The Securities and Exchange Commission is investigating FMI Mutual Funds for possible improper trading practices, the company indicated Friday in a regulatory filing.

FMI disclosed that the Commission has opened an informal probe into a 2002 security trade by an FMI principal’s former employer. The principal was not identified, but the manager of the FMI-affiliated Cortina Funds, Cortina Asset Management LLC, is the sub-adviser in question.

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