FMI Global Fund
Schedule of Investments
June 30, 2026 (Unaudited)
COMMON STOCKS - 96.8%			Shares		Value
Bermuda - 2.0%
Multi-Line Insurance - 2.0%
Arch Capital Group Ltd. (a)			2,400		$232,944
Britain - 13.1%
Beverages: Alcoholic - 1.7%
Diageo PLC			9,575		192,842
Food: Specialty/Candy - 1.7%
Greggs PLC			9,400		199,645
Household/Personal Care - 2.9%
Unilever PLC			5,550		333,376
Internet Software/Services - 4.6%
Informa PLC			43,600		523,095
Trucks/Construction/Farm Machinery - 2.2%
Weir Group PLC			8,000		255,177
Total Britain					1,504,135
France - 9.0%
Miscellaneous Commercial Services - 2.7%
Edenred SE			11,870		305,131
Restaurants - 3.3%
Sodexo SA			6,640		384,061
Wholesale Distributors - 3.0%
Rexel SA			7,885		345,445
Total France					1,034,637
Germany - 2.3%
Medical/Nursing Services - 2.3%
Fresenius Medical Care AG			5,940		268,907
Ireland - 7.6%
Airlines - 4.1%
Ryanair Holdings PLC - ADR			7,315		473,646
Information Technology Services - 3.5%
Accenture PLC - Class A			3,200		398,208
Total Ireland					871,854
Netherlands - 5.4%
Medical/Nursing Services - 2.8%
Koninklijke Philips NV			11,926		324,322
Wholesale Distributors - 2.6%
IMCD NV			3,320		300,206

Total Netherlands					624,528
United States - 57.4% (b)
Building Products - 3.1%
Masco Corp.			4,340		353,146
Discount Stores - 1.6%
Dollar Tree, Inc. (a)			1,505		182,030
Finance/Rental/Leasing - 3.9%
Sunbelt Rentals Holdings, Inc.			6,200		452,281
Industrial Machinery - 3.4%
Carrier Global Corp.			5,300		388,755
Information Technology Services - 4.8%
CDW Corp.			3,900		548,496
Investment Banks/Brokers - 4.6%
Charles Schwab Corp.			5,695		525,478
Major Banks - 7.4%
Capital One Financial Corp.			2,600		521,612
PNC Financial Services Group, Inc.			1,350		332,397
					854,009
Managed Health Care - 4.0%
UnitedHealth Group, Inc.			1,115		463,427
Medical Specialties - 3.8%
Becton Dickinson & Co.			2,900		438,857
Other Consumer Services - 8.5%
Booking Holdings, Inc.			3,875		690,680
Valvoline, Inc. (a)			7,315		289,235
					979,915
Property/Casualty Insurance - 2.2%
Berkshire Hathaway, Inc. - Class B (a)			500		250,195
Pulp & Paper - 3.9%
Avery Dennison Corp.			2,750		446,463
Recreational Products - 2.4%
Hayward Holdings, Inc. (a)			16,000		276,960
Wholesale Distributors - 3.8%
Ferguson Enterprises, Inc.			1,855		440,247
Total United States					6,600,259
TOTAL COMMON STOCKS (Cost $10,902,969)					11,137,264
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 3.4%			Shares		Value
First American Treasury Obligations Fund - Class X, 3.58% (c)			395,177		395,177
TOTAL MONEY MARKET FUNDS (Cost $395,177)					395,177
TOTAL INVESTMENTS - 100.2% (Cost $11,298,146)					11,532,441

Liabilities in Excess of Other Assets - (0.2)%				(0.00184)	(21,215)
TOTAL NET ASSETS - 100.0%					$11,511,226
Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(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 June 30, 2026.

Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)

 

FMI Global 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, 2026:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$7,252,776		$3,884,488		$–		$11,137,264
Money Market Funds	395,177		–		–		395,177
Total Investments	$7,647,953		$3,884,488		$–		$11,532,441

		Refer to the Schedule of Investments for further disaggregation of investment categories.