# EDGAR Filing Document

**Accession Number:** 0001023391
**File Stem:** 0001145549-23-006565
**Filing Date:** 2023-2
**Character Count:** 20588
**Document Hash:** 6c3ca9a1da09152056a273ec7a3709d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-006565.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001145549-23-006565

**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:** 23634413

**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

### 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 |  |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |  |
| December 31, 2022 (Unaudited) | December 31, 2022 (Unaudited) |  |
| **Shares** |  | **Value** |
| **COMMON STOCKS - 99.7% (a)** | **COMMON STOCKS - 99.7% (a)** |  |
| **<u>COMMERCIAL SERVICES SECTOR - 3.3%</u>** | **<u>COMMERCIAL SERVICES SECTOR - 3.3%</u>** |  |
|  | **Advertising/Marketing Services - 3.3%** |  |
| 705000 | Omnicom Group Inc. | $57506850 |
| **<u>CONSUMER NON-DURABLES SECTOR - 3.8%</u>** | **<u>CONSUMER NON-DURABLES SECTOR - 3.8%</u>** |  |
|  | **Household/Personal Care - 3.8%** |  |
| 1320000 | Unilever PLC - SP-ADR | 66462000 |
| **<u>CONSUMER SERVICES SECTOR - 4.6%</u>** | **<u>CONSUMER SERVICES SECTOR - 4.6%</u>** |  |
|  | **Other Consumer Services - 4.6%** |  |
| 40000 | Booking Holdings Inc. \* | 80611200 |
| **<u>DISTRIBUTION SERVICES SECTOR - 4.5%</u>** | **<u>DISTRIBUTION SERVICES SECTOR - 4.5%</u>** |  |
|  | **Wholesale Distributors - 4.5%** |  |
| 625000 | Ferguson PLC | 79356250 |
| **<u>ELECTRONIC TECHNOLOGY SECTOR - 6.9%</u>** | **<u>ELECTRONIC TECHNOLOGY SECTOR - 6.9%</u>** |  |
|  | **Computer Processing Hardware - 4.0%** |  |
| 920000 | Sony Group Corp. - SP-ADR | 70177600 |
|  | **Semiconductors - 2.9%** |  |
| 1025000 | Micron Technology Inc. | 51229500 |
| **<u>FINANCE SECTOR - 24.4%</u>** | **<u>FINANCE SECTOR - 24.4%</u>** |  |
|  | **Financial Conglomerates - 3.1%** |  |
| 615000 | Northern Trust Corp. | 54421350 |
|  | **Investment Banks/Brokers - 5.6%** |  |
| 1170000 | The Charles Schwab Corp. | 97414200 |
|  | **Investment Managers - 2.4%** |  |
| 60000 | BlackRock Inc. | 42517800 |
|  | **Major Banks - 2.6%** |  |
| 335000 | JPMorgan Chase & Co. | 44923500 |
|  | **Multi-Line Insurance - 4.8%** |  |
| 750000 | Arch Capital Group Ltd. \* | 47085000 |
| 285000 | Progressive Corp. | 36967350 |
|  |  | 84052350 |
|  | **Property/Casualty Insurance - 5.9%** |  |
| 335000 | Berkshire Hathaway Inc. - Cl B \* | 103481500 |
| **<u>HEALTH SERVICES SECTOR - 5.5%</u>** | **<u>HEALTH SERVICES SECTOR - 5.5%</u>** |  |
|  | **Managed Health Care - 4.1%** |  |
| 135000 | UnitedHealth Group Inc. | 71574300 |
|  | **Medical/Nursing Services - 1.4%** |  |
| 1520000 | Fresenius Medical Care AG & Co. KGaA - SP-ADR | 24836800 |
| **<u>HEALTH TECHNOLOGY SECTOR - 4.5%</u>** | **<u>HEALTH TECHNOLOGY SECTOR - 4.5%</u>** |  |
|  | **Medical Specialties - 4.5%** |  |
