0000894189-13-000770.txt : 20130208 0000894189-13-000770.hdr.sgml : 20130208 20130208143631 ACCESSION NUMBER: 0000894189-13-000770 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130208 DATE AS OF CHANGE: 20130208 EFFECTIVENESS DATE: 20130208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FMI COMMON STOCK FUND INC CENTRAL INDEX KEY: 0000354631 IRS NUMBER: 391393970 STATE OF INCORPORATION: WI FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-73468 FILM NUMBER: 13586281 BUSINESS ADDRESS: STREET 1: 100 EAST WISCONSIN AVENUE, SUITE 2200 CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 4142264556 MAIL ADDRESS: STREET 1: 100 EAST WISCONSIN AVENUE, SUITE 2200 CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: FIDUCIARY CAPITAL GROWTH FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIDUCIARY GROWTH FUND INC DATE OF NAME CHANGE: 19820208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FMI COMMON STOCK FUND INC CENTRAL INDEX KEY: 0000354631 IRS NUMBER: 391393970 STATE OF INCORPORATION: WI FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03235 FILM NUMBER: 13586282 BUSINESS ADDRESS: STREET 1: 100 EAST WISCONSIN AVENUE, SUITE 2200 CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 4142264556 MAIL ADDRESS: STREET 1: 100 EAST WISCONSIN AVENUE, SUITE 2200 CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: FIDUCIARY CAPITAL GROWTH FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIDUCIARY GROWTH FUND INC DATE OF NAME CHANGE: 19820208 0000354631 S000000831 FMI COMMON STOCK FUND C000002446 FMI COMMON STOCK FUND FMIMX 485BPOS 1 fmics_bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL fmics_bxbrl.htm

 
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 8, 2013

Securities Act Registration No. 002-73468
Investment Company Act Registration No. 811-03235

SECURITIES AND EXCHANGE COMMISSION
Washington D.C.  20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
[
X
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Pre-Effective Amendment No.
   
[
 
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Post-Effective Amendment No.
37
 
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X
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and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[
X
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Amendment No.
38
 
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X
]

 (Check appropriate box or boxes.)

FMI COMMON STOCK FUND, 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)
   
Ted D. Kellner
Copy to:
Fiduciary Management, Inc.
Peter Fetzer
100 East Wisconsin Avenue, Suite 2200
Foley & Lardner LLP
Milwaukee, Wisconsin 53202
777 East Wisconsin Avenue
(Name and Address of Agent for Service)
Milwaukee, Wisconsin 53202

Approximate Date of Proposed Public Offering:  As soon as practicable after the Registration Statement becomes effective.

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

[
X
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immediately upon filing pursuant to paragraph (b)
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On (date) pursuant to paragraph (b)
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60 days after filing pursuant to paragraph (a)(1)
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on (date) pursuant to paragraph (a)(1)
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75 days after filing pursuant to paragraph (a)(2)
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on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

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

Explanatory Note: This Post-Effective Amendment (“PEA”) No. 37 to the Trust’s Registration Statement on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 36 on Form N-1A filed January 29, 2013.  This PEA No. 37 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 36 to the Trust’s Registration Statement.

 
 
 

 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this Amended Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Milwaukee and State of Wisconsin on the 7th day of February, 2013.

 
FMI COMMON STOCK FUND, INC.
 
(Registrant)
   
   
 
By:  /s/ Ted D. Kellner                                  
 
Ted D. Kellner, President

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated.

