40-24B2 1 ff_overview.htm QUARTERLY MARKETING OVERVIEWS, AS OF MARCH 31, 2009 ff_overview.htm - Generated by SEC Publisher for SEC Filing
FMI Funds   Quarterly Review – March 31, 2009
100 East Wisconsin Avenue, Suite 2200                                         FMI Focus Fund
Milwaukee, Wisconsin 53202 
800.811.5311 
www.fmifunds.com   

Investment Objective       Top Ten Equity Holdings      
Seeks capital appreciation through investments in stocks of    Altera Corp.        4.0% 
companies of all sizes, including small- to mid-capitalization    Kennametal Inc.       3.6% 
U.S. companies.        PartnerRe Ltd.       3.2% 
        Kohl's Corp.       3.1% 
        Arrow Electronics, Inc.       3.0% 
Manager - The FMI Focus Fund (the "Fund") is advised by    Molex Inc. Cl A       2.9% 
Fiduciary Management, Inc. of Milwaukee and sub-advised by    Associated Banc-Corp       2.6% 
Broadview Advisors, LLC. Both firms are 100% employee    Omniture, Inc.       2.1% 
owned.   Cintas Corp.       2.0% 
        Sapient Corp.       2.0% 
Investment Professionals - Richard E. Lane, CFA and                 
Glenn Primack of Broadview Advisors, LLC are primarily    Portfolio Characteristics         
responsible for the day-to-day management of the Fund.    Weighted average market cap        $2.5 billion 
        Median market cap       $1.4 billion 
Strategy - The Fund invests in stocks of companies of all sizes,    P/E ratio (forward 4 quarters)        15.7x 
but primarily invests in small- to mid-capitalization (i.e., less than    Estimated L-T earnings growth rate        12.8% 
$5.0 billion of market capitalization) companies, which have    Number of holdings       73 
substantial capital appreciation potential. Many of these                 
companies have little or no following by the major stock    Top Ten Sectors        
brokerage firms. We look for stocks of businesses that are        Cash & Cash         
selling at what we believe are substantial discounts to prices          All Others   Equivalents    Finance     
that accurately reflect their future earnings prospects. The Fund                 9.8%   7.4%    13.4%     
takes a "focused" approach to investing, meaning the Fund                Health             
conducts extensive research (i.e. focuses) on each prospective            Technology                               Electronic
investment before purchasing.                 4.1%                             Technology
          Industrial                               11.9%
            Services           
               5.1%                Producer
Fund Information             Commercial                Manufacturing
Inception Date     12/16/1996           Services              9.1%
Net Assets    $295.4 million                7.4%           
Net Asset Value     $15.44                 Technology
Expense Ratio    1.52%                  Process             Services
Ticker    FMIOX                  Industries             8.5%
                            7.4%    Retail Trade   Distribution     
      7.9%     Services     
               8.0%     

Performance   Q1 2009   One Year   Three Years   Five Years   Ten Years   Since Inception
Fund    -7.71%    -29.00%    -11.54%    -3.62%    6.90%    12.91% 
Russell 2000 Index¹    -14.95%    -37.50%    -16.80%    -5.24%    1.93%    2.86% 
Russell 2000 Growth Index²    -9.74%    -36.36%    -16.20%    -5.37%    -1.60%    -0.22% 

Note: Returns for periods longer than one year are annualized. Inception of the Fund was 12/16/96. Returns may not match those reported by other sources such as Morningstar due to slight valuation differences at the end of the reporting period.

Manager Commentary - Your research team at Broadview Advisors is very busy adding attractive, long-term ideas to the portfolio. To use a sports analogy, the offseason work ethic often determines the success of the following season. Clearly, we are in the offseason for investing, but this is precisely the time to be "working" the portfolio, positioning it for the incipient upturn!

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance since the above time period may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.fmifunds.com.

For more information about the FMI Family of Funds, including fees and expenses, call 1-800-811-5311 for a free prospectus (also available from www.fmifunds.com). Please read the prospectus carefully to consider the investment objectives, risks, charges and expenses before investing or sending money. The prospectus contains this and more information. Please read the prospectus carefully before investing.

1 The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index which comprises the 3,000 largest U.S. companies based on total market capitalization.

