# EDGAR Filing Document

**Accession Number:** 0001023391
**File Stem:** 0000894189-25-005610
**Filing Date:** 2025-8
**Character Count:** 22676
**Document Hash:** 79eebe3bc16acc2d2bdcf142d04f300e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-005610.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0000894189-25-005610

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250815

**PERIOD START**: 20250930

**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:** 251222784

**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

### FMI Global Fund (Series ID: S000089320)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000255839 | FMI Global Fund Institutional Class | FMIGX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **FMI Global Fund** | **FMI Global Fund** | **FMI Global Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 95.6%** | **Shares** | **Value**  |
| **<u>Bermuda</u> - 2.0%** | **<u>Bermuda</u> - 2.0%** | |
| **Miscellaneous Commercial Services - 2.0%** | | |
| Genpact Ltd. | 4800 | $211248 |
| **<u>Britain</u> - 22.5%** | **<u>Britain</u> - 22.5%** |  |
| **Beverages: Alcoholic - 2.2%** |  |  |
| Diageo PLC | 8910 | 224675 |
|  |  | $– |
| **Beverages: Non-Alcoholic - 3.5%** |  |  |
| Coca-Cola Europacific Partners PLC | 3940 | 365317 |
|  |  | $– |
| **Finance/Rental/Leasing - 3.3%** |  |  |
| Ashtead Group PLC | 5325 | 341470 |
|  |  | $– |
| **Food: Specialty/Candy - 2.1%** |  |  |
| Greggs PLC | 8400 | 221500 |
|  |  | $– |
| **Household/Personal Care - 3.4%** |  |  |
| Unilever PLC | 5685 | 346933 |
|  |  | $– |
| **Internet Software/Services - 3.7%** |  |  |
| Informa PLC | 34600 | 383062 |
|  |  | $– |
| **Trucks/Construction/Farm Machinery - 4.3%** |  |  |
| Weir Group PLC | 13015 | 445108 |
| **Total Britain** | **Total Britain** | 2328065 |
| **<u>Curacao</u> - 1.8%** | **<u>Curacao</u> - 1.8%** |  |
| **Contract Drilling - 1.8%** |  |  |
| Schlumberger NV | 5500 | 185900 |
| **<u>France</u> - 10.5%** | **<u>France</u> - 10.5%** |  |
| **Aerospace & Defense - 1.7%** |  |  |
| Safran SA | 540 | 176108 |
|  |  | $– |
| **Miscellaneous Commercial Services - 2.3%** |  |  |
| Edenred SE | 7725 | 239943 |
|  |  | $– |
| **Restaurants - 3.6%** |  |  |
| Sodexo SA | 6100 | 375435 |
|  |  | $– |
| **Wholesale Distributors - 2.9%** |  |  |
| Rexel SA | 9715 | 299637 |
| **Total France** | **Total France** | 1091123 |
| **<u>Germany</u> - 3.0%** | **<u>Germany</u> - 3.0%** |  |
| **Medical/Nursing Services - 3.0%** |  |  |
| Fresenius Medical Care AG | 5370 | 308535 |
| **<u>Ireland</u> - 3.6%** | **<u>Ireland</u> - 3.6%** |  |
| **Airlines - 3.6%** |  |  |
| Ryanair Holdings PLC - ADR | 6495 | 374567 |
| **<u>Japan</u> - 3.6%** | **<u>Japan</u> - 3.6%** |  |
| **Computer Processing Hardware - 3.6%** |  |  |
| Sony Group Corp. | 14300 | 371805 |
| **<u>Luxembourg</u> - 2.6%** | **<u>Luxembourg</u> - 2.6%** |  |
| **Discount Stores - 2.6%** |  |  |