Name
 
Title
Date
       
/s/ Ted D. Kellner
 
President, Treasurer and Director
February 7, 2013
Ted D. Kellner
     
       
/s/ Barry K. Allen
 
Director
February 7, 2013
Barry K. Allen
     
       
/s/ Robert C. Arzbaecher
 
Director
February 7, 2013
Robert C. Arzbaecher
     
       
/s/ Patrick J. English
 
Director
February 7, 2013
Patrick J. English
     
       
/s/ Gordon H. Gunnlaugsson
 
Director
February 7, 2013
Gordon H. Gunnlaugsson
     
       
/s/ Paul S. Shain
 
Director
February 7, 2013
Paul S. Shain
     
       
/s/ John S. Brandser
 
Director
February 7, 2013
John S. Brandser
     
 

 
 
 

 
 
INDEX TO EXHIBITS

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

 
 
 
 
 
 
 

EX-101.INS 2 ck0000354631-20130129.xml INSTANCE DOCUMENT 0000354631 2012-12-31 2012-12-31 0000354631 ck0000354631:S000000833Member ck0000354631:S000000833Member 2012-12-31 2012-12-31 0000354631 ck0000354631:S000000833Member ck0000354631:S000000833Member ck0000354631:C000002448Member 2012-12-31 2012-12-31 0000354631 ck0000354631:S000000833Member ck0000354631:S000000833Member rr:AfterTaxesOnDistributionsMember ck0000354631:C000002448Member 2012-12-31 2012-12-31 0000354631 ck0000354631:S000000833Member ck0000354631:S000000833Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000354631:C000002448Member 2012-12-31 2012-12-31 0000354631 ck0000354631:S000000833Member ck0000354631:S000000833Member ck0000354631:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-12-31 2012-12-31 0000354631 ck0000354631:S000000831Member ck0000354631:S000000831Member 2012-12-31 2012-12-31 0000354631 ck0000354631:S000000831Member ck0000354631:S000000831Member ck0000354631:C000002446Member 2012-12-31 2012-12-31 0000354631 ck0000354631:S000000831Member ck0000354631:S000000831Member rr:AfterTaxesOnDistributionsMember ck0000354631:C000002446Member 2012-12-31 2012-12-31 0000354631 ck0000354631:S000000831Member ck0000354631:S000000831Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000354631:C000002446Member 2012-12-31 2012-12-31 0000354631 ck0000354631:S000000831Member ck0000354631:S000000831Member ck0000354631:index_Russell_2000_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-12-31 2012-12-31 0000354631 ck0000354631:S000030572Member ck0000354631:S000030572Member 2012-12-31 2012-12-31 0000354631 ck0000354631:S000030572Member ck0000354631:S000030572Member ck0000354631:C000094796Member 2012-12-31 2012-12-31 0000354631 ck0000354631:S000030572Member ck0000354631:S000030572Member rr:AfterTaxesOnDistributionsMember ck0000354631:C000094796Member 2012-12-31 2012-12-31 0000354631 ck0000354631:S000030572Member ck0000354631:S000030572Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000354631:C000094796Member 2012-12-31 2012-12-31 0000354631 ck0000354631:S000030572Member ck0000354631:S000030572Member ck0000354631:index_MSCI_EAFE_LOC_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-12-31 2012-12-31 0000354631 ck0000354631:S000030572Member ck0000354631:S000030572Member ck0000354631:index_MSCI_EAFE_USD_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-12-31 2012-12-31 xbrli:pure iso4217:USD Inception December 31, 2010. The Fund's investment adviser has contractually agreed in the investment advisory agreement to waive its advisory fee to the extent necessary to ensure that net expenses (excluding federal, state and local taxes, interest, brokerage commissions and extraordinary items) do not exceed 1.75% of the average daily net assets of the Fund. The investment advisory agreement may be terminated by the Fund or the Fund's investment adviser for any reason upon sixty days prior written notice, but is expected to continue indefinitely. In addition to the reimbursement required under the investment advisory agreement, the investment adviser has agreed to reimburse the Fund to the extent necessary to ensure that total annual fund operating expenses do not exceed 1.00% at least through January 31, 2014 . FMI COMMON STOCK FUND INC 485BPOS false 0000354631 2012-12-31 2013-01-29 2013-01-31 2013-01-31 FMI LARGE CAP FUND FMIHX Portfolio Turnover <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;&#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 21% of the average value of its portfolio.</font> </div> 0.21 Performance: <div align="justify" style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and how the Fund&#8217;s average annual returns over time compare to the performance of the Standard &amp; Poor&#8217;s Composite Index of 500 Stocks (&#8220;S&amp;P 500&#8221;).&#160;&#160;For additional information on this index, please see &#8220;Index Descriptions&#8221; in this Prospectus.&#160;&#160;The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at http://www.fmifunds.com.</font> </div> FMI Large Cap Fund (Annual total return as of 12/31) 0.3155 0.1752 0.0912 0.1668 0.0411 -0.2691 0.2968 0.1141 0.0149 0.1486 ~ http://www.fmifunds.com/20130129/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0000354631_S000000833Member row primary compact * ~ highest total return for a quarter 0.1506 2003-06-30 lowest total return for a quarter -0.1829 2008-12-31 <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the ten year period shown on the bar chart, the Fund&#8217;s highest total return for a quarter was 15.06% (quarter ended June 30, 2003) and the lowest total return for a quarter was -18.29% (quarter ended December 31, 2008).</font> </div> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown.&#160;&#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).</font> </div> 0.1486 0.0425 0.0969 0.1445 0.0395 0.0922 0.1019 0.0361 0.0846 0.1600 0.0166 0.0710 ~ http://www.fmifunds.com/20130129/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0000354631_S000000833Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and how the Fund's average annual returns over time compare to the performance of the Standard & Poor's Composite Index of 500 Stocks ("S&P 500"). The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or taxes) http://www.fmifunds.com 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). Average Annual Total Returns (for the periods ended December 31, 2012) Investment Objective: <div align="justify" style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;FMI Large Cap Fund seeks long-term capital appreciation.