NPORT-EX 2 fgf.htm NPORT-EX

FMI Global Fund
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 95.6%
  
Shares
    
Value
 
Bermuda - 2.0%
        
Miscellaneous Commercial Services - 2.0%
            
Genpact Ltd.
    
4,800
    
$
211,248
  
                 
Britain - 22.5%
          
Beverages: Alcoholic - 2.2%
                
Diageo PLC
    
8,910
      
224,675
  
           
$
–
  
Beverages: Non-Alcoholic - 3.5%
                
Coca-Cola Europacific Partners PLC
    
3,940
      
365,317
  
           
$
–
  
Finance/Rental/Leasing - 3.3%
                
Ashtead Group PLC
    
5,325
      
341,470
  
           
$
–
  
Food: Specialty/Candy - 2.1%
                
Greggs PLC
    
8,400
      
221,500
  
           
$
–
  
Household/Personal Care - 3.4%
                
Unilever PLC
    
5,685
      
346,933
  
           
$
–
  
Internet Software/Services - 3.7%
                
Informa PLC
    
34,600
      
383,062
  
           
$
–
  
Trucks/Construction/Farm Machinery - 4.3%
                
Weir Group PLC
    
13,015
      
445,108
  
Total Britain
      
2,328,065
  
                 
Curacao - 1.8%
          
Contract Drilling - 1.8%
                
Schlumberger NV
    
5,500
      
185,900
  
                 
France - 10.5%
          
Aerospace & Defense - 1.7%
                
Safran SA
    
540
      
176,108
  
           
$
–
  
Miscellaneous Commercial Services - 2.3%
                
Edenred SE
    
7,725
      
239,943
  
           
$
–
  
Restaurants - 3.6%
                
Sodexo SA
    
6,100
      
375,435
  
           
$
–
  
Wholesale Distributors - 2.9%
                
Rexel SA
    
9,715
      
299,637
  
Total France
      
1,091,123
  
                 
Germany - 3.0%
          
Medical/Nursing Services - 3.0%
                
Fresenius Medical Care AG
    
5,370
      
308,535
  
                 
Ireland - 3.6%
          
Airlines - 3.6%
                
Ryanair Holdings PLC - ADR
    
6,495
      
374,567
  
                 
Japan - 3.6%
          
Computer Processing Hardware - 3.6%
                
Sony Group Corp.
    
14,300
      
371,805
  
                 
Luxembourg - 2.6%
          
Discount Stores - 2.6%
                
B&M European Value Retail SA
    
72,380
      
269,572
  
                 
Netherlands - 2.8%
          
Medical Specialties - 2.8%
                
Koninklijke Philips NV
    
12,195
      
292,832
  
                 
Switzerland - 3.1%
          
Pharmaceuticals: Major - 3.1%
                
Roche Holding AG
    
965
      
314,995
  
                 
United States - 40.1%(a)
          
Building Products - 2.5%
                
Masco Corp.
    
4,005
      
257,762
  
           
$
–
  
Discount Stores - 1.3%
                
Dollar Tree, Inc. (b)
    
1,385
      
137,170
  
           
$
–
  
Food Distributors - 2.2%
                
Sysco Corp.
    
2,985
      
226,084
  
           
$
–
  
Industrial Machinery - 3.2%
                
Carrier Global Corp.
    
4,590
      
335,942
  
           
$
–
  
Internet Software/Services - 2.3%
                
Alphabet, Inc. - Class A
    
1,330
      
234,386
  
           
$
–
  
Investment Banks/Brokers - 5.1%
                
Charles Schwab Corp.
    
5,820
      
531,017
  
           
$
–
  
Managed Health Care - 2.2%
                
UnitedHealth Group, Inc.
    
720
      
224,618
  
           
$
–
  
Multi-Line Insurance - 2.6%
                
Progressive Corp.
    
1,025
      
273,532
  
           
$
–
  
Other Consumer Services - 4.5%
                
Booking Holdings, Inc.
    
80
      
463,139
  
           
$
–
  
Property/Casualty Insurance - 3.1%
                
Berkshire Hathaway, Inc. - Class B (b)
    
650
      
315,751
  
           
$
–
  
Pulp & Paper - 2.5%
                
Avery Dennison Corp.
    
1,500
      
263,205
  
           
$
–
  
Specialty Stores - 3.0%
                
CarMax, Inc. (b)
    
4,600
      
309,166
  
           
$
–
  
Wholesale Distributors - 5.6%
                
Ferguson Enterprises, Inc.
    
2,650
      
577,037
  
Total United States
      
4,148,809
  
TOTAL COMMON STOCKS (Cost $9,640,736)
      
9,897,451
  
                 
SHORT-TERM INVESTMENTS - 4.5%
          
Value
 
Money Market Funds - 4.5%
  
Shares
          
First American Treasury Obligations Fund - Class X, 4.24% (c)
    
466,446
      
466,446
  
TOTAL SHORT-TERM INVESTMENTS (Cost $466,446)
      
466,446
  
                 
TOTAL INVESTMENTS - 100.1% (Cost $10,107,182)
      
10,363,897
  
Liabilities in Excess of Other Assets - (0.1)%
      
(12,489
)
TOTAL NET ASSETS - 100.0%
          
$
10,351,408
  
Two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
PLC - Public Limited Company

(a)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(b)
Non-income producing security.
(c)
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 Global 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:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
5,285,841
    
$
4,611,610
    
$
–
    
$
9,897,451
  
  Money Market Funds
    
466,446
      
–
      
–
      
466,446
  
Total Investments
  
$
5,752,287
    
$
4,611,610
    
$
–
    
$
10,363,897
  
   
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. See the Fund’s Valuation Policy in Note 2a to the financial statements.