| 2200000 | Koninklijke Philips N.V. - SP-ADR | 32978000 |
| 1680000 | Smith & Nephew PLC - SP-ADR | 45175200 |
|  |  | 78153200 |
| **<u>INDUSTRIAL SERVICES SECTOR - 2.2%</u>** | **<u>INDUSTRIAL SERVICES SECTOR - 2.2%</u>** |  |
|  | **Contract Drilling - 2.2%** |  |
| 715000 | Schlumberger Ltd. | 38223900 |
| **<u>PROCESS INDUSTRIES SECTOR - 3.4%</u>** | **<u>PROCESS INDUSTRIES SECTOR - 3.4%</u>** |  |
|  | **Containers/Packaging - 3.4%** |  |
| 325000 | Avery Dennison Corp. | 58825000 |
| **<u>PRODUCER MANUFACTURING SECTOR - 12.0%</u>** | **<u>PRODUCER MANUFACTURING SECTOR - 12.0%</u>** |  |
|  | **Building Products - 6.3%** |  |
| 200000 | Carlisle Cos. Inc. | 47130000 |
| 1350000 | Masco Corp. | 63004500 |
|  |  | 110134500 |
|  | **Electrical Products - 2.7%** |  |
| 295000 | Eaton Corp. PLC | 46300250 |
|  | **Trucks/Construction/Farm Machinery - 3.0%** |  |
| 535000 | PACCAR Inc. | 52948950 |
| **<u>RETAIL TRADE SECTOR - 13.4%</u>** | **<u>RETAIL TRADE SECTOR - 13.4%</u>** |  |
|  | **Apparel/Footwear Retail - 1.9%** |  |
| 405000 | The TJX Cos. Inc. | 32238000 |
|  | **Discount Stores - 8.5%** |  |
| 350000 | Dollar General Corp. | 86187500 |
| 440000 | Dollar Tree Inc. \* | 62233600 |
|  |  | 148421100 |
|  | **Specialty Stores - 3.0%** |  |
| 855000 | CarMax Inc. \* | 52060950 |
| **<u>TECHNOLOGY SERVICES SECTOR - 11.2%</u>** | **<u>TECHNOLOGY SERVICES SECTOR - 11.2%</u>** |  |
|  | **Information Technology Services - 3.9%** |  |
| 380000 | CDW Corp. | 67860400 |
|  | **Internet Software/Services - 4.0%** |  |
| 800000 | Alphabet Inc. - Cl A \* | 70584000 |
|  | **Packaged Software - 3.3%** |  |
| 550000 | SAP SE - SP-ADR | 56754500 |
|  | Total common stocks (cost $1,362,042,236) | 1741069950 |
| **Principal Amount** |  |  |
| **SHORT-TERM INVESTMENTS - 0.2% (a)** | **SHORT-TERM INVESTMENTS - 0.2% (a)** |  |
|  | **Bank Deposit Account - 0.2%** |  |
| $4004542 | U.S. Bank N.A., 3.900% ^ | 4004542 |
|  | Total short-term investments (cost $4,004,542) | 4004542 |
|  | Total investments - 99.9% (cost $1,366,046,778) | 1745074492 |
|  | Other assets, less liabilities **- 0.1% (a)** | 1126542 |
|  | **TOTAL NET ASSETS - 100.0%** | $1746201034 |
| \* | Non-income producing security. |  |
| ^ | The rate shown is as of December 31, 2022. |  |
| (a) | Percentages for the various classifications relate to total net assets. | Percentages for the various classifications relate to total net assets. |
| PLC | Public Limited Company |  |
| SP-ADR | Sponsored American Depositary Receipt |  |

---

------

---

| |
|:---|
| FMI Large Cap Fund |
| Summary of Fair Value Exposure at Decembe 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: |
| Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets. |
| Level 2 – 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. |
| Level 3 – 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: |

