0000894189-19-000888.txt : 20190213 0000894189-19-000888.hdr.sgml : 20190213 20190213113254 ACCESSION NUMBER: 0000894189-19-000888 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 22 FILED AS OF DATE: 20190213 DATE AS OF CHANGE: 20190213 EFFECTIVENESS DATE: 20190213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FMI FUNDS INC CENTRAL INDEX KEY: 0001023391 IRS NUMBER: 391861095 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-12745 FILM NUMBER: 19594378 BUSINESS ADDRESS: STREET 1: 100 EAST WISCONSIN AVENUE, SUITE 2200 CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-226-4556 MAIL ADDRESS: STREET 1: 100 EAST WISCONSIN AVENUE, SUITE 2200 CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: FMI FOCUS FUND DATE OF NAME CHANGE: 19960921 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FMI FUNDS INC CENTRAL INDEX KEY: 0001023391 IRS NUMBER: 391861095 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07831 FILM NUMBER: 19594379 BUSINESS ADDRESS: STREET 1: 100 EAST WISCONSIN AVENUE, SUITE 2200 CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-226-4556 MAIL ADDRESS: STREET 1: 100 EAST WISCONSIN AVENUE, SUITE 2200 CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: FMI FOCUS FUND DATE OF NAME CHANGE: 19960921 0001023391 S000000833 Large Cap Fund C000002448 Large Cap Fund Investor Class FMIHX C000174400 Large Cap Fund Institutional Class FMIQX 0001023391 S000030572 International Fund C000094796 International Fund Investor Class FMIJX C000174401 International Fund Institutional Class FMIYX 0001023391 S000043149 Common Stock Fund C000133547 Common Stock Fund Investor Class FMIMX C000174402 Common Stock Fund Institutional Class FMIUX 485BPOS 1 fmi-funds_bxbrl.htm POST EFFECTIVE AMENDMENT


As filed with the Securities and Exchange Commission on February 13, 2019
1933 Act Registration File No. 333-12745
1940 Act File No. 811-07831

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
[X]
Pre-Effective Amendment No.
   
[   ]
Post-Effective Amendment No.
40
 
[X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No.
42
 
[X]

FMI FUNDS, INC.
(Exact Name of Registrant as Specified in Charter)

100 East Wisconsin Avenue, Suite 2200
Milwaukee, Wisconsin 53202
(Address of Principal Executive Offices) (Zip Code)

(414) 226-4555
(Registrant’s Telephone Number, Including Area Code)

John S. Brandser
Fiduciary Management, Inc.
100 East Wisconsin Avenue, Suite 2200
Milwaukee, WI  53202
(Name and Address of Agent for Service)
Copy to:
Peter Fetzer
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202

It is proposed that this filing will become effective (check appropriate box)

[X]
Immediately upon filing pursuant to Rule 485(b).
[   ]
on (date) pursuant to Rule 485(b).
[   ]
60 days after filing pursuant to Rule 485(a)(1).
[   ]
on (date) pursuant to Rule 485(a)(1).
[   ]
75 days after filing pursuant to Rule 485(a)(2).
[   ]
on (date) pursuant to Rule 485(a)(2).

If appropriate, check the following box:

[   ]
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Explanatory Note: This Post-Effective Amendment No. 40 hereby incorporates Parts A and B from the Fund’s PEA No. 39 on Form N-1A filed on January 29, 2019.  This PEA No. 40 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 39.


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 40 to its Registration Statement meets all of the requirements for effectiveness pursuant to Rule 485(b) of the Securities Act of 1933, as amended, and the Registrant has duly caused this Post-Effective Amendment No. 40 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Milwaukee and State of Wisconsin, on February 13, 2019.

FMI FUNDS, INC.
 Registrant
 
 By:  /s/ John S. Brandser
 John S. Brandser
 President, Treasurer and Director

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 40 to its Registration Statement has been signed below on February 13, 2019, by the following persons in the capacities indicated.

/s/ John S. Brandser                    
President, Treasurer and Director
John S. Brandser
 
   
/s/ Barry K. Allen*                      
Director
Barry K. Allen
 
   
/s/ Robert C. Arzbaecher*           
Director
Robert C. Arzbaecher
 
   
/s/ Patrick J. English*                 
Vice President, Secretary and Director
Patrick J. English
 
   
/s/ Rebecca W. House*                
Director
Rebecca W. House
 
   
/s/ Paul S. Shain*                         
Director
Paul S. Shain
 
   
/s/ Robert J. Venable*                  
Director
Robert J. Venable
 
   
/s/ Lawrence J. Burnett*              
Director
Lawrence J. Burnett
 
   
*John S. Brandser signs this document pursuant to
Power of Attorney filed as an exhibit to Registrant’s
Post-Effective Amendment No. 39 to its Registration
Statement filed on January 29, 2019.



EXHIBIT INDEX


Exhibit
Exhibit No.
   