</font> </div> Example <div align="justify" style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;&#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></div> 98 306 531 1178 ~ http://www.fmifunds.com/20130129/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0000354631_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 align="justify" style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;The Fund invests mainly in a limited number of large capitalization (namely, companies with more than $5 billion market capitalization) 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;&#160;In addition, the Fund invests in American Depositary Receipts (&#8220;ADRs&#8221;), which are dollar-denominated securities of foreign issuers traded in the U.S.</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund may invest in ADRs through both sponsored and unsponsored arrangements.&#160;&#160;Issuers of the securities underlying sponsored ADRs, but not unsponsored ADRs, are contractually obligated to disclose material information in the United States.&#160;&#160;Therefore, the market value of unsponsored ADRs is less likely to reflect the effect of such information.</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;&#160;The Fund believes good businesses have some or all of the following characteristics:</font> </div> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A strong, defendable market niche or products and services niche that is difficult to replicate</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A high degree of relative recurring revenue</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-1" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Modestly priced products or services</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-2" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> &#160; </td> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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)</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-3" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Above-average growth or improving profitability prospects</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund considers valuation:</font> </div> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-4" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On both an absolute and relative to the market basis</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-5" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Utilizing both historical and prospective analysis</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund&#8217;s portfolio managers will generally sell a portfolio security when they believe:</font> </div> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-6" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The security has achieved its value potential</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-7" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> There is a risk that you could lose all or a portion of your money on your investment in the Fund.&#160;&#160;This risk may increase during times of significant market volatility.&#160;&#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:</font> </div> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-10" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> &#160; </td> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; 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The price declines of common stocks, in particular, may be steep, sudden and/or prolonged. 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> &#160; </td> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font></font> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Large Capitalization Companies Risk:</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.</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-13" width="100%" style="FONT-FAMILY: times new roman; 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> &#160; </td> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font></font> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; 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.</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-15" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> &#160; </td> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font></font> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign Securities Risk:</font> Stocks of non-U.S. companies (whether directly or in ADRs) 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;&#160;The costs associated with securities transactions are often higher in foreign countries than the U.S.&#160;&#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. 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 not be subject to the same regulatory requirements of U.S. companies and, as a consequence, there may be less publicly available information about such companies.&#160;&#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;&#160;Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.</font> </div> </td> </tr> </table> 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 particular issuer), 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 is more sensitive to economic, business and political changes which may result in greater price fluctuations of the Fund's shares. FMI COMMON STOCK FUND FMIMX Portfolio Turnover <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;&#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 43% of the average value of its portfolio.