---

---

| | |
|:---|:---|
|  | Investments |
| <u>Valuation Inputs</u> | <u>in Securities</u> |
| Assets: |  |
| Level 1 - Common Stocks\* | $1741069950 |
| Level 1 - Bank Deposit Account | 4004542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Level 1 | 1745074492 |
| Level 2 - | - |
| Level 3 - | - |
| Total Assets | 1745074492 |
| Total | $1745074492 |
| \*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 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:** 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:** $1750280288.96

**Total Liabilities:** $1146287.55

**Net Assets:** $1749134001.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002448 | 7.81%                | 7.80%                | -3.57%               |
| Class ID C000174400 | 7.75%                | 7.82%                | -3.52%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-18147932.30            | $172292338.29                              |
| Month 2  | $43706361.24             | $104444489.94                              |
| Month 3  | $47617101.74             | $-121609572.89                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alphabet Inc                           | Alphabet Inc                           | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    800000 | NS      | $70584000.00  | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                    | Avery Dennison Corp                    | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |    325000 | NS      | $58825000.00  | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                 | Berkshire Hathaway Inc                 | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |    335000 | NS      | $103481500.00 | 5.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Inc                          | BlackRock Inc                          | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |     60000 | NS      | $42517800.00  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                   | Booking Holdings Inc                   | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |     40000 | NS      | $80611200.00  | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                            | CDW Corp/DE                            | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |    380000 | NS      | $67860400.00  | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                       | Carlisle Cos Inc                       | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |    200000 | NS      | $47130000.00  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                             | CarMax Inc                             | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    855000 | NS      | $52060950.00  | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                    | Dollar General Corp                    | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |    350000 | NS      | $86187500.00  | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                        | Dollar Tree Inc                        | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |    440000 | NS      | $62233600.00  | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG & Co         | Fresenius Medical Care AG & Co KGaA    | CUSIP: 358029106<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |   1520000 | NS      | $24836800.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                    | JPMorgan Chase & Co                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    335000 | NS      | $44923500.00  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Philips NV                 | Koninklijke Philips NV                 | CUSIP: 500472303<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |   2200000 | NS      | $32978000.00  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                             | Masco Corp                             | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |   1350000 | NS      | $63004500.00  | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                  | Micron Technology Inc                  | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |   1025000 | NS      | $51229500.00  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                    | Northern Trust Corp                    | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |    615000 | NS      | $54421350.00  | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc                      | Omnicom Group Inc                      | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |    705000 | NS      | $57506850.00  | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                             | PACCAR Inc                             | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |    535000 | NS      | $52948950.00  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                   | Progressive Corp/The                   | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    285000 | NS      | $36967350.00  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                 | SAP SE                                 | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    550000 | NS      | $56754500.00  | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Ltd                       | Schlumberger Ltd                       | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    715000 | NS      | $38223900.00  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                | Charles Schwab Corp/The                | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |   1170000 | NS      | $97414200.00  | 5.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC                     | Smith & Nephew PLC                     | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |   1680000 | NS      | $45175200.00  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                        | Sony Group Corp                        | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    920000 | NS      | $70177600.00  | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                        | TJX Cos Inc/The                        | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    405000 | NS      | $32238000.00  | 1.84%             |  |  |  | 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        |   4004542 | NS      | $4004541.81   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                           | Unilever PLC                           | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |   1320000 | NS      | $66462000.00  | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                 | UnitedHealth Group Inc                 | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    135000 | NS      | $71574300.00  | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                 | Arch Capital Group Ltd                 | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |    750000 | NS      | $47085000.00  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                         | Eaton Corp PLC                         | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | US        |    295000 | NS      | $46300250.00  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson PLC                           | Ferguson PLC                           | CUSIP: G3421J106<br>LEI: 213800DU1LGY3R2S2X42 | Long             | EC               | CORP              | GB        |    625000 | NS      | $79356250.00  | 4.54%             |  |  |  | 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