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE




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From time to time &#8220;value&#8221; investing falls out of favor with investors. During these periods, the Fund&#8217;s relative performance may suffer.</font></div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zf0946c6b09cb456c9535ee17c39eb05f" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 18pt">&#160;</td> <td style="WIDTH: 18pt; VERTICAL-ALIGN: top"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,serif; TEXT-ALIGN: left"> &#9679; </div> </td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;,Times,serif; TEXT-ALIGN: justify"> <font style="FONT-WEIGHT: bold">Foreign Securities Risk:</font>&#160; Stocks of non-U.S. companies (whether directly or in ADRs or ADSs) as an asset class may underperform stocks of U.S. companies, and such stocks may be less liquid and more volatile than stocks of U.S. companies.&#160; The costs associated with securities transactions are often higher in foreign countries than in the U.S.&#160; The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by exchange-traded funds (&#8220;ETFs&#8221;) in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund, if the positions are not fully hedged. Additionally, investments in foreign securities, whether or not publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments.&#160; Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies.&#160; Foreign companies may not be subject to the same regulatory requirements as those of U.S. companies and, as a consequence, there may be less publicly available information about such companies.&#160; Also, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies.&#160;Policy and legislative changes in foreign countries and other events affecting global markets, such as the United Kingdom&#8217;s expected exit from the European Union (or Brexit), may contribute to decreased liquidity and increased volatility in the financial markets.&#160; Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z02aee275de2140db8917d1e14511f8a3" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-FAMILY: Times New Roman; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#9679;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Liquidity Risk: </font>Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund&#8217;s valuation of the investments.&#160; Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund&#8217;s investments when it needs to dispose of them.&#160; If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund.&#160; Liquidity issues may also make it difficult to value the Fund&#8217;s investments.</div> </td> </tr> </table> Because the Fund is non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a more limited number of issuers), the Fund&#8217;s shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund. Thus, the Fund may be more volatile because each stock in which it invests will have greater impact on the Fund&#8217;s performance. There is a risk that you could lose all or a portion of your money on your investment in the Fund. Performance: <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#8217;s Investor Class shares from year to year and how the average annual returns of the Fund&#8217;s Investor Class shares over time compare to the performance of the Standard &amp; Poor&#8217;s Composite<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> Index of 500 Stocks (&#8220;S&amp;P 500<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>&#8221;).&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The performance of the Fund&#8217;s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date.&#160; </font>For additional information on the index, please see &#8220;Index Descriptions&#8221; in the Prospectus.&#160; The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance.&#160; Performance may be higher or lower in the future. Updated performance information is available on the Fund&#8217;s website at <font style="text-decoration:underline;FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">http://www.fmifunds.com</font>.</div> FMI Large Cap Fund &#8211; Investor Class (Annual total return as of 12/31) 0.2968 0.1141 0.0149 0.1486 0.3048 0.1236 -0.0244 0.1379 0.1919 -0.0388 ~ http://fmifunds.com/20190129/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0001023391_S000000833Member column rr_ProspectusShareClassAxis compact ck0001023391_C000002448Member row primary compact * ~ highest total return 0.1670 2009-06-30 lowest total return -0.1405 2011-09-30 <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt"> During the ten year period shown on the bar chart, the highest total return for the Fund&#8217;s Investor Class shares for a quarter was 16.70% (quarter ended June 30, 2009) and the lowest total return for a quarter was -14.05% (quarter ended September 30, 2011). </div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;,Times,serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt"> After-tax returns are calculated using the historical highest individual federal stated income tax rates and do not reflect the impact of state and local taxes.&#160; Actual after-tax returns depend on an investor&#8217;s individual tax situation and may differ from those shown.&#160; The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).&#160; After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary. The Fund&#8217;s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. </div> -0.0388 0.0740 0.1213 Investor Class Return before taxes -0.0772 0.0474 0.1042 Investor Class Return after taxes on distributions 0.0049 0.0562 0.0997 Investor Class Return after taxes on distributions and sale of Fund shares -0.0371 0.1013 Institutional Class Return before taxes -0.0438 0.0849 0.1312 0.1010 S&P 500&#174; Index (reflects no deduction for fees, expenses or taxes) 2016-10-31 2016-10-31 ~ http://fmifunds.com/20190129/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0001023391_S000000833Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the historical highest individual federal stated income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;). The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance. The Fund&#8217;s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. Average Annual Total Returns (for the periods ended December 31, 2018) The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#8217;s Investor Class shares from year to year and how the average annual returns of the Fund&#8217;s Investor Class shares over time compare to the performance of the Standard & Poor&#8217;s Composite&#174; Index of 500 Stocks (&#8220;S&P 500&#174;&#8221;). http://www.fmifunds.com After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary. (reflects no deduction for fees, expenses or taxes) Example <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</div> 82 67 255 211 444 368 990 822 ~ http://fmifunds.com/20190129/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001023391_S000000833Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Principal Investment Strategies: <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The Fund invests mainly in a limited number of large capitalization (namely, companies with more than $5 billion market capitalization at the time of initial purchase) value stocks of companies listed or traded on a national securities exchange or on a national securities association, including foreign securities traded on a national securities exchange or on a national securities association.&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Under normal market conditions, the Fund invests 80% of its net assets in large capitalization companies, including for purposes of this limitation common stocks of foreign companies traded as American Depositary Receipts (&#8220;ADRs&#8221;) or American Depositary Shares (&#8220;ADSs&#8221;), which are dollar-denominated securities of foreign issuers traded in the U.S.&#160; The Fund may also invest in medium capitalization companies.</font></div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The Fund may invest in ADRs through both sponsored and unsponsored arrangements. </font>Issuers of the securities underlying sponsored ADRs, but not unsponsored ADRs, are contractually obligated to disclose material information in the United States.&#160; 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COLOR: #000000">A strong, defendable market niche or products and services niche that is difficult to replicate</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z2eea64524b044b4b8eb1cc190d299d2d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-FAMILY: Times New Roman; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#9679;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">A high degree of relative recurring revenue</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z53b144e112b442a1954d6fdf8107d63b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-FAMILY: Times New Roman; WIDTH: 18pt; VERTICAL-ALIGN: top; 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A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160; These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160; During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was <font style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;,Times,serif">25</font>% of the average value of its portfolio. </div> 0.25 Investment Objective: <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">FMI Large Cap Fund seeks long-term capital appreciation.</div> Common Stock Fund FMIMX FMIUX Fees and Expenses of the Fund: <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</div> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.00 0.00 0.0082 0.0082 0.0000 0.0000 0.0017 0.0007 0.0010 0.0000 0.0007 0.0007 0.0099 0.0089 ~ http://fmifunds.com/20190129/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact ck0001023391_S000043149Member row primary compact * ~ ~ http://fmifunds.com/20190129/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact ck0001023391_S000043149Member row primary compact * ~ Management fees have been restated to reflect the implementation of reduced fees paid at various breakpoints in the Fund&#8217;s management fee, which became effective on January 1, 2019, as if the reduced breakpoints had been in effect during all of the 2018 fiscal year. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) Principal Risks: <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">There is a risk that you could lose all or a portion of your money on your investment in the Fund.&#160; This risk may increase during times of significant market volatility.&#160; The risks below could affect the value of your investment, and because of these risks the Fund is a suitable investment only for those investors who have long-term investment goals:</div> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zb8fa3c75134d4bcabf2b5f7250954db9" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"> &#183; </td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Stock Market Risk:</font> The prices of the securities in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden and/or prolonged. Price changes may occur in the market as a whole, or they may occur in only a particular company, industry, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">sector, or geographical region of the market.</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z1192bb493340482fa25aae2a867da566" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Medium Capitalization Companies Risk</font>:&#160; Medium capitalization companies tend to be more susceptible to adverse business or economic events than large capitalization companies, and there is a risk that the securities of medium capitalization companies may have limited liquidity and greater price volatility than securities of large capitalization companies.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="za298902db2d54bd78023e307f3579b22" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Small Capitalization Companies Risk:</font>&#160; Small capitalization companies typically have relatively lower revenues, limited product lines and lack of management depth, and may have a smaller share of the market for their products or services, than large and medium capitalization companies.&#160; There is a risk that the securities of small capitalization companies may have limited liquidity and greater price volatility than securities of large and medium capitalization companies, which can negatively affect the Fund&#8217;s ability to sell these securities at quoted market prices.&#160; Finally, there are periods when investing in small capitalization company stocks falls out of favor with investors and these stocks may underperform.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z9965867fdb974a9da0df5d4fb17a4fba" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Value Investing Risk: </font>The Fund&#8217;s portfolio managers may be wrong in their assessment of a company&#8217;s value and the stocks the Fund holds may not reach what the portfolio managers believe are their full values. From time to time &#8220;value&#8221; investing falls out of favor with investors. During these periods, the Fund&#8217;s relative performance may suffer.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zcf63c735dec04bb8b2428212a7dcb103" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"> &#183; </td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; COLOR: #000000; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Foreign Securities Risk:</font>&#160; Stocks of non-U.S. companies (whether directly or in ADRs or ADSs) as an asset class may underperform stocks of U.S. companies, and such stocks may be less liquid and more volatile than stocks of U.S. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">companies</font>.&#160; The costs associated with securities transactions are often higher in foreign countries than in the U.S.&#160; The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by exchange-traded funds (&#8220;ETFs&#8221;) in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund, if the positions are not fully hedged. Additionally, investments in foreign securities, whether or not publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies.&#160; </font>Foreign companies may not be subject to the same regulatory requirements as those of U.S. companies and, as a consequence, there may be less publicly available information about such companies.&#160; Also, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies. Policy and legislative changes in foreign countries and other events affecting global markets, such as the United Kingdom&#8217;s expected exit from the European Union (or Brexit), may contribute to decreased liquidity and increased volatility in the financial markets. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z77a90ad8a3784876bc7f6223ccb1af1b" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 100%;"> <tr> <td style="width: 18pt;">&#160;</td> <td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><strong>Liquidity Risk</strong>: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund&#8217;s valuation of the investments.&#160; Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund&#8217;s investments when it needs to dispose of them.&#160; If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund.&#160; Liquidity issues may also make it difficult to value the Fund&#8217;s investments.</div> </td> </tr> </table> There is a risk that you could lose all or a portion of your money on your investment in the Fund. Performance: <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#8217;s Investor Class shares from year to year and how the average annual returns of the Fund&#8217;s Investor Class shares over time compare to the performance of<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"> the Russell 2000</font><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"> Index.&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The performance of the Fund&#8217;s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date.&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">For additional information on the index, please see &#8220;Index Descriptions&#8221; in the Prospectus.&#160; The Fund is the successor to the investment performance of the FMI Common Stock Fund, Inc. (the &#8220;Predecessor Fund&#8221;), which was reorganized into the Fund after the close of business on January 31, 2014.&#160; Accordingly, the performance information shown below for periods on or prior to January 31, 2014 is that of the Predecessor Fund.&#160; The Predecessor Fund was also advised by the Adviser and had the same investment objective and strategies as the Fund.&#160; The past performance of the Fund and the Predecessor Fund (before and after taxes) are not necessarily an indication of future performance.&#160; Performance may be higher or lower in the future.&#160; Updated performance information is available on the Fund&#8217;s website at </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">http://www.fmifunds.com</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">.</font></div> FMI Common Stock Fund &#8211; Investor Class (Annual total return as of 12/31) 0.3389 0.2216 0.0452 0.1016 0.3201 0.0647 -0.0684 0.2020 0.1377 -0.0865 ~ http://fmifunds.com/20190129/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact ck0001023391_S000043149Member column rr_ProspectusShareClassAxis compact ck0001023391_C000133547Member row primary compact * ~ highest total return 0.2306 2009-06-30 lowest total return -0.1631 2011-09-30 <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt"> During the ten year period shown on the bar chart, the highest total return for the Fund&#8217;s Investor Class shares for a quarter was 23.06% (quarter ended June 30, 2009) and the lowest total return for a quarter was -16.31% (quarter ended September 30, 2011). </div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 18pt"> After-tax returns are calculated using the historical highest individual federal stated income tax rates and do not reflect the impact of state and local taxes.&#160; Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown.&#160; The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or IRAs.&#160; After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary. The Fund&#8217;s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. </div> -0.0865 0.0438 0.1191 Investor Class Return before taxes -0.1062 0.0213 0.1006 Investor Class Return after taxes on distributions -0.0366 0.0330 0.0982 Investor Class Return after taxes on distributions and sale of Fund shares -0.0855 0.0688 Institutional Class Return before taxes -0.1101 0.0441 0.1197 0.0733 Russell 2000&#174; Index (reflects no deduction for fees, expenses or taxes) 2016-10-31 2016-10-31 ~ http://fmifunds.com/20190129/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_LegalEntityAxis compact ck0001023391_S000043149Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the historical highest individual federal stated income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or IRAs. The past performance of the Fund and the Predecessor Fund (before and after taxes) are not necessarily an indication of future performance. The Fund&#8217;s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. Average Annual Total Returns (for the periods ended December 31, 2018) The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#8217;s Investor Class shares from year to year and how the average annual returns of the Fund&#8217;s Investor Class shares over time compare to the performance of the Russell 2000&#174; Index. http://www.fmifunds.com After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary. (reflects no deduction for fees, expenses or taxes) Example <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</div> 101 91 315 284 547 493 1213 1096 ~ http://fmifunds.com/20190129/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact ck0001023391_S000043149Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Principal Investment Strategies: <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">The Fund invests mainly in small- to medium-capitalization companies (namely, companies with less than $7 billion market capitalization at the time of initial purchase) listed or traded on a national securities exchange or on a national securities association.&#160; Under normal market conditions, the Fund invests 80% of its net assets in common stocks, including for purposes of this limitation common stocks of foreign companies traded as American Depositary Receipts (&#8220;ADRs&#8221;) or American Depositary Shares (&#8220;ADSs&#8221;), which are dollar-denominated securities of foreign issuers traded in the U.S.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">The Fund may invest in ADRs through both sponsored and unsponsored arrangements. Issuers of the securities underlying sponsored ADRs, but not unsponsored ADRs, are contractually obligated to disclose material information in the United States.&#160; Therefore, the market value of unsponsored ADRs is less likely to reflect the effect of such information.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">The Fund uses fundamental analysis to look for stocks of good businesses that are selling at value prices in an effort to achieve above average performance with below average risk.&#160; The Fund believes good businesses have some or all of the following characteristics:</div> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="za40ee4a530c14e0b806d8d548ee3d070" style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; width: 99.6836%;"> <tr> <td style="width: 4.11392%;">&#160;</td> <td style="font-size: 10pt; font-family: Symbol, serif; width: 4.11392%; vertical-align: top;">&#183;</td> <td style="width: 91.4557%; vertical-align: top; text-align: justify;"> <div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A strong, defendable market niche or products and services niche that is difficult to replicate</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zfe92cc5aca904dcdab9364ed26629bb4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">A high degree of relative recurring revenue</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zaa621df2cf084ca7963607da154a940c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Modestly priced products or services</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z7fb865b646af4d56ad2e04905f573939" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Attractive return-on-investment economics (namely, where return on investment exceeds a company&#8217;s cost of capital over a three to five year period)</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z333df8c005b4438684db109ae16d8594" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Above-average growth or improving profitability prospects</div> </td> </tr> </table> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">The Fund considers valuation:</div> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z2dfedd7ad81946c8bbb02bf45b08eac6" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">On both an absolute and relative to the market basis</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z28b432d52c044a02964654dc5626057c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Utilizing both historical and prospective analysis</div> </td> </tr> </table> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">In reviewing companies, the Fund applies the characteristics identified above on a case-by-case basis as the order of importance varies depending on the type of business or industry and the company being reviewed.