| B&M European Value Retail SA | 72380 | 269572 |
| **<u>Netherlands</u> - 2.8%** | **<u>Netherlands</u> - 2.8%** |  |
| **Medical Specialties - 2.8%** |  |  |
| Koninklijke Philips NV | 12195 | 292832 |
| **<u>Switzerland</u> - 3.1%** | **<u>Switzerland</u> - 3.1%** |  |
| **Pharmaceuticals: Major - 3.1%** |  |  |
| Roche Holding AG | 965 | 314995 |
| **<u>United States</u> - 40.1%<sup>(a)</sup>** | **<u>United States</u> - 40.1%<sup>(a)</sup>** |  |
| **Building Products - 2.5%** |  |  |
| Masco Corp. | 4005 | 257762 |
|  |  | $– |
| **Discount Stores - 1.3%** |  |  |
| Dollar Tree, Inc. <sup>(b)</sup> | 1385 | 137170 |
|  |  | $– |
| **Food Distributors - 2.2%** |  |  |
| Sysco Corp. | 2985 | 226084 |
|  |  | $– |
| **Industrial Machinery - 3.2%** |  |  |
| Carrier Global Corp. | 4590 | 335942 |
|  |  | $– |
| **Internet Software/Services - 2.3%** |  |  |
| Alphabet, Inc. - Class A | 1330 | 234386 |
|  |  | $– |
| **Investment Banks/Brokers - 5.1%** |  |  |
| Charles Schwab Corp. | 5820 | 531017 |
|  |  | $– |
| **Managed Health Care - 2.2%** |  |  |
| UnitedHealth Group, Inc. | 720 | 224618 |
|  |  | $– |
| **Multi-Line Insurance - 2.6%** |  |  |
| Progressive Corp. | 1025 | 273532 |
|  |  | $– |
| **Other Consumer Services - 4.5%** |  |  |
| Booking Holdings, Inc. | 80 | 463139 |
|  |  | $– |
| **Property/Casualty Insurance - 3.1%** |  |  |
| Berkshire Hathaway, Inc. - Class B <sup>(b)</sup> | 650 | 315751 |
|  |  | $– |
| **Pulp & Paper - 2.5%** |  |  |
| Avery Dennison Corp. | 1500 | 263205 |
|  |  | $– |
| **Specialty Stores - 3.0%** |  |  |
| CarMax, Inc. <sup>(b)</sup> | 4600 | 309166 |
|  |  | $– |
| **Wholesale Distributors - 5.6%** |  |  |
| Ferguson Enterprises, Inc. | 2650 | 577037 |
| **Total United States** | **Total United States** | 4148809 |
| **TOTAL COMMON STOCKS** (Cost $9,640,736) | **TOTAL COMMON STOCKS** (Cost $9,640,736) | 9897451 |
| **SHORT-TERM INVESTMENTS - 4.5%** |  | **Value**  |
| **Money Market Funds - 4.5%** | **<u>Shares</u>** |  |
| First American Treasury Obligations Fund - Class X, 4.24% <sup>(c)</sup> | 466446 | 466446 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $466,446) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $466,446) | 466446 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $10,107,182**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $10,107,182**)** | 10363897 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (12489) |
| **TOTAL NET ASSETS - 100.0%** |  | $10351408 |
| Two | Two | –% |
| 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) 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $5285841 | $4611610 | $– | $9897451 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 466446 | – | – | 466446 |
| Total Investments | $5752287 | $4611610 | $– | $10363897 |
| 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. See the Fund's Valuation Policy in Note 2a to the financial statements. <br>

