FMI Common Stock Fund

The FMI Common Stock Fund is an open-ended, diversified equity mutual fund investing primarily in small to mid-cap value stocks. Fiduciary Management, Inc. has managed the Fund since its inception in 1981.

Stocks are selected based on their fundamental earning power, with particular emphasis on selecting good businesses that are selling at value prices in an effort to achieve above average performance with below average risk. We believe good businesses have some or all of the following characteristics: a strong defendable niche that is difficult to replicate, a high degree of recurring revenue, modestly priced products or services, attractive return-on-investment economics, above average growth or improving profitability prospects. We consider valuation on both an absolute and relative to the market basis utilizing both historical and prospective analysis.

Please refer to the Prospectus for a more detailed explanation of the FMI Common Stock Fund, the management, and an Application.