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">The Fund&#8217;s portfolio managers will generally sell a portfolio security when they believe:</div> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z4cfde7280d3145edbf3d8c68f76b078e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The security has achieved its value potential</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z529ab35d1a33401dad8762d39e3c2aa8" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; 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FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Other securities have a better value potential</div> </td> </tr> </table> Portfolio Turnover <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160; These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160; During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 26<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">%</font> of the average value of its portfolio.</div> 0.26 Investment Objective: <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">FMI Common Stock Fund seeks long-term capital appreciation.</div> International Fund FMIJX FMIYX Fees and Expenses of the Fund: <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</div> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.00 0.00 0.0070 0.0070 0.0000 0.0000 0.0020 0.0006 0.0014 0.0000 0.0006 0.0006 0.0090 0.0076 ~ http://fmifunds.com/20190129/role/ScheduleShareholderFees20015 column dei_LegalEntityAxis compact ck0001023391_S000030572Member row primary compact * ~ ~ http://fmifunds.com/20190129/role/ScheduleAnnualFundOperatingExpenses20016 column dei_LegalEntityAxis compact ck0001023391_S000030572Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) Principal Risks: <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">There is a risk that you could lose all or a portion of your money on your investment in the Fund.&#160; This risk may increase during times of significant market volatility.&#160; The risks below could affect the value of your investment, and because of these risks the Fund is a suitable investment only for those investors who have long-term investment goals:</div> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z0808309e469446edbc6900998becc9ec" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"> &#183; </td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Stock Market Risk:</font>&#160; The prices of the securities in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden and/or prolonged. Price changes may occur in the market as a whole, or they may occur in only a particular company, industry, sector, or geographical region of the market. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z7dfdc692a38f49fc86dfe58fa8d5145e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Non-Diversification Risk:</font> Because the Fund is non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a more limited number of issuers), the Fund&#8217;s shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund.&#160; Thus, the Fund may be more volatile because each stock in which it invests will have greater impact on the Fund&#8217;s performance.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zd7ef90765b9c4fab880ce5f967392f94" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Value </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">Investing</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"> Risk:</font>&#160; The Fund&#8217;s portfolio managers may be wrong in their assessment of a company&#8217;s value and the stocks the Fund holds may not reach what the portfolio managers believe are their full values. From time to time &#8220;value&#8221; investing falls out of favor with investors. During these periods, the Fund&#8217;s relative performance may suffer.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z084b51d602554c09a50eb6c9653b7c7a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right"> &#183; </td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; COLOR: #000000; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Foreign Securities Risk:</font>&#160; Stocks of non-U.S. companies (whether directly or in ADRs or ADSs) as an asset class may underperform stocks of U.S. companies, and such stocks may be less liquid and more volatile than stocks of U.S. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">companies</font>.&#160; The costs associated with securities transactions are often higher in foreign countries than in the U.S.&#160; The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by ETFs in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund, if the positions are not fully hedged.&#160; Additionally, investments in foreign securities, whether or not publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments, including foreign political and economic risk not associated with domestic investments, meaning that political events, social and economic events and natural disasters occurring in a country where the Fund invests could cause the Fund&#8217;s investments in that country to experience gains or losses.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies.&#160; </font>Foreign companies may not be subject to the same regulatory requirements as those of U.S. companies and, as a consequence, there may be less publicly available information about such companies.&#160; Also, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies. Policy and legislative changes in foreign countries and other events affecting global markets, such as the United Kingdom&#8217;s expected exit from the European Union (or Brexit), may contribute to decreased liquidity and increased volatility in the financial markets.&#160; Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy. </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z11efc624963e46e0b470496e48a6da34" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Geographic Concentration Risk</font>:&#160; Concentrating investments in a limited number of countries or particular geographic regions makes the Fund more susceptible to adverse economic, political, social, regulatory and other developments in that country, countries or region.&#160; Additionally, the Fund&#8217;s performance may be more volatile when the Fund&#8217;s investments are less diversified across countries.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z98d7b385a8584141a9daa2bf449a1c7e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Currency Hedging Risk:</font>&#160; The Fund generally hedges a significant portion of its foreign stock investments against foreign currency changes in an effort to have its returns more closely reflect the market performance of its investments, rather than the value of the currency.&#160; To the extent the Fund hedges portions of its portfolio, its relative performance may differ from that of unhedged portfolios or indices. There is no guarantee the hedges will fully protect against adverse currency movements.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z3fc6e3ad90494f419dcbbba3e68c3c06" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Large Capitalization Companies Risk:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#160; </font>Large capitalization companies may grow more slowly than the overall economy and tend to go in and out of favor based on market and economic conditions, and the Fund may underperform investments that focus on small or medium capitalization companies.</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z93eec43bc55f421ead77669970048797" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Liquidity Risk: </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#160;</font>Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund&#8217;s valuation of the investments.&#160; Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund&#8217;s investments when it needs to dispose of them.&#160; If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund.&#160; Liquidity issues may also make it difficult to value the Fund&#8217;s investments.</div> </td> </tr> </table> Because the Fund is non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a more limited number of issuers), the Fund&#8217;s shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund. Thus, the Fund may be more volatile because each stock in which it invests will have greater impact on the Fund&#8217;s performance. There is a risk that you could lose all or a portion of your money on your investment in the Fund. Performance: <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#8217;s Investor Class from year to year and how the average annual returns of the Fund&#8217;s Investor Class over time compare to the performance of<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"> the Morgan Stanley Capital International Europe, Australasia and Far East</font><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"> Index (&#8220;MSCI EAFE</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#8221;).&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The performance of the Fund&#8217;s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date.&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">For additional information on the index, please see &#8220;Index Descriptions&#8221; in the Prospectus.&#160; The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance.&#160; Performance may be higher or lower in the future.&#160; Updated performance information is available on the Fund&#8217;s website at http://www.fmifunds.com.</font></div> FMI International Fund &#8211; Investor Class (Annual total return as of 12/31) -0.0177 0.1818 0.2465 0.0462 0.0322 0.1000 0.1545 -0.0946 ~ http://fmifunds.com/20190129/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_LegalEntityAxis compact ck0001023391_S000030572Member column rr_ProspectusShareClassAxis compact ck0001023391_C000094796Member row primary compact * ~ highest total return 0.1023 2013-03-31 lowest total return -0.1216 2011-09-30 <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">During the period shown on the bar chart, the highest total return for the Fund&#8217;s Investor Class shares for a quarter was 10.23% (quarter ended March 31, 2013) and the lowest total return for a quarter was &#8209;12.16% (quarter ended September 30, 2011).</div> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 18pt"> After-tax returns are calculated using the historical highest individual federal stated income tax rates and do not reflect the impact of state and local taxes.&#160; Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown.&#160; The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts IRAs.&#160; After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary.&#160; The Fund&#8217;s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. </div> -0.0946 0.0442 0.0760 Investor Class Return before taxes -0.1122 0.0336 0.0682 Investor Class Return after taxes on distributions -0.0482 0.0321 0.0597 Investor Class Return after taxes on distributions and sale of Fund shares -0.0932 0.0321 Institutional Class Return before taxes -0.1099 0.0381 0.0586 MSCI EAFE&#174; (LOC) (reflects no deduction for fees, expenses or taxes) -0.1099 0.0381 0.0385 MSCI EAFE&#174; (LOC) (reflects no deduction for fees, expenses or taxes) -0.1379 0.0053 0.0333 MSCI EAFE&#174; (USD) (reflects no deduction for fees, expenses or taxes) -0.1379 0.0053 0.0417 MSCI EAFE&#174; (USD) (reflects no deduction for fees, expenses or taxes) 2010-12-31 2016-10-31 2016-10-31 2010-12-31 2010-12-31 2016-10-31 ~ http://fmifunds.com/20190129/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_LegalEntityAxis compact ck0001023391_S000030572Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the historical highest individual federal stated income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts IRAs. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of future performance. The Fund&#8217;s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. Average Annual Total Returns (for the periods ended December 31, 2018) The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund&#8217;s Investor Class from year to year and how the average annual returns of the Fund&#8217;s Investor Class over time compare to the performance of the Morgan Stanley Capital International Europe, Australasia and Far East&#174; Index (&#8220;MSCI EAFE&#174;&#8221;). http://www.fmifunds.com After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary. (reflects no deduction for fees, expenses or taxes) Example <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.&#160; </font></div> 92 78 287 243 498 422 1108 942 ~ http://fmifunds.com/20190129/role/ScheduleExpenseExampleTransposed20017 column dei_LegalEntityAxis compact ck0001023391_S000030572Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Principal Investment Strategies: <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The Fund invests mainly in a limited number of large capitalization (namely, companies with more than $5 billion market capitalization at the time of initial purchase) value stocks of foreign companies (also referred to as non-U.S. companies).&#160; The Fund normally invests at least 65% of its total assets in the equity securities of non-U.S. companies.&#160; Non-U.S. companies are companies domiciled or headquartered outside of the United States, or whose primary business activities or principal trading markets are located outside of the United States.&#160; Sometimes these non-U.S. companies are traded in the U.S. on a national securities exchange, or through American Depositary Receipts (&#8220;ADRs&#8221;) or American Depositary Shares (&#8220;ADSs&#8221;).&#160; The Fund invests in common stocks and other equity securities, including preferred stocks, convertible preferred stocks, warrants, ADRs, ADSs and exchange-traded funds (&#8220;ETFs&#8221;) based on an international equity index.&#160; The Fund may seek to protect itself against the adverse effects of currency exchange rate fluctuations by entering into currency hedging transactions.</font></div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">The Fund may invest in ADRs through both sponsored and unsponsored arrangements.&#160; Issuers of the securities underlying sponsored ADRs, but not unsponsored ADRs, are contractually obligated to disclose material information in the United States.&#160; Therefore, the market value of unsponsored ADRs is less likely to reflect the effect of such information.</div> <br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">Unlike many international funds, the majority of the Fund&#8217;s investments will be in companies that have global operations rather than in companies whose business is limited to a particular country or geographic region.&#160; Because the Fund&#8217;s investments will be limited in number and investing in emerging market securities will not be a principal investment strategy, a substantial amount of the Fund&#8217;s assets (namely, more than 25% of its assets) may be in issuers located in a limited number of countries, and it is likely that the geographical and industry weightings of the Fund will differ significantly from popular international benchmarks.&#160; 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FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Such sale is necessary for portfolio diversification</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="zd63e53ac4a65498caabf867d6f1e7d74" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Changing fundamentals signal a deteriorating value potential</div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" class="DSPFListTable" id="z17d6aaf6777c43f1a02df5a779a93bdf" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%"> <tr> <td style="WIDTH: 18pt"><br/> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td> <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Other securities have a better value potential</div> </td> </tr> </table> Portfolio Turnover <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; TEXT-INDENT: 18pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio).&#160; A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160; These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160; </font>During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 21% of the average value of its portfolio. </div> 0.21 Investment Objective: <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 18pt">FMI International Fund seeks long-term capital appreciation.</div> EX-101.SCH 3 ck0001023391-20190129.xsd XBRL TAXONOMY EXTENSION SCHEMA 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - Large Cap Fund link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020004 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020005 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020007 - Document - Risk/Return Summary {Unlabeled} - Common Stock Fund link:presentationLink link:definitionLink link:calculationLink 020008 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020009 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020010 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020011 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020012 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020014 - Document - Risk/Return Summary {Unlabeled} - International Fund link:presentationLink link:definitionLink link:calculationLink 020015 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020016 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020017 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020018 - Schedule - Annual Total Returns [Bar Chart] link:presentationLink link:definitionLink link:calculationLink 020019 - Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020006 - Disclosure - Risk/Return Detail Data {Elements} - Large Cap Fund link:presentationLink link:definitionLink link:calculationLink 020013 - Disclosure - Risk/Return Detail Data {Elements} - Common Stock Fund link:presentationLink link:definitionLink link:calculationLink 020020 - Disclosure - Risk/Return Detail Data {Elements} - International Fund link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 4 ck0001023391-20190129_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 5 ck0001023391-20190129_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 ck0001023391-20190129_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 7 ck0001023391-20190129_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 9 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information
Total
Prospectus:  
Document Type 485BPOS
Document Period End Date Sep. 30, 2018
Registrant Name FMI FUNDS INC
Central Index Key 0001023391
Amendment Flag false
Document Creation Date Jan. 29, 2019
Document Effective Date Jan. 31, 2019
Prospectus Date Jan. 31, 2019
Large Cap Fund | Large Cap Fund Investor Class  
Prospectus:  
Trading Symbol FMIHX
Large Cap Fund | Large Cap Fund Institutional Class  
Prospectus:  
Trading Symbol FMIQX
Common Stock Fund | Common Stock Fund Investor Class  
Prospectus:  
Trading Symbol FMIMX
Common Stock Fund | Common Stock Fund Institutional Class  
Prospectus:  
Trading Symbol FMIUX
International Fund | International Fund Investor Class  
Prospectus:  
Trading Symbol FMIJX
International Fund | International Fund Institutional Class  
Prospectus:  
Trading Symbol FMIYX
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Large Cap Fund
Large Cap Fund
Investment Objective:
FMI Large Cap Fund seeks long-term capital appreciation.
Fees and Expenses of the Fund:
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees - Large Cap Fund - USD ($)
Large Cap Fund Investor Class
Large Cap Fund Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases none none
Maximum Deferred Sales Charge (Load) none none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions none none
Redemption Fee (transfer agent charge of $15 for each wire redemption) none none
Exchange Fee none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Large Cap Fund
Large Cap Fund Investor Class
Large Cap Fund Institutional Class
Management Fees [1] 0.61% 0.61%
Distribution and/or Service (12b-1) Fees none none
Other Expenses 0.19% 0.05%
Shareholder Servicing Fees 0.14% none
Remaining Other Expenses 0.05% 0.05%
Total Annual Fund Operating Expenses 0.80% 0.66%
[1] Management fees have been restated to reflect the implementation of reduced fees paid at various breakpoints in the Fund's management fee, effective as of January 1, 2019, as if the reduced breakpoints had been in effect during all of the 2018 fiscal year.
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example - Large Cap Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Large Cap Fund Investor Class 82 255 444 990
Large Cap Fund Institutional Class 67 211 368 822
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 25% of the average value of its portfolio.
Principal Investment Strategies:
The Fund invests mainly in a limited number of large capitalization (namely, companies with more than $5 billion market capitalization at the time of initial purchase) value stocks of companies listed or traded on a national securities exchange or on a national securities association, including foreign securities traded on a national securities exchange or on a national securities association.  Under normal market conditions, the Fund invests 80% of its net assets in large capitalization companies, including for purposes of this limitation common stocks of foreign companies traded as American Depositary Receipts (“ADRs”) or American Depositary Shares (“ADSs”), which are dollar-denominated securities of foreign issuers traded in the U.S.  The Fund may also invest in medium capitalization companies.