## 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 Global Fund

- **b. EDGAR series identifier (if any):** S000089320

- **c. LEI of Series:** 529900PU75TK1F0ATT71

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $10407310.15

**Total Liabilities:** $55902.44

**Net Assets:** $10351407.71

**Cash Not Reported:** $816.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255839 | 0.40%                | 3.39%                | 1.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8215.17                 | $33669.96                                  |
| Month 2  | $9124.06                 | $278724.65                                 |
| Month 3  | $-18381.65               | $166638.09                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CarMax Inc                     | CarMax Inc                               | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4600 | NS      | $309166.00    | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                      | Safran SA                                | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |       540 | NS      | $176107.58    | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                     | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      1025 | NS      | $273531.50    | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Edenred SE                     | Edenred SE                               | CUSIP: N/A<br>LEI: 9695006LOD5B2D7Y0N70       | Long             | EC               | CORP              | FR        |      7725 | NS      | $239943.16    | 2.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC              | Ashtead Group PLC                        | CUSIP: N/A<br>LEI: 2138007UTBN8X9K1A235       | Long             | EC               | CORP              | GB        |      5325 | NS      | $341470.28    | 3.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                               | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |      8910 | NS      | $224674.85    | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Philips NV         | Koninklijke Philips NV                   | CUSIP: N/A<br>LEI: H1FJE8H61JGM1JSGM897       | Long             | EC               | CORP              | NL        |     12195 | NS      | $292831.42    | 2.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Sodexo SA                      | Sodexo SA                                | CUSIP: N/A<br>LEI: 969500LCBOG12HXPYM84       | Long             | EC               | CORP              | FR        |      6100 | NS      | $375434.56    | 3.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The                  | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      5820 | NS      | $531016.80    | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                     | Sysco Corp                               | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      2985 | NS      | $226083.90    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| B&M European Value Retail SA   | B&M European Value Retail SA             | CUSIP: L1175H106<br>LEI: 213800UK7ZRLY2K1X530 | Long             | EC               | CORP              | GB        |     72380 | NS      | $269572.28    | 2.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Avery Dennison Corp            | Avery Dennison Corp                      | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      1500 | NS      | $263205.00    | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                     | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        80 | NS      | $463139.20    | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp            | Carrier Global Corp                      | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |      4590 | NS      | $335942.10    | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc       | Ferguson Enterprises Inc                 | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |      2650 | NS      | $577037.50    | 5.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                     | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |      6495 | NS      | $374566.65    | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Greggs PLC                     | Greggs PLC                               | CUSIP: N/A<br>LEI: 213800I71QMUFJ64IW20       | Long             | EC               | CORP              | GB        |      8400 | NS      | $221499.57    | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Masco Corp                     | Masco Corp                               | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      4005 | NS      | $257761.80    | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                         | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |       965 | NS      | $314995.19    | 3.04%             |  |  |  | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       720 | NS      | $224618.40    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      1330 | NS      | $234385.90    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                | Dollar Tree Inc                          | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      1385 | NS      | $137170.40    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG      | Fresenius Medical Care AG                | CUSIP: N/A<br>LEI: 549300CP8NY40UP89Q40       | Long             | EC               | CORP              | DE        |      5370 | NS      | $308535.17    | 2.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Informa PLC                    | Informa PLC                              | CUSIP: N/A<br>LEI: 5493006VM2LKUPSEDU20       | Long             | EC               | CORP              | GB        |     34600 | NS      | $383062.40    | 3.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Europacific Partners | Coca-Cola Europacific Partners PLC       | CUSIP: N/A<br>LEI: 549300LTH67W4GWMRF57       | Long             | EC               | CORP              | GB        |      3940 | NS      | $365316.80    | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Weir Group PLC/The             | Weir Group PLC/The                       | CUSIP: N/A<br>LEI: 549300KDR56WHY9I3D10       | Long             | EC               | CORP              | GB        |     13015 | NS      | $445107.87    | 4.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                          | CUSIP: N/A<br>LEI: 529900R5WX9N2OI2N910       | Long             | EC               | CORP              | JP        |     14300 | NS      | $371804.67    | 3.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel SA                       | Rexel SA                                 | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |      9715 | NS      | $299637.55    | 2.89%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |    465630 | NS      | $465630.47    | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                             | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |      5685 | NS      | $346933.25    | 3.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Genpact Ltd                    | Genpact Ltd                              | CUSIP: N/A<br>LEI: 529900OSEC6Q0L4L5B35       | Long             | EC               | CORP              | US        |      4800 | NS      | $211248.00    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |       650 | NS      | $315750.50    | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                | Schlumberger NV                          | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |      5500 | NS      | $185900.00    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

**Name of Applicant:** FMI Funds Inc

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

**Name of Signer:** FMI Funds Inc

**Title:** President