NPORT-EX 2 fgf.htm NPORT-EX

FMI Global Fund
  
Schedule of Investments
  
December 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 93.9%
  
Shares
    
Value
 
Britain - 21.7%
        
Beverages: Alcoholic - 1.8%
            
Diageo PLC
    
9,305
    
$
200,503
  
                 
Beverages: Non-Alcoholic - 3.5%
                
Coca-Cola Europacific Partners PLC
    
4,275
      
387,742
  
                 
Finance/Rental/Leasing - 4.0%
                
Ashtead Group PLC
    
6,415
      
437,368
  
                 
Food: Specialty/Candy - 1.8%
                
Greggs PLC
    
8,880
      
200,164
  
                 
Household/Personal Care - 3.1%
                
Unilever PLC
    
5,218
      
340,914
  
                 
Internet Software/Services - 3.8%
                
Informa PLC
    
35,625
      
422,697
  
                 
Trucks/Construction/Farm Machinery - 3.7%
                
Weir Group PLC
    
10,700
      
408,984
  
Total Britain
      
2,398,372
  
                 
France - 8.5%
          
Miscellaneous Commercial Services - 1.9%
                
Edenred SE
    
9,360
      
206,911
  
                 
Restaurants - 2.9%
                
Sodexo SA
    
6,340
      
324,836
  
                 
Wholesale Distributors - 3.7%
                
Rexel SA
    
10,385
      
407,322
  
Total France
      
939,069
  
                 
Germany - 2.5%
          
Medical/Nursing Services - 2.5%
                
Fresenius Medical Care AG
    
5,705
      
272,502
  
                 
Ireland - 10.5%
          
Airlines - 4.6%
                
Ryanair Holdings PLC - ADR
    
6,950
      
501,721
  
                 
Information Technology Services - 3.3%
                
Accenture PLC - Class A
    
1,350
      
362,205
  
                 
Miscellaneous Commercial Services - 2.6%
                
ICON PLC (a)
    
1,600
      
291,552
  
Total Ireland
      
1,155,478
  
                 
Japan - 3.0%
          
Computer Processing Hardware - 3.0%
                
Sony Group Corp.
    
13,000
      
333,463
  
                 
Luxembourg - 1.6%
          
Discount Stores - 1.6%
                
B&M European Value Retail SA
    
76,195
      
172,726
  
                 
Netherlands - 3.1%
          
Medical Specialties - 3.1%
                
Koninklijke Philips NV
    
12,630
      
343,905
  
                 
United States - 43.0% (b)
          
Building Products - 2.4%
                
Masco Corp.
    
4,210
      
267,167
  
                 
Contract Drilling - 2.0%
                
SLB Ltd.
    
5,815
      
223,180
  
                 
Discount Stores - 1.7%
                
Dollar Tree, Inc. (a)
    
1,525
      
187,590
  
                 
Food Distributors - 2.2%
                
Sysco Corp.
    
3,250
      
239,493
  
                 
Industrial Machinery - 3.3%
                
Carrier Global Corp.
    
6,800
      
359,312
  
                 
Internet Software/Services - 4.0%
                
Alphabet, Inc. - Class A
    
1,425
      
446,025
  
                 
Investment Banks/Brokers - 5.1%
                
Charles Schwab Corp.
    
5,695
      
568,987
  
                 
Managed Health Care - 2.3%
                
UnitedHealth Group, Inc.
    
770
      
254,185
  
                 
Medical Specialties - 3.4%
                
Becton Dickinson & Co.
    
1,950
      
378,436
  
                 
Other Consumer Services - 6.0%
                
Booking Holdings, Inc.
    
85
      
455,203
  
Valvoline, Inc. (a)
    
7,200
      
209,232
  
             
664,435
  
Property/Casualty Insurance - 3.2%
                
Berkshire Hathaway, Inc. - Class B (a)
    
700
      
351,855
  
                 
Pulp & Paper - 3.8%
                
Avery Dennison Corp.
    
2,300
      
418,324
  
                 
Wholesale Distributors - 3.6%
                
Ferguson Enterprises, Inc.
    
1,775
      
395,168
  
Total United States
      
4,754,157
  
TOTAL COMMON STOCKS (Cost $10,004,830)
      
10,369,672
  
                 
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 6.2%
  
Shares
    
Value
 
First American Treasury Obligations Fund - Class X, 3.68% (c)
    
687,975
      
687,975
  
TOTAL MONEY MARKET FUNDS (Cost $687,975)
      
687,975
  
                 
TOTAL INVESTMENTS - 100.1% (Cost $10,692,805)
      
11,057,647
  
Liabilities in Excess of Other Assets - (0.1)%
      
(8,767
)
TOTAL NET ASSETS - 100.0%
          
$
11,048,880
  
                 
Percentages are stated as a percent of net assets.
          

ADR - American Depositary Receipt
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
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.
(c)
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 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 December 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
6,297,377
    
$
4,072,295
    
$
–
    
$
10,369,672
  
  Money Market Funds
    
687,975
      
–
      
–
      
687,975
  
Total Investments
  
$
6,985,352
    
$
4,072,295
    
$
–
    
$
11,057,647
  
   
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.