The Fund may invest in ADRs through both sponsored and unsponsored arrangements. Issuers of the securities underlying sponsored ADRs, but not unsponsored ADRs, are contractually obligated to disclose material information in the United States.  Therefore, the market value of unsponsored ADRs is less likely to reflect the effect of such information.

The Fund uses fundamental analysis to look for stocks of good businesses that are selling at value prices in an effort to achieve above average performance with below average risk.  The Fund believes good businesses have some or all of the following characteristics:


A strong, defendable market niche or products and services niche that is difficult to replicate


A high degree of relative recurring revenue


Modestly priced products or services


Attractive return-on-investment economics (namely, where return on investment exceeds a company’s cost of capital over a three to five year period)


Above-average growth or improving profitability prospects

The Fund considers valuation:


On both an absolute and relative to the market basis


Utilizing both historical and prospective analysis

In reviewing companies, the Fund applies the characteristics identified above on a case-by-case basis as the order of importance varies depending on the type of business or industry and the company being reviewed.

The Fund is non-diversified which means that it may invest a significant portion of its assets in the securities of a single issuer or small number of issuers.

The Fund’s portfolio managers will generally sell a portfolio security when they believe:


The security has achieved its value potential


Such sale is necessary for portfolio diversification


Changing fundamentals signal a deteriorating value potential


Other securities have a better value potential
Principal Risks:
There is a risk that you could lose all or a portion of your money on your investment in the Fund.  This risk may increase during times of significant market volatility.  The risks below could affect the value of your investment, and because of these risks the Fund is a suitable investment only for those investors who have long-term investment goals:

 
Stock Market Risk: The prices of the securities in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden and/or prolonged. Price changes may occur in the market as a whole, or they may occur in only a particular company, industry, sector, or geographical region of the market.


Medium Capitalization Companies Risk: Medium capitalization companies tend to be more susceptible to adverse business or economic events than large capitalization companies, and there is a risk that the securities of medium capitalization companies may have limited liquidity and greater price volatility than securities of large capitalization companies.


Large Capitalization Companies Risk:   Large capitalization companies may grow more slowly than the overall economy and tend to go in and out of favor based on market and economic conditions, and the Fund may underperform investments that focus on small or medium capitalization companies.


Non-Diversification Risk:  Because the Fund is non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a more limited number of issuers), the Fund’s shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund.  Thus, the Fund may be more volatile because each stock in which it invests will have greater impact on the Fund’s performance.


Value Investing Risk:  The Fund’s portfolio managers may be wrong in their assessment of a company’s value and the stocks the Fund holds may not reach what the portfolio managers believe are their full values. From time to time “value” investing falls out of favor with investors. During these periods, the Fund’s relative performance may suffer.

 
Foreign Securities Risk:  Stocks of non-U.S. companies (whether directly or in ADRs or ADSs) as an asset class may underperform stocks of U.S. companies, and such stocks may be less liquid and more volatile than stocks of U.S. companies.  The costs associated with securities transactions are often higher in foreign countries than in the U.S.  The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by exchange-traded funds (“ETFs”) in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund, if the positions are not fully hedged. Additionally, investments in foreign securities, whether or not publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments.  Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies.  Foreign companies may not be subject to the same regulatory requirements as those of U.S. companies and, as a consequence, there may be less publicly available information about such companies.  Also, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies. Policy and legislative changes in foreign countries and other events affecting global markets, such as the United Kingdom’s expected exit from the European Union (or Brexit), may contribute to decreased liquidity and increased volatility in the financial markets.  Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.


Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments.  Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them.  If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund.  Liquidity issues may also make it difficult to value the Fund’s investments.
Performance:
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Investor Class shares from year to year and how the average annual returns of the Fund’s Investor Class shares over time compare to the performance of the Standard & Poor’s Composite® Index of 500 Stocks (“S&P 500®”).  The performance of the Fund’s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date.  For additional information on the index, please see “Index Descriptions” in the Prospectus.  The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance.  Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website at http://www.fmifunds.com.
FMI Large Cap Fund – Investor Class (Annual total return as of 12/31)
Bar Chart
During the ten year period shown on the bar chart, the highest total return for the Fund’s Investor Class shares for a quarter was 16.70% (quarter ended June 30, 2009) and the lowest total return for a quarter was -14.05% (quarter ended September 30, 2011).
Average Annual Total Returns (for the periods ended December 31, 2018)
After-tax returns are calculated using the historical highest individual federal stated income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s individual tax situation and may differ from those shown.  The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).  After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary. The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Average Annual Returns - Large Cap Fund
Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Large Cap Fund Investor Class Investor Class Return before taxes (3.88%) 7.40% 12.13%    
Large Cap Fund Institutional Class Institutional Class Return before taxes (3.71%)     10.13% Oct. 31, 2016
After Taxes on Distributions | Large Cap Fund Investor Class Investor Class Return after taxes on distributions (7.72%) 4.74% 10.42%    
After Taxes on Distributions and Sale of Fund Shares | Large Cap Fund Investor Class Investor Class Return after taxes on distributions and sale of Fund shares 0.49% 5.62% 9.97%    
S&P 500® Index (reflects no deduction for fees, expenses or taxes) S&P 500® Index (reflects no deduction for fees, expenses or taxes) (4.38%) 8.49% 13.12% 10.10% Oct. 31, 2016

XML 12 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Large Cap Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Large Cap Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
FMI Large Cap Fund seeks long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund:
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 25% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 25.00%
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Management fees have been restated to reflect the implementation of reduced fees paid at various breakpoints in the Fund’s management fee, effective as of January 1, 2019, as if the reduced breakpoints had been in effect during all of the 2018 fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies:
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Fund invests mainly in a limited number of large capitalization (namely, companies with more than $5 billion market capitalization at the time of initial purchase) value stocks of companies listed or traded on a national securities exchange or on a national securities association, including foreign securities traded on a national securities exchange or on a national securities association.  Under normal market conditions, the Fund invests 80% of its net assets in large capitalization companies, including for purposes of this limitation common stocks of foreign companies traded as American Depositary Receipts (“ADRs”) or American Depositary Shares (“ADSs”), which are dollar-denominated securities of foreign issuers traded in the U.S.  The Fund may also invest in medium capitalization companies.

The Fund may invest in ADRs through both sponsored and unsponsored arrangements. Issuers of the securities underlying sponsored ADRs, but not unsponsored ADRs, are contractually obligated to disclose material information in the United States.  Therefore, the market value of unsponsored ADRs is less likely to reflect the effect of such information.