</font> </div> 0.43 Performance: <div align="justify" style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance from year to year and how the Fund&#8217;s average annual returns over time compare to the performance of the Russell 2000 Index.&#160;&#160;For additional information on this index, please see &#8220;Index Descriptions&#8221; in this Prospectus.&#160;&#160;The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at http://www.fmifunds.com.</font> </div> FMI Common Stock Fund (Annual total return as of 12/31) 0.2408 0.1879 0.0945 0.1714 -0.0197 -0.2041 0.3389 0.2216 0.0452 0.1016 ~ http://www.fmifunds.com/20130129/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact ck0000354631_S000000831Member row primary compact * ~ highest total return for a quarter 0.2152 2009-06-30 lowest total return for a quarter -0.1988 2008-12-31 <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the ten year period shown on the bar chart, the Fund&#8217;s highest total return for a quarter was 21.52% (quarter ended June 30, 2009) and the lowest total return for a quarter was -19.88% (quarter ended December 31, 2008).</font> </div> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown.&#160;&#160;In certain cases, the figure representing &#8220;Return after taxes on distributions and sale of Fund shares&#8221; may be higher</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.&#160;&#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).</font> </div> 0.1016 0.0843 0.1075 0.0855 0.0746 0.0935 0.0863 0.0710 0.0909 0.1635 0.0356 0.0972 ~ http://www.fmifunds.com/20130129/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_LegalEntityAxis compact ck0000354631_S000000831Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and how the Fund's average annual returns over time compare to the performance of the Russell 2000 Index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or taxes) In certain cases, the figure representing "Return after taxes on distributions and sale of Fund shares" may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. http://www.fmifunds.com Average Annual Total Returns (for the periods ended December 31, 2012) 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). Principal Investment Strategies: <div align="justify" style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;The Fund invests mainly in small- to medium-capitalization companies (namely, companies with less than $5 billion market capitalization) value stocks of companies listed or traded on a national securities exchange or on a national securities association.&#160;&#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;).</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund may invest in ADRs through both sponsored and unsponsored arrangements.&#160;&#160;Issuers of the securities underlying sponsored ADRs, but not unsponsored ADRs, are contractually obligated to disclose material information in the United States.&#160;&#160;Therefore, the market value of unsponsored ADRs is less likely to reflect the effect of such information.</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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:</font> </div> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-16" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A strong, defendable market niche or products and services niche that is difficult to replicate</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-17" width="100%" style="FONT-FAMILY: times new roman; 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FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Modestly priced products or services</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-19" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> &#160; </td> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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)</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-20" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Above-average growth or improving profitability prospects</font> </div> </td> </tr> </table> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block"> <font style="DISPLAY: inline; 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FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund&#8217;s portfolio managers will generally sell a portfolio security when they believe:</font> </div> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-23" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The security has achieved its value potential</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-24" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Such sale is necessary for portfolio diversification</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-25" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;&#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. 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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 border="0" cellpadding="0" cellspacing="0" id="hangingindent-32" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> &#160; </td> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font></font></font> </div> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Foreign Securities Risk:</font>&#160;&#160;Stocks of non-U.S. companies (whether directly or in ADRs) 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;&#160;The costs associated with securities transactions are often higher in foreign countries than the U.S.&#160;&#160;The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund 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 not be subject to the same regulatory requirements of U.S. companies and, as a consequence, there may be less publicly available information about such companies.&#160;&#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;&#160;Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.