | Robert Half International Inc          | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |    517000 | NS      | $38170110.00  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc                       | Henry Schein Inc                       | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |    707000 | NS      | $56468090.00  | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc           | Simpson Manufacturing Co Inc           | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |    335000 | NS      | $29701100.00  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Skechers USA Inc                       | Skechers USA Inc                       | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |   1085000 | NS      | $45515750.00  | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TriMas Corp                            | TriMas Corp                            | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |   1126000 | NS      | $31235240.00  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account | CUSIP: 8AMMF0A92<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  52936104 | NS      | $52936104.22  | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc                           | Woodward Inc                           | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |    112000 | NS      | $10820320.00  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA                       | Zions Bancorp NA                       | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |    586000 | NS      | $28807760.00  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC              | Gates Industrial Corp PLC              | CUSIP: N/A<br>LEI: 549300S6K4FWUSB9KM27       | Long             | EC               | CORP              | US        |   1610000 | NS      | $18370100.00  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                            | Genpact Ltd                            | CUSIP: N/A<br>LEI: 529900OSEC6Q0L4L5B35       | Long             | EC               | CORP              | US        |   1098000 | NS      | $50859360.00  | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC                     | nVent Electric PLC                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |   1044000 | NS      | $40162680.00  | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Triton International Ltd               | Triton International Ltd               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |    188000 | NS      | $12930640.00  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-18

**Name of Applicant:** FMI Funds Inc

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

**Name of Signer:** FMI Funds Inc

**Title:** President and Treasurer