The Fund uses fundamental analysis to look for stocks of good businesses that are selling at value prices in an effort to achieve above average performance with below average risk.  The Fund believes good businesses have some or all of the following characteristics:


A strong, defendable market niche or products and services niche that is difficult to replicate


A high degree of relative recurring revenue


Modestly priced products or services


Attractive return-on-investment economics (namely, where return on investment exceeds a company’s cost of capital over a three to five year period)


Above-average growth or improving profitability prospects

The Fund considers valuation:


On both an absolute and relative to the market basis


Utilizing both historical and prospective analysis

In reviewing companies, the Fund applies the characteristics identified above on a case-by-case basis as the order of importance varies depending on the type of business or industry and the company being reviewed.

The Fund is non-diversified which means that it may invest a significant portion of its assets in the securities of a single issuer or small number of issuers.

The Fund’s portfolio managers will generally sell a portfolio security when they believe:


The security has achieved its value potential


Such sale is necessary for portfolio diversification


Changing fundamentals signal a deteriorating value potential


Other securities have a better value potential
Risk [Heading] rr_RiskHeading Principal Risks:
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
There is a risk that you could lose all or a portion of your money on your investment in the Fund.  This risk may increase during times of significant market volatility.  The risks below could affect the value of your investment, and because of these risks the Fund is a suitable investment only for those investors who have long-term investment goals:

 
Stock Market Risk: The prices of the securities in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden and/or prolonged. Price changes may occur in the market as a whole, or they may occur in only a particular company, industry, sector, or geographical region of the market.


Medium Capitalization Companies Risk: Medium capitalization companies tend to be more susceptible to adverse business or economic events than large capitalization companies, and there is a risk that the securities of medium capitalization companies may have limited liquidity and greater price volatility than securities of large capitalization companies.


Large Capitalization Companies Risk:   Large capitalization companies may grow more slowly than the overall economy and tend to go in and out of favor based on market and economic conditions, and the Fund may underperform investments that focus on small or medium capitalization companies.


Non-Diversification Risk:  Because the Fund is non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a more limited number of issuers), the Fund’s shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund.  Thus, the Fund may be more volatile because each stock in which it invests will have greater impact on the Fund’s performance.


Value Investing Risk:  The Fund’s portfolio managers may be wrong in their assessment of a company’s value and the stocks the Fund holds may not reach what the portfolio managers believe are their full values. From time to time “value” investing falls out of favor with investors. During these periods, the Fund’s relative performance may suffer.

 
Foreign Securities Risk:  Stocks of non-U.S. companies (whether directly or in ADRs or ADSs) as an asset class may underperform stocks of U.S. companies, and such stocks may be less liquid and more volatile than stocks of U.S. companies.  The costs associated with securities transactions are often higher in foreign countries than in the U.S.  The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by exchange-traded funds (“ETFs”) in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund, if the positions are not fully hedged. Additionally, investments in foreign securities, whether or not publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments.  Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies.  Foreign companies may not be subject to the same regulatory requirements as those of U.S. companies and, as a consequence, there may be less publicly available information about such companies.  Also, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies. Policy and legislative changes in foreign countries and other events affecting global markets, such as the United Kingdom’s expected exit from the European Union (or Brexit), may contribute to decreased liquidity and increased volatility in the financial markets.  Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.


Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments.  Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them.  If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund.  Liquidity issues may also make it difficult to value the Fund’s investments.
Risk Lose Money [Text] rr_RiskLoseMoney There is a risk that you could lose all or a portion of your money on your investment in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus Because the Fund is non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a more limited number of issuers), the Fund’s shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund. Thus, the Fund may be more volatile because each stock in which it invests will have greater impact on the Fund’s performance.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance:
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Investor Class shares from year to year and how the average annual returns of the Fund’s Investor Class shares over time compare to the performance of the Standard & Poor’s Composite® Index of 500 Stocks (“S&P 500®”).  The performance of the Fund’s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date.  For additional information on the index, please see “Index Descriptions” in the Prospectus.  The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance.  Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website at http://www.fmifunds.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Investor Class shares from year to year and how the average annual returns of the Fund’s Investor Class shares over time compare to the performance of the Standard & Poor’s Composite® Index of 500 Stocks (“S&P 500®”).
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress http://www.fmifunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance.
Bar Chart [Heading] rr_BarChartHeading FMI Large Cap Fund – Investor Class (Annual total return as of 12/31)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
During the ten year period shown on the bar chart, the highest total return for the Fund’s Investor Class shares for a quarter was 16.70% (quarter ended June 30, 2009) and the lowest total return for a quarter was -14.05% (quarter ended September 30, 2011).
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest total return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 16.70%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest total return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (14.05%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal stated income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s individual tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock
After-tax returns are calculated using the historical highest individual federal stated income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s individual tax situation and may differ from those shown.  The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).  After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary. The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (for the periods ended December 31, 2018)
Large Cap Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel S&P 500® Index (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (4.38%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 8.49%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 13.12%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.10%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2016
Large Cap Fund | Large Cap Fund Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (transfer agent charge of $15 for each wire redemption) rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFee none
Management Fees rr_ManagementFeesOverAssets 0.61% [1]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.14%
Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.05%
Other Expenses rr_OtherExpensesOverAssets 0.19%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.80%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 82
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 255
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 444
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 990
Annual Return 2009 rr_AnnualReturn2009 29.68%
Annual Return 2010 rr_AnnualReturn2010 11.41%
Annual Return 2011 rr_AnnualReturn2011 1.49%
Annual Return 2012 rr_AnnualReturn2012 14.86%
Annual Return 2013 rr_AnnualReturn2013 30.48%
Annual Return 2014 rr_AnnualReturn2014 12.36%
Annual Return 2015 rr_AnnualReturn2015 (2.44%)
Annual Return 2016 rr_AnnualReturn2016 13.79%
Annual Return 2017 rr_AnnualReturn2017 19.19%
Annual Return 2018 rr_AnnualReturn2018 (3.88%)
Label rr_AverageAnnualReturnLabel Investor Class Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (3.88%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 7.40%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 12.13%
Large Cap Fund | Large Cap Fund Investor Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Investor Class Return after taxes on distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (7.72%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.74%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 10.42%
Large Cap Fund | Large Cap Fund Investor Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Investor Class Return after taxes on distributions and sale of Fund shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.49%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.62%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 9.97%
Large Cap Fund | Large Cap Fund Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (transfer agent charge of $15 for each wire redemption) rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFee none
Management Fees rr_ManagementFeesOverAssets 0.61% [1]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets none
Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.05%
Other Expenses rr_OtherExpensesOverAssets 0.05%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.66%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 67
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 211
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 368
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 822
Label rr_AverageAnnualReturnLabel Institutional Class Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (3.71%)
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.13%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2016
[1] Management fees have been restated to reflect the implementation of reduced fees paid at various breakpoints in the Fund's management fee, effective as of January 1, 2019, as if the reduced breakpoints had been in effect during all of the 2018 fiscal year.
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Common Stock Fund
Common Stock Fund
Investment Objective:
FMI Common Stock Fund seeks long-term capital appreciation.
Fees and Expenses of the Fund:
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees - Common Stock Fund - USD ($)
Common Stock Fund Investor Class
Common Stock Fund Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases none none
Maximum Deferred Sales Charge (Load) none none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions none none
Redemption Fee (transfer agent charge of $15 for each wire redemption) none none
Exchange Fee none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Common Stock Fund
Common Stock Fund Investor Class
Common Stock Fund Institutional Class
Management Fees [1] 0.82% 0.82%
Distribution and/or Service (12b-1) Fees none none
Other Expenses 0.17% 0.07%
Shareholder Servicing Fees 0.10% none
Remaining Other Expenses 0.07% 0.07%
Total Annual Fund Operating Expenses 0.99% 0.89%
[1] Management fees have been restated to reflect the implementation of reduced fees paid at various breakpoints in the Fund's management fee, which became effective on January 1, 2019, as if the reduced breakpoints had been in effect during all of the 2018 fiscal year.
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example - Common Stock Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Common Stock Fund Investor Class 101 315 547 1,213
Common Stock Fund Institutional Class 91 284 493 1,096
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 26% of the average value of its portfolio.
Principal Investment Strategies:
The Fund invests mainly in small- to medium-capitalization companies (namely, companies with less than $7 billion market capitalization at the time of initial purchase) listed or traded on a national securities exchange or on a national securities association.  Under normal market conditions, the Fund invests 80% of its net assets in common stocks, including for purposes of this limitation common stocks of foreign companies traded as American Depositary Receipts (“ADRs”) or American Depositary Shares (“ADSs”), which are dollar-denominated securities of foreign issuers traded in the U.S.

The Fund may invest in ADRs through both sponsored and unsponsored arrangements. Issuers of the securities underlying sponsored ADRs, but not unsponsored ADRs, are contractually obligated to disclose material information in the United States.  Therefore, the market value of unsponsored ADRs is less likely to reflect the effect of such information.

The Fund uses fundamental analysis to look for stocks of good businesses that are selling at value prices in an effort to achieve above average performance with below average risk.  The Fund believes good businesses have some or all of the following characteristics:

  ·
A strong, defendable market niche or products and services niche that is difficult to replicate


·
A high degree of relative recurring revenue


·
Modestly priced products or services


·
Attractive return-on-investment economics (namely, where return on investment exceeds a company’s cost of capital over a three to five year period)


·
Above-average growth or improving profitability prospects

The Fund considers valuation:


·
On both an absolute and relative to the market basis


·
Utilizing both historical and prospective analysis

In reviewing companies, the Fund applies the characteristics identified above on a case-by-case basis as the order of importance varies depending on the type of business or industry and the company being reviewed.

The Fund’s portfolio managers will generally sell a portfolio security when they believe:


·
The security has achieved its value potential


·
Such sale is necessary for portfolio diversification


·
Changing fundamentals signal a deteriorating value potential


·
Other securities have a better value potential
Principal Risks:
There is a risk that you could lose all or a portion of your money on your investment in the Fund.  This risk may increase during times of significant market volatility.  The risks below could affect the value of your investment, and because of these risks the Fund is a suitable investment only for those investors who have long-term investment goals:


·
Stock Market Risk: The prices of the securities in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden and/or prolonged. Price changes may occur in the market as a whole, or they may occur in only a particular company, industry, sector, or geographical region of the market.