2 The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

FMI Funds   Quarterly Review – March 31, 2009 
100 East Wisconsin Avenue, Suite 2200                       FMI Large Cap Fund
Milwaukee, Wisconsin 53202 
800.811.5311 
www.fmifunds.com   

Investment Objective        Top Ten Equity Holdings    
The Fund seeks long-term capital appreciation through the    Bank of New York Mellon Corp.    5.5% 
purchase of a limited number of large capitalization value    Cintas Corp.   4.9% 
stocks.        United Parcel Service, Inc. Cl B    4.8% 
        BP PLC - SP-ADR   4.8% 
Manager - The FMI Large Cap Fund (the "Fund") is managed    Berkshire Hathaway Inc. Cl B   4.3% 
by Fiduciary Management, Inc. ("FMI") of Milwaukee,    Grainger (W.W.), Inc.   4.3% 
Wisconsin. FMI, founded in 1980, manages approximately    McGraw-Hill Companies, Inc.   4.2% 
$4.3 billion in private accounts, pensions, Taft-Hartley accounts,    Wal-Mart Stores, Inc.   4.1% 
endowments and mutual funds. FMI is 100% employee owned.    Diageo PLC - SP-ADR   4.1% 
        Best Buy Co., Inc.   4.0% 
Investment Professionals – All investment decisions are made             
by a team of investment professionals representing the Adviser,    Portfolio Characteristics    
any of whom may make recommendations subject to the final    Weighted average market cap   $41.8 billion 
approval of Ted D. Kellner or Patrick J. English.    Median market cap   $17.7 billion 
        P/E ratio (forward 4 quarters)   11.7x 
Strategy - The Fund buys good businesses at value prices.    Estimated L-T earnings growth rate    10.0% 
Some of the characteristics of good businesses may include    Return on equity (ROE)   20.0% 
high recurring revenue and attractive returns-on-invested    Number of holdings   27 

capital. A strong orientation to low absolute or relative valuation

is key to the execution of the investment strategy. The Top Ten Sectors
FMI Large Cap Fund holds approximately 20-30 stocks, with      All Others   Cash & Cash     
most major industry groups represented. It is a non-diversified    8.7%   Equivalents       Electronic 
investment company; please see the prospectus for further           Energy Minerals   4.3%      Technology 
details. Many studies show the benefits of diversification drop                 4.8%                 13.0% 
dramatically after ten stocks; nevertheless, we still expect the       Transportation                       Finance 
Fund to be somewhat more volatile than a typical large cap              4.8%            12.0% 
value fund.      Producer       
    Manufacturing               Distribution
           6.2%              Services
Fund Information                    11.6%
Inception Date    12/31/2001           Technology         
Net Assets     $1413.6 million              Services         
Net Asset Value    $10.10              7.3%        Commercial 
Expense Ratio    1.00%    Consumer Non-       Services 
Ticker    FMIHX    Durables             Retail Trade    11.3% 
       7.9%               8.1%     
             

Performance   Q1 2009   One Year   Three Years   Five Years   Since Inception
Fund    -8.51%    -29.24%    -7.94%    -0.04%    2.13% 
S&P 500¹    -11.01%    -38.09%    -13.05%    -4.76%    -3.05% 

Note: Returns for periods longer than one year are annualized. Inception of the Fund was 12/31/01. Returns may not match those reported by other sources such as Morningstar due to slight valuation differences at the end of the reporting period.

Manager Commentary - The market dropped precipitously in the quarter, but rebounded significantly in late March. The economy is still performing poorly, but stocks remain at attractive levels for long-term investors.

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance since the above time period may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.fmifunds.com.

For more information about the FMI Family of Funds, including fees and expenses, call 1-800-811-5311 for a free prospectus (also available from www.fmifunds.com). Please read the prospectus carefully to consider the investment objectives, risks, charges and expenses before investing or sending money. The prospectus contains this and more information. Please read the prospectus carefully before investing.

1 The S & P’s 500 Index consists of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The S & P’s Ratings Group designates the stocks to be included in the Index on a statistical basis. A particular stock’s weighting in the Index is based on its relative total market value (i.e., its market price per share times the number of shares outstanding). Stocks may be added or deleted from the Index from time to time.