</font> </div> </td> </tr> </table> FMI International Fund FMIJX Portfolio Turnover <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;&#160;These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year , the Fund&#8217;s portfolio turnover rate was 20% of the average value of its portfolio.</font> </div> 0.20 Performance: <div align="justify" style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;The following bar chart and table provide some indication of the risks of investing in the Fund by showing how the Fund&#8217;s performance from&#160;year to year and how the Fund's average annual returns over time compare to the performance of the Morgan Stanley Capital International Europe, Australasia and Far East Index (&#8220;MSCI EAFE&#8221;).&#160;&#160;For additional information on this index, please see &#8220;Index Descriptions&#8221; in this Prospectus.&#160;&#160;The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at http://www.fmifunds.com.</font> </div> FMI International Fund (Annual total return as of 12/31) -0.0177 0.1818 ~ http://www.fmifunds.com/20130129/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_LegalEntityAxis compact ck0000354631_S000030572Member row primary compact * ~ highest total return for a quarter 0.0980 2012-03-31 lowest total return for a quarter -0.1216 2011-09-30 <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the period shown on the bar chart, the Fund&#8217;s highest total return for a quarter was 9.80% (quarter ended March 31, 2012 ) and the lowest total return for a quarter was -12.16% (quarter ended September 30, 2011).&#160;&#160;The inception date of the Fund was December 31, 2010.</font> </div> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on an investor&#8217;s tax sit<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">uation and may differ from those shown.&#160;&#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).</font></font> </div> 0.1818 0.0774 0.1808 0.0767 0.1230 0.0671 0.1731 0.0152 0.1732 0.0153 ~ http://www.fmifunds.com/20130129/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_LegalEntityAxis compact ck0000354631_S000030572Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The following bar chart and table provide some indication of the risks of investing in the Fund by showing how the Fund's performance from year to year and how the Fund's average annual returns over time compare to the performance of the Morgan Stanley Capital International Europe, Australasia and Far East Index ("MSCI EAFE"). The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or taxes) http://www.fmifunds.com 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). Average Annual Total Returns (for the periods ended December 31, 2012) Investment Objective: <div align="justify" style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;FMI International Fund seeks long-term capital appreciation.</font> </div> Example <div align="justify" style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;&#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 are equal to the net annual fund operating expenses for the first year and the total annual fund operating expenses for the remaining years.</font></div> 102 414 749 1697 ~ http://www.fmifunds.com/20130129/role/ScheduleExpenseExampleTransposed20017 column dei_LegalEntityAxis compact ck0000354631_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 align="justify" style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> The Fund invests mainly in a limited number of large capitalization (namely, companies with more than $5 billion market capitalization) value stocks of foreign companies (also referred to as non-U.S. companies).&#160;&#160;The Fund normally invests at least 65% of its total assets in the equity securities of non-U.S. companies.&#160;&#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;&#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;&#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.</font> </div> <br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund may invest in ADRs through both sponsored and unsponsored arrangements.&#160;&#160;Issuers of the securities underlying sponsored ADRs, but not unsponsored ADRs, are contractually obligated to disclose material information in the United States.&#160;&#160;Therefore, the market value of unsponsored ADRs is less likely to reflect the effect of such information.</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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;&#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;&#160;When determining whether an investment is in emerging mar</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ket 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.</font> </div> <br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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. 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FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On both an absolute and relative to the market basis</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-40" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; 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FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Such</font> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">sale is necessary for portfolio diversification</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-43" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Changing fundamentals signal a deteriorating value potential</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-44" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font> </div> </td> <td align="left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Other securities have a better value potential</font> </div> </td> </tr> </table> Fees and Expenses of the Fund: <div align="justify" style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0075 0.0000 0.0070 0.0145 -0.0045 0.0100 ~ http://www.fmifunds.com/20130129/role/ScheduleShareholderFees20015 