·
Medium Capitalization Companies Risk:  Medium capitalization companies tend to be more susceptible to adverse business or economic events than large capitalization companies, and there is a risk that the securities of medium capitalization companies may have limited liquidity and greater price volatility than securities of large capitalization companies.


·
Small Capitalization Companies Risk:  Small capitalization companies typically have relatively lower revenues, limited product lines and lack of management depth, and may have a smaller share of the market for their products or services, than large and medium capitalization companies.  There is a risk that the securities of small capitalization companies may have limited liquidity and greater price volatility than securities of large and medium capitalization companies, which can negatively affect the Fund’s ability to sell these securities at quoted market prices.  Finally, there are periods when investing in small capitalization company stocks falls out of favor with investors and these stocks may underperform.


·
Value Investing Risk: The Fund’s portfolio managers may be wrong in their assessment of a company’s value and the stocks the Fund holds may not reach what the portfolio managers believe are their full values. From time to time “value” investing falls out of favor with investors. During these periods, the Fund’s relative performance may suffer.


·
Foreign Securities Risk:  Stocks of non-U.S. companies (whether directly or in ADRs or ADSs) as an asset class may underperform stocks of U.S. companies, and such stocks may be less liquid and more volatile than stocks of U.S. companies.  The costs associated with securities transactions are often higher in foreign countries than in the U.S.  The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by exchange-traded funds (“ETFs”) in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund, if the positions are not fully hedged. Additionally, investments in foreign securities, whether or not publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments.  Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies.  Foreign companies may not be subject to the same regulatory requirements as those of U.S. companies and, as a consequence, there may be less publicly available information about such companies.  Also, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies. Policy and legislative changes in foreign countries and other events affecting global markets, such as the United Kingdom’s expected exit from the European Union (or Brexit), may contribute to decreased liquidity and increased volatility in the financial markets. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.

  ·
Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments.  Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them.  If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund.  Liquidity issues may also make it difficult to value the Fund’s investments.
Performance:
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Investor Class shares from year to year and how the average annual returns of the Fund’s Investor Class shares over time compare to the performance of the Russell 2000® Index.  The performance of the Fund’s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date.  For additional information on the index, please see “Index Descriptions” in the Prospectus.  The Fund is the successor to the investment performance of the FMI Common Stock Fund, Inc. (the “Predecessor Fund”), which was reorganized into the Fund after the close of business on January 31, 2014.  Accordingly, the performance information shown below for periods on or prior to January 31, 2014 is that of the Predecessor Fund.  The Predecessor Fund was also advised by the Adviser and had the same investment objective and strategies as the Fund.  The past performance of the Fund and the Predecessor Fund (before and after taxes) are not necessarily an indication of future performance.  Performance may be higher or lower in the future.  Updated performance information is available on the Fund’s website at http://www.fmifunds.com.
FMI Common Stock Fund – Investor Class (Annual total return as of 12/31)
Bar Chart
During the ten year period shown on the bar chart, the highest total return for the Fund’s Investor Class shares for a quarter was 23.06% (quarter ended June 30, 2009) and the lowest total return for a quarter was -16.31% (quarter ended September 30, 2011).
Average Annual Total Returns (for the periods ended December 31, 2018)
After-tax returns are calculated using the historical highest individual federal stated income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.  The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or IRAs.  After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary. The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Average Annual Returns - Common Stock Fund
Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Common Stock Fund Investor Class Investor Class Return before taxes (8.65%) 4.38% 11.91%    
Common Stock Fund Institutional Class Institutional Class Return before taxes (8.55%)     6.88% Oct. 31, 2016
After Taxes on Distributions | Common Stock Fund Investor Class Investor Class Return after taxes on distributions (10.62%) 2.13% 10.06%    
After Taxes on Distributions and Sale of Fund Shares | Common Stock Fund Investor Class Investor Class Return after taxes on distributions and sale of Fund shares (3.66%) 3.30% 9.82%    
Russell 2000® Index (reflects no deduction for fees, expenses or taxes) Russell 2000® Index (reflects no deduction for fees, expenses or taxes) (11.01%) 4.41% 11.97% 7.33% Oct. 31, 2016

XML 15 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Common Stock Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Common Stock Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
FMI Common Stock Fund seeks long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund:
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 26% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 26.00%
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent Management fees have been restated to reflect the implementation of reduced fees paid at various breakpoints in the Fund’s management fee, which became effective on January 1, 2019, as if the reduced breakpoints had been in effect during all of the 2018 fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies:
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Fund invests mainly in small- to medium-capitalization companies (namely, companies with less than $7 billion market capitalization at the time of initial purchase) listed or traded on a national securities exchange or on a national securities association.  Under normal market conditions, the Fund invests 80% of its net assets in common stocks, including for purposes of this limitation common stocks of foreign companies traded as American Depositary Receipts (“ADRs”) or American Depositary Shares (“ADSs”), which are dollar-denominated securities of foreign issuers traded in the U.S.

The Fund may invest in ADRs through both sponsored and unsponsored arrangements. Issuers of the securities underlying sponsored ADRs, but not unsponsored ADRs, are contractually obligated to disclose material information in the United States.  Therefore, the market value of unsponsored ADRs is less likely to reflect the effect of such information.

The Fund uses fundamental analysis to look for stocks of good businesses that are selling at value prices in an effort to achieve above average performance with below average risk.  The Fund believes good businesses have some or all of the following characteristics:

  ·
A strong, defendable market niche or products and services niche that is difficult to replicate


·
A high degree of relative recurring revenue


·
Modestly priced products or services


·
Attractive return-on-investment economics (namely, where return on investment exceeds a company’s cost of capital over a three to five year period)


·
Above-average growth or improving profitability prospects

The Fund considers valuation:


·
On both an absolute and relative to the market basis


·
Utilizing both historical and prospective analysis

In reviewing companies, the Fund applies the characteristics identified above on a case-by-case basis as the order of importance varies depending on the type of business or industry and the company being reviewed.

The Fund’s portfolio managers will generally sell a portfolio security when they believe:


·
The security has achieved its value potential


·
Such sale is necessary for portfolio diversification


·
Changing fundamentals signal a deteriorating value potential


·
Other securities have a better value potential
Risk [Heading] rr_RiskHeading Principal Risks:
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
There is a risk that you could lose all or a portion of your money on your investment in the Fund.  This risk may increase during times of significant market volatility.  The risks below could affect the value of your investment, and because of these risks the Fund is a suitable investment only for those investors who have long-term investment goals:


·
Stock Market Risk: The prices of the securities in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden and/or prolonged. Price changes may occur in the market as a whole, or they may occur in only a particular company, industry, sector, or geographical region of the market.


·
Medium Capitalization Companies Risk:  Medium capitalization companies tend to be more susceptible to adverse business or economic events than large capitalization companies, and there is a risk that the securities of medium capitalization companies may have limited liquidity and greater price volatility than securities of large capitalization companies.


·
Small Capitalization Companies Risk:  Small capitalization companies typically have relatively lower revenues, limited product lines and lack of management depth, and may have a smaller share of the market for their products or services, than large and medium capitalization companies.  There is a risk that the securities of small capitalization companies may have limited liquidity and greater price volatility than securities of large and medium capitalization companies, which can negatively affect the Fund’s ability to sell these securities at quoted market prices.  Finally, there are periods when investing in small capitalization company stocks falls out of favor with investors and these stocks may underperform.


·
Value Investing Risk: The Fund’s portfolio managers may be wrong in their assessment of a company’s value and the stocks the Fund holds may not reach what the portfolio managers believe are their full values. From time to time “value” investing falls out of favor with investors. During these periods, the Fund’s relative performance may suffer.


·
Foreign Securities Risk:  Stocks of non-U.S. companies (whether directly or in ADRs or ADSs) as an asset class may underperform stocks of U.S. companies, and such stocks may be less liquid and more volatile than stocks of U.S. companies.  The costs associated with securities transactions are often higher in foreign countries than in the U.S.  The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by exchange-traded funds (“ETFs”) in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund, if the positions are not fully hedged. Additionally, investments in foreign securities, whether or not publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments.  Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies.  Foreign companies may not be subject to the same regulatory requirements as those of U.S. companies and, as a consequence, there may be less publicly available information about such companies.  Also, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies. Policy and legislative changes in foreign countries and other events affecting global markets, such as the United Kingdom’s expected exit from the European Union (or Brexit), may contribute to decreased liquidity and increased volatility in the financial markets. Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.

