# EDGAR Filing Document

**Accession Number:** 0001023391
**File Stem:** 0000894189-26-003746
**Filing Date:** 2026-2
**Character Count:** 21431
**Document Hash:** 1ec9858fde9ca95e09dac42a70bddacf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-003746.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0000894189-26-003746

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**PERIOD START**: 20260930

**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:** 26637075

**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

### Large Cap Fund (Series ID: S000000833)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000002448 | Large Cap Fund Investor Class      | FMIHX           |
| C000174400 | Large Cap Fund Institutional Class | FMIQX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **FMI Large Cap Fund** | **FMI Large Cap Fund** | **FMI Large Cap Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 98.8%** | **Shares** | **Value**  |
| **<u>Consumer Durables Sector</u> - 3.3%** | **<u>Consumer Durables Sector</u> - 3.3%** | |
| **Tools & Hardware - 3.3%** | | |
| Allegion PLC | 260000 | $41397200 |
| **<u>Consumer Non-Durables Sector</u> - 3.4%** | **<u>Consumer Non-Durables Sector</u> - 3.4%** |  |
| **Household/Personal Care - 3.4%** |  |  |
| Unilever PLC - ADR | 653889 | 42764334 |
| **<u>Consumer Services Sector</u> - 10.7%** | **<u>Consumer Services Sector</u> - 10.7%** |  |
| **Other Consumer Services - 6.0%** |  |  |
| Booking Holdings, Inc. | 14000 | 74974620 |
| **Restaurants - 4.7%** |  |  |
| Aramark | 1585000 | 58423100 |
| **Total Consumer Services Sector** | **Total Consumer Services Sector** | 133397720 |
| **<u>Distribution Services Sector</u> - 8.4%** | **<u>Distribution Services Sector</u> - 8.4%** |  |
| **Food Distributors - 3.2%** |  |  |
| Sysco Corp. | 540000 | 39792600 |
| **Wholesale Distributors - 5.2%** |  |  |
| Ferguson Enterprises, Inc. | 290000 | 64562700 |
| **Total Distribution Services Sector** | **Total Distribution Services Sector** | 104355300 |
| **<u>Electronic Technology Sector</u> - 2.9%** | **<u>Electronic Technology Sector</u> - 2.9%** |  |
| **Computer Processing Hardware - 2.9%** |  |  |
| Sony Group Corp. - ADR | 1420000 | 36352000 |
| **<u>Finance Sector</u> - 18.9%** | **<u>Finance Sector</u> - 18.9%** |  |
| **Investment Banks/Brokers - 7.8%** |  |  |
| Charles Schwab Corp. | 975000 | 97412250 |
| **Major Banks - 3.3%** |  |  |
| Capital One Financial Corp. | 170000 | 41201200 |
| **Multi-Line Insurance - 4.1%** |  |  |
| Arch Capital Group Ltd. <sup>(a)</sup> | 285000 | 27337200 |
| Progressive Corp. | 105000 | 23910600 |
|  |  | 51247800 |
| **Property/Casualty Insurance - 3.7%** |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 90000 | 45238500 |
| **Total Finance Sector** | **Total Finance Sector** | 235099750 |
| **<u>Health Services Sector</u> - 8.8%** | **<u>Health Services Sector</u> - 8.8%** |  |
| **Managed Health Care - 2.7%** |  |  |
| UnitedHealth Group, Inc. | 100000 | 33011000 |
| **Medical/Nursing Services - 2.4%** |  |  |
| Fresenius Medical Care AG - ADR | 1255000 | 29894100 |
| **Services to the Health Industry - 3.7%** |  |  |
| Quest Diagnostics Inc. | 265000 | 45985450 |
| **Total Health Services Sector** | **Total Health Services Sector** | 108890550 |
| **<u>Health Technology Sector</u> - 7.9%** | **<u>Health Technology Sector</u> - 7.9%** |  |
| **Medical Specialties - 7.9%** |  |  |
| Becton Dickinson & Co. | 280000 | 54339600 |
| Koninklijke Philips NV | 1640000 | 44411200 |
| **Total Health Technology Sector** | **Total Health Technology Sector** | 98750800 |
| **<u>Industrial Services Sector</u> - 2.1%** | **<u>Industrial Services Sector</u> - 2.1%** |  |
| **Contract Drilling - 2.1%** |  |  |
| SLB Ltd. | 675000 | 25906500 |
| **<u>Process Industries Sector</u> - 5.3%** | **<u>Process Industries Sector</u> - 5.3%** |  |
| **Pulp & Paper - 5.3%** |  |  |
| Avery Dennison Corp. | 360000 | 65476800 |
| **<u>Producer Manufacturing Sector</u> - 9.3%** | **<u>Producer Manufacturing Sector</u> - 9.3%** |  |
| **Building Products - 5.1%** |  |  |
| Carlisle Cos., Inc. | 65000 | 20790900 |
| Masco Corp. | 665000 | 42200900 |
|  |  | 62991800 |
| **Industrial Machinery - 4.2%** |  |  |
| Carrier Global Corp. | 1000000 | 52840000 |
| **Total Producer Manufacturing Sector** | **Total Producer Manufacturing Sector** | 115831800 |
| **<u>Retail Trade Sector</u> - 3.0%** | **<u>Retail Trade Sector</u> - 3.0%** |  |
| **Discount Stores - 3.0%** |  |  |
| Dollar Tree, Inc. <sup>(a)</sup> | 300000 | 36903000 |
| **<u>Technology Services Sector</u> - 11.8%** | **<u>Technology Services Sector</u> - 11.8%** |  |
| **Information Technology Services - 6.6%** |  |  |
| Accenture PLC - Class A | 175000 | 46952500 |
| CDW Corp. | 260000 | 35412000 |
|  |  | 82364500 |
| **Internet Software/Services - 5.2%** |  |  |
| Alphabet, Inc. - Class A | 205000 | 64165000 |
| **Total Technology Services Sector** | **Total Technology Services Sector** | 146529500 |
| **<u>Transportation Sector</u> - 3.0%** | **<u>Transportation Sector</u> - 3.0%** |  |
| **Railroads - 3.0%** |  |  |
| CSX Corp. | 1020000 | 36975000 |
| **TOTAL COMMON STOCKS** (Cost $840,531,162) | **TOTAL COMMON STOCKS** (Cost $840,531,162) | 1228630254 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 1.4%** | **Shares** | **Value**  |
| First American Treasury Obligations Fund - Class X, 3.68% <sup>(b)</sup> | 16983728 | 16983728 |
| **TOTAL MONEY MARKET FUNDS** (Cost $16,983,728) | **TOTAL MONEY MARKET FUNDS** (Cost $16,983,728) | 16983728 |
| **TOTAL INVESTMENTS - 100.2% (**Cost $857,514,890**)** | **TOTAL INVESTMENTS - 100.2% (**Cost $857,514,890**)** | 1245613982 |
| Liabilities in Excess of Other Assets - (0.2)% | Liabilities in Excess of Other Assets - (0.2)% | (2196262) |
| **TOTAL NET ASSETS - 100.0%** |  | $1243417720 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of December 31, 2025.

------

#### Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
FMI Large Cap 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $1228630254 | $– | $– | $1228630254 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 16983728 | – | – | 16983728 |
| Total Investments | $1245613982 | $– | $– | $1245613982 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

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 core financial statements.

## 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 Large Cap Fund

- **b. EDGAR series identifier (if any):** S000000833

- **c. LEI of Series:** 549300PYP0DZJKDKWM94

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $1249724433.22

**Total Liabilities:** $3280975.47

**Net Assets:** $1246443457.75

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002448 | -0.58%               | 0.33%                | 0.00%                |
| Class ID C000174400 | -0.58%               | 0.33%                | 0.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $19414639.07             | $-28644684.57                              |
| Month 2  | $-14688942.84            | $17430045.93                               |
| Month 3  | $6557906.62              | $-6647574.22                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     90000 | NS      | $45238500.00  | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics Inc                    | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |    265000 | NS      | $45985450.00  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The                  | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    975000 | NS      | $97412250.00  | 7.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                             | CUSIP: 904767803<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    653889 | NS      | $42764333.90  | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd         | Arch Capital Group Ltd                   | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |    285000 | NS      | $27337200.00  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc       | Ferguson Enterprises Inc                 | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |    290000 | NS      | $64562700.00  | 5.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                          | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |   1420000 | NS      | $36352000.00  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                       | CSX Corp                                 | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |   1020000 | NS      | $36975000.00  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                     | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    105000 | NS      | $23910600.00  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG      | Fresenius Medical Care AG                | CUSIP: 358029106<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |   1255000 | NS      | $29894100.00  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    205000 | NS      | $64165000.00  | 5.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc               | Carlisle Cos Inc                         | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |     65000 | NS      | $20790900.00  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                            | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |    175000 | NS      | $46952500.00  | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co          | Becton Dickinson & Co                    | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |    280000 | NS      | $54339600.00  | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                | Dollar Tree Inc                          | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |    300000 | NS      | $36903000.00  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  19448951 | NS      | $19448951.09  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                     | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |     14000 | NS      | $74974620.00  | 6.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                    | CDW Corp/DE                              | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |    260000 | NS      | $35412000.00  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                     | Sysco Corp                               | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |    540000 | NS      | $39792600.00  | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    100000 | NS      | $33011000.00  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips NV         | Koninklijke Philips NV                   | CUSIP: 500472303<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |   1640000 | NS      | $44411200.00  | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                        | Aramark                                  | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |   1585000 | NS      | $58423100.00  | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp            | Avery Dennison Corp                      | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |    360000 | NS      | $65476800.00  | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp               | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    170000 | NS      | $41201200.00  | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp            | Carrier Global Corp                      | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |   1000000 | NS      | $52840000.00  | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                     | Masco Corp                               | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |    665000 | NS      | $42200900.00  | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd                        | SLB Ltd                                  | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    675000 | NS      | $25906500.00  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                   | Allegion plc                             | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Long             | EC               | CORP              | IE        |    260000 | NS      | $41397200.00  | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-29

**Name of Applicant:** FMI Funds Inc

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

**Name of Signer:** FMI Funds Inc

**Title:** President