  ·
Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments.  Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them.  If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund.  Liquidity issues may also make it difficult to value the Fund’s investments.
Risk Lose Money [Text] rr_RiskLoseMoney There is a risk that you could lose all or a portion of your money on your investment in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance:
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Investor Class shares from year to year and how the average annual returns of the Fund’s Investor Class shares over time compare to the performance of the Russell 2000® Index.  The performance of the Fund’s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date.  For additional information on the index, please see “Index Descriptions” in the Prospectus.  The Fund is the successor to the investment performance of the FMI Common Stock Fund, Inc. (the “Predecessor Fund”), which was reorganized into the Fund after the close of business on January 31, 2014.  Accordingly, the performance information shown below for periods on or prior to January 31, 2014 is that of the Predecessor Fund.  The Predecessor Fund was also advised by the Adviser and had the same investment objective and strategies as the Fund.  The past performance of the Fund and the Predecessor Fund (before and after taxes) are not necessarily an indication of future performance.  Performance may be higher or lower in the future.  Updated performance information is available on the Fund’s website at http://www.fmifunds.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Investor Class shares from year to year and how the average annual returns of the Fund’s Investor Class shares over time compare to the performance of the Russell 2000® Index.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress http://www.fmifunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The past performance of the Fund and the Predecessor Fund (before and after taxes) are not necessarily an indication of future performance.
Bar Chart [Heading] rr_BarChartHeading FMI Common Stock Fund – Investor Class (Annual total return as of 12/31)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
During the ten year period shown on the bar chart, the highest total return for the Fund’s Investor Class shares for a quarter was 23.06% (quarter ended June 30, 2009) and the lowest total return for a quarter was -16.31% (quarter ended September 30, 2011).
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest total return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 23.06%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest total return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (16.31%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal stated income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or IRAs.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock
After-tax returns are calculated using the historical highest individual federal stated income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.  The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or IRAs.  After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary. The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (for the periods ended December 31, 2018)
Common Stock Fund | Russell 2000® Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Russell 2000® Index (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (11.01%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.41%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 11.97%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 7.33%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2016
Common Stock Fund | Common Stock Fund Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (transfer agent charge of $15 for each wire redemption) rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFee none
Management Fees rr_ManagementFeesOverAssets 0.82% [1]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.10%
Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.07%
Other Expenses rr_OtherExpensesOverAssets 0.17%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.99%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 101
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 315
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 547
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,213
Annual Return 2009 rr_AnnualReturn2009 33.89%
Annual Return 2010 rr_AnnualReturn2010 22.16%
Annual Return 2011 rr_AnnualReturn2011 4.52%
Annual Return 2012 rr_AnnualReturn2012 10.16%
Annual Return 2013 rr_AnnualReturn2013 32.01%
Annual Return 2014 rr_AnnualReturn2014 6.47%
Annual Return 2015 rr_AnnualReturn2015 (6.84%)
Annual Return 2016 rr_AnnualReturn2016 20.20%
Annual Return 2017 rr_AnnualReturn2017 13.77%
Annual Return 2018 rr_AnnualReturn2018 (8.65%)
Label rr_AverageAnnualReturnLabel Investor Class Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (8.65%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.38%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 11.91%
Common Stock Fund | Common Stock Fund Investor Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Investor Class Return after taxes on distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (10.62%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 2.13%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 10.06%
Common Stock Fund | Common Stock Fund Investor Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Investor Class Return after taxes on distributions and sale of Fund shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (3.66%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.30%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 9.82%
Common Stock Fund | Common Stock Fund Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (transfer agent charge of $15 for each wire redemption) rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFee none
Management Fees rr_ManagementFeesOverAssets 0.82% [1]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets none
Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.07%
Other Expenses rr_OtherExpensesOverAssets 0.07%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.89%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 91
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 284
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 493
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,096
Label rr_AverageAnnualReturnLabel Institutional Class Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (8.55%)
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 6.88%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2016
[1] Management fees have been restated to reflect the implementation of reduced fees paid at various breakpoints in the Fund's management fee, which became effective on January 1, 2019, as if the reduced breakpoints had been in effect during all of the 2018 fiscal year.
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International Fund
International Fund
Investment Objective:
FMI International Fund seeks long-term capital appreciation.
Fees and Expenses of the Fund:
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees - International Fund - USD ($)
International Fund Investor Class
International Fund Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases none none
Maximum Deferred Sales Charge (Load) none none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions none none
Redemption Fee (transfer agent charge of $15 for each wire redemption) none none
Exchange Fee none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - International Fund
International Fund Investor Class
International Fund Institutional Class
Management Fees 0.70% 0.70%
Distribution and/or Service (12b-1) Fees none none
Other Expenses 0.20% 0.06%
Shareholder Servicing Fees 0.14% none
Remaining Other Expenses 0.06% 0.06%
Total Annual Fund Operating Expenses 0.90% 0.76%
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example - International Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
International Fund Investor Class 92 287 498 1,108
International Fund Institutional Class 78 243 422 942
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 21% of the average value of its portfolio.
Principal Investment Strategies:
The Fund invests mainly in a limited number of large capitalization (namely, companies with more than $5 billion market capitalization at the time of initial purchase) value stocks of foreign companies (also referred to as non-U.S. companies).  The Fund normally invests at least 65% of its total assets in the equity securities of non-U.S. companies.  Non-U.S. companies are companies domiciled or headquartered outside of the United States, or whose primary business activities or principal trading markets are located outside of the United States.  Sometimes these non-U.S. companies are traded in the U.S. on a national securities exchange, or through American Depositary Receipts (“ADRs”) or American Depositary Shares (“ADSs”).  The Fund invests in common stocks and other equity securities, including preferred stocks, convertible preferred stocks, warrants, ADRs, ADSs and exchange-traded funds (“ETFs”) based on an international equity index.  The Fund may seek to protect itself against the adverse effects of currency exchange rate fluctuations by entering into currency hedging transactions.

The Fund may invest in ADRs through both sponsored and unsponsored arrangements.  Issuers of the securities underlying sponsored ADRs, but not unsponsored ADRs, are contractually obligated to disclose material information in the United States.  Therefore, the market value of unsponsored ADRs is less likely to reflect the effect of such information.

Unlike many international funds, the majority of the Fund’s investments will be in companies that have global operations rather than in companies whose business is limited to a particular country or geographic region.  Because the Fund’s investments will be limited in number and investing in emerging market securities will not be a principal investment strategy, a substantial amount of the Fund’s assets (namely, more than 25% of its assets) may be in issuers located in a limited number of countries, and it is likely that the geographical and industry weightings of the Fund will differ significantly from popular international benchmarks.  When determining whether an investment is in emerging market securities, the Fund views an investment in the securities of a company domiciled or headquartered in an emerging market, or whose primary business activities or principal trading markets are located in an emerging market as an investment in an emerging market.

The Fund uses fundamental analysis to look for stocks of good businesses that are selling at value prices in an effort to achieve above average performance with below average risk.  The Fund believes good businesses have some or all of the following characteristics:


·
A strong, defendable market niche or products and services niche that is difficult to replicate


·
A high degree of relative recurring revenue


·
Modestly priced products or services


·
Attractive return-on-investment economics (namely, where return on investment exceeds a company’s cost of capital over a three to five year period)


·
Above-average growth or improving profitability prospects

The Fund considers valuation:


·
On both an absolute and relative to the market basis


·
Utilizing both historical and prospective analysis

In reviewing companies, the Fund applies the characteristics identified above on a case-by-case basis as the order of importance varies depending on the type of business or industry and the company being reviewed.

The Fund is non-diversified which means that it may invest a significant portion of its assets in the securities of a single issuer or small number of issuers.

The Fund’s portfolio managers will generally sell a portfolio security when they believe:


·
The security has achieved its value potential


·
Such sale is necessary for portfolio diversification


·
Changing fundamentals signal a deteriorating value potential


·
Other securities have a better value potential
Principal Risks:
There is a risk that you could lose all or a portion of your money on your investment in the Fund.  This risk may increase during times of significant market volatility.  The risks below could affect the value of your investment, and because of these risks the Fund is a suitable investment only for those investors who have long-term investment goals:


·
Stock Market Risk:  The prices of the securities in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden and/or prolonged. Price changes may occur in the market as a whole, or they may occur in only a particular company, industry, sector, or geographical region of the market.


·
Non-Diversification Risk: Because the Fund is non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a more limited number of issuers), the Fund’s shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund.  Thus, the Fund may be more volatile because each stock in which it invests will have greater impact on the Fund’s performance.


·
Value Investing Risk:  The Fund’s portfolio managers may be wrong in their assessment of a company’s value and the stocks the Fund holds may not reach what the portfolio managers believe are their full values. From time to time “value” investing falls out of favor with investors. During these periods, the Fund’s relative performance may suffer.


·
Foreign Securities Risk:  Stocks of non-U.S. companies (whether directly or in ADRs or ADSs) as an asset class may underperform stocks of U.S. companies, and such stocks may be less liquid and more volatile than stocks of U.S. companies.  The costs associated with securities transactions are often higher in foreign countries than in the U.S.  The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by ETFs in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund, if the positions are not fully hedged.  Additionally, investments in foreign securities, whether or not publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments, including foreign political and economic risk not associated with domestic investments, meaning that political events, social and economic events and natural disasters occurring in a country where the Fund invests could cause the Fund’s investments in that country to experience gains or losses.  Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies.  Foreign companies may not be subject to the same regulatory requirements as those of U.S. companies and, as a consequence, there may be less publicly available information about such companies.  Also, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies. Policy and legislative changes in foreign countries and other events affecting global markets, such as the United Kingdom’s expected exit from the European Union (or Brexit), may contribute to decreased liquidity and increased volatility in the financial markets.  Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.


·
Geographic Concentration Risk:  Concentrating investments in a limited number of countries or particular geographic regions makes the Fund more susceptible to adverse economic, political, social, regulatory and other developments in that country, countries or region.  Additionally, the Fund’s performance may be more volatile when the Fund’s investments are less diversified across countries.


·
Currency Hedging Risk:  The Fund generally hedges a significant portion of its foreign stock investments against foreign currency changes in an effort to have its returns more closely reflect the market performance of its investments, rather than the value of the currency.  To the extent the Fund hedges portions of its portfolio, its relative performance may differ from that of unhedged portfolios or indices. There is no guarantee the hedges will fully protect against adverse currency movements.


·
Large Capitalization Companies Risk:   Large capitalization companies may grow more slowly than the overall economy and tend to go in and out of favor based on market and economic conditions, and the Fund may underperform investments that focus on small or medium capitalization companies.


·
Liquidity Risk:  Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments.  Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them.  If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund.  Liquidity issues may also make it difficult to value the Fund’s investments.
Performance:
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Investor Class from year to year and how the average annual returns of the Fund’s Investor Class over time compare to the performance of the Morgan Stanley Capital International Europe, Australasia and Far East® Index (“MSCI EAFE®”).  The performance of the Fund’s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date.  For additional information on the index, please see “Index Descriptions” in the Prospectus.  The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance.  Performance may be higher or lower in the future.  Updated performance information is available on the Fund’s website at http://www.fmifunds.com.
FMI International Fund – Investor Class (Annual total return as of 12/31)
Bar Chart
During the period shown on the bar chart, the highest total return for the Fund’s Investor Class shares for a quarter was 10.23% (quarter ended March 31, 2013) and the lowest total return for a quarter was ‑12.16% (quarter ended September 30, 2011).
Average Annual Total Returns (for the periods ended December 31, 2018)
After-tax returns are calculated using the historical highest individual federal stated income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.  The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts IRAs.  After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary.  The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Average Annual Returns - International Fund
Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
International Fund Investor Class Investor Class Return before taxes (9.46%) 4.42% 7.60% Dec. 31, 2010
International Fund Institutional Class Institutional Class Return before taxes (9.32%)   3.21% Oct. 31, 2016
After Taxes on Distributions | International Fund Investor Class Investor Class Return after taxes on distributions (11.22%) 3.36% 6.82%  
After Taxes on Distributions and Sale of Fund Shares | International Fund Investor Class Investor Class Return after taxes on distributions and sale of Fund shares (4.82%) 3.21% 5.97%  
MSCI EAFE® (LOC) (reflects no deduction for fees, expenses or taxes) | International Fund Investor Class MSCI EAFE® (LOC) (reflects no deduction for fees, expenses or taxes) (10.99%) 3.81% 5.86% Dec. 31, 2010
MSCI EAFE® (LOC) (reflects no deduction for fees, expenses or taxes) | International Fund Institutional Class MSCI EAFE® (LOC) (reflects no deduction for fees, expenses or taxes) (10.99%) 3.81% 3.85% Oct. 31, 2016
MSCI EAFE® (USD) (reflects no deduction for fees, expenses or taxes) | International Fund Investor Class MSCI EAFE® (USD) (reflects no deduction for fees, expenses or taxes) (13.79%) 0.53% 3.33% Dec. 31, 2010
MSCI EAFE® (USD) (reflects no deduction for fees, expenses or taxes) | International Fund Institutional Class MSCI EAFE® (USD) (reflects no deduction for fees, expenses or taxes) (13.79%) 0.53% 4.17% Oct. 31, 2016
XML 18 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
International Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading International Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
FMI International Fund seeks long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund:
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 21% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 21.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies:
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Fund invests mainly in a limited number of large capitalization (namely, companies with more than $5 billion market capitalization at the time of initial purchase) value stocks of foreign companies (also referred to as non-U.S. companies).  The Fund normally invests at least 65% of its total assets in the equity securities of non-U.S. companies.  Non-U.S. companies are companies domiciled or headquartered outside of the United States, or whose primary business activities or principal trading markets are located outside of the United States.  Sometimes these non-U.S. companies are traded in the U.S. on a national securities exchange, or through American Depositary Receipts (“ADRs”) or American Depositary Shares (“ADSs”).  The Fund invests in common stocks and other equity securities, including preferred stocks, convertible preferred stocks, warrants, ADRs, ADSs and exchange-traded funds (“ETFs”) based on an international equity index.  The Fund may seek to protect itself against the adverse effects of currency exchange rate fluctuations by entering into currency hedging transactions.

The Fund may invest in ADRs through both sponsored and unsponsored arrangements.  Issuers of the securities underlying sponsored ADRs, but not unsponsored ADRs, are contractually obligated to disclose material information in the United States.  Therefore, the market value of unsponsored ADRs is less likely to reflect the effect of such information.

Unlike many international funds, the majority of the Fund’s investments will be in companies that have global operations rather than in companies whose business is limited to a particular country or geographic region.  Because the Fund’s investments will be limited in number and investing in emerging market securities will not be a principal investment strategy, a substantial amount of the Fund’s assets (namely, more than 25% of its assets) may be in issuers located in a limited number of countries, and it is likely that the geographical and industry weightings of the Fund will differ significantly from popular international benchmarks.  When determining whether an investment is in emerging market securities, the Fund views an investment in the securities of a company domiciled or headquartered in an emerging market, or whose primary business activities or principal trading markets are located in an emerging market as an investment in an emerging market.

The Fund uses fundamental analysis to look for stocks of good businesses that are selling at value prices in an effort to achieve above average performance with below average risk.  The Fund believes good businesses have some or all of the following characteristics:


·
A strong, defendable market niche or products and services niche that is difficult to replicate


·
A high degree of relative recurring revenue


·
Modestly priced products or services


·
Attractive return-on-investment economics (namely, where return on investment exceeds a company’s cost of capital over a three to five year period)


·
Above-average growth or improving profitability prospects

The Fund considers valuation:


·
On both an absolute and relative to the market basis


·
Utilizing both historical and prospective analysis

In reviewing companies, the Fund applies the characteristics identified above on a case-by-case basis as the order of importance varies depending on the type of business or industry and the company being reviewed.

The Fund is non-diversified which means that it may invest a significant portion of its assets in the securities of a single issuer or small number of issuers.

The Fund’s portfolio managers will generally sell a portfolio security when they believe:


·
The security has achieved its value potential


·
Such sale is necessary for portfolio diversification


·
Changing fundamentals signal a deteriorating value potential


·
Other securities have a better value potential
Risk [Heading] rr_RiskHeading Principal Risks:
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
There is a risk that you could lose all or a portion of your money on your investment in the Fund.  This risk may increase during times of significant market volatility.  The risks below could affect the value of your investment, and because of these risks the Fund is a suitable investment only for those investors who have long-term investment goals:


·
Stock Market Risk:  The prices of the securities in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden and/or prolonged. Price changes may occur in the market as a whole, or they may occur in only a particular company, industry, sector, or geographical region of the market.


·
Non-Diversification Risk: Because the Fund is non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a more limited number of issuers), the Fund’s shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund.  Thus, the Fund may be more volatile because each stock in which it invests will have greater impact on the Fund’s performance.


·
Value Investing Risk:  The Fund’s portfolio managers may be wrong in their assessment of a company’s value and the stocks the Fund holds may not reach what the portfolio managers believe are their full values. From time to time “value” investing falls out of favor with investors. During these periods, the Fund’s relative performance may suffer.


·
Foreign Securities Risk:  Stocks of non-U.S. companies (whether directly or in ADRs or ADSs) as an asset class may underperform stocks of U.S. companies, and such stocks may be less liquid and more volatile than stocks of U.S. companies.  The costs associated with securities transactions are often higher in foreign countries than in the U.S.  The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by ETFs in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund, if the positions are not fully hedged.  Additionally, investments in foreign securities, whether or not publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments, including foreign political and economic risk not associated with domestic investments, meaning that political events, social and economic events and natural disasters occurring in a country where the Fund invests could cause the Fund’s investments in that country to experience gains or losses.  Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies.  Foreign companies may not be subject to the same regulatory requirements as those of U.S. companies and, as a consequence, there may be less publicly available information about such companies.  Also, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies. Policy and legislative changes in foreign countries and other events affecting global markets, such as the United Kingdom’s expected exit from the European Union (or Brexit), may contribute to decreased liquidity and increased volatility in the financial markets.  Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.


·
Geographic Concentration Risk:  Concentrating investments in a limited number of countries or particular geographic regions makes the Fund more susceptible to adverse economic, political, social, regulatory and other developments in that country, countries or region.  Additionally, the Fund’s performance may be more volatile when the Fund’s investments are less diversified across countries.


·
Currency Hedging Risk:  The Fund generally hedges a significant portion of its foreign stock investments against foreign currency changes in an effort to have its returns more closely reflect the market performance of its investments, rather than the value of the currency.  To the extent the Fund hedges portions of its portfolio, its relative performance may differ from that of unhedged portfolios or indices. There is no guarantee the hedges will fully protect against adverse currency movements.


·
Large Capitalization Companies Risk:   Large capitalization companies may grow more slowly than the overall economy and tend to go in and out of favor based on market and economic conditions, and the Fund may underperform investments that focus on small or medium capitalization companies.


·
Liquidity Risk:  Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments.  Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them.  If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund.  Liquidity issues may also make it difficult to value the Fund’s investments.
Risk Lose Money [Text] rr_RiskLoseMoney There is a risk that you could lose all or a portion of your money on your investment in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus Because the Fund is non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a more limited number of issuers), the Fund’s shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund. Thus, the Fund may be more volatile because each stock in which it invests will have greater impact on the Fund’s performance.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance:
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Investor Class from year to year and how the average annual returns of the Fund’s Investor Class over time compare to the performance of the Morgan Stanley Capital International Europe, Australasia and Far East® Index (“MSCI EAFE®”).  The performance of the Fund’s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date.  For additional information on the index, please see “Index Descriptions” in the Prospectus.  The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance.  Performance may be higher or lower in the future.  Updated performance information is available on the Fund’s website at http://www.fmifunds.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the performance of the Fund’s Investor Class from year to year and how the average annual returns of the Fund’s Investor Class over time compare to the performance of the Morgan Stanley Capital International Europe, Australasia and Far East® Index (“MSCI EAFE®”).
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress http://www.fmifunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance.
Bar Chart [Heading] rr_BarChartHeading FMI International Fund – Investor Class (Annual total return as of 12/31)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
During the period shown on the bar chart, the highest total return for the Fund’s Investor Class shares for a quarter was 10.23% (quarter ended March 31, 2013) and the lowest total return for a quarter was ‑12.16% (quarter ended September 30, 2011).
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest total return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2013
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 10.23%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest total return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (12.16%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal stated income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts IRAs.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock
After-tax returns are calculated using the historical highest individual federal stated income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.  The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts IRAs.  After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary.  The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (for the periods ended December 31, 2018)
International Fund | International Fund Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (transfer agent charge of $15 for each wire redemption) rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFee none
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.14%
Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.06%
Other Expenses rr_OtherExpensesOverAssets 0.20%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.90%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 92
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 287
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 498
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,108
Annual Return 2011 rr_AnnualReturn2011 (1.77%)
Annual Return 2012 rr_AnnualReturn2012 18.18%
Annual Return 2013 rr_AnnualReturn2013 24.65%
Annual Return 2014 rr_AnnualReturn2014 4.62%
Annual Return 2015 rr_AnnualReturn2015 3.22%
Annual Return 2016 rr_AnnualReturn2016 10.00%
Annual Return 2017 rr_AnnualReturn2017 15.45%
Annual Return 2018 rr_AnnualReturn2018 (9.46%)
Label rr_AverageAnnualReturnLabel Investor Class Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (9.46%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.42%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 7.60%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2010
International Fund | International Fund Investor Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Investor Class Return after taxes on distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (11.22%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.36%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 6.82%
International Fund | International Fund Investor Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Investor Class Return after taxes on distributions and sale of Fund shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (4.82%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.21%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 5.97%
International Fund | International Fund Investor Class | MSCI EAFE® (LOC) (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel MSCI EAFE® (LOC) (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (10.99%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.81%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 5.86%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2010
International Fund | International Fund Investor Class | MSCI EAFE® (USD) (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel MSCI EAFE® (USD) (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (13.79%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.53%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 3.33%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2010
International Fund | International Fund Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee (transfer agent charge of $15 for each wire redemption) rr_RedemptionFeeOverRedemption none
Exchange Fee rr_ExchangeFee none
Management Fees rr_ManagementFeesOverAssets 0.70%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets none
Remaining Other Expenses rr_Component3OtherExpensesOverAssets 0.06%
Other Expenses rr_OtherExpensesOverAssets 0.06%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.76%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 78
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 243
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 422
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 942
Label rr_AverageAnnualReturnLabel Institutional Class Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (9.32%)
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 3.21%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2016
International Fund | International Fund Institutional Class | MSCI EAFE® (LOC) (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel MSCI EAFE® (LOC) (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (10.99%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.81%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 3.85%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2016
International Fund | International Fund Institutional Class | MSCI EAFE® (USD) (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel MSCI EAFE® (USD) (reflects no deduction for fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (13.79%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.53%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 4.17%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2016
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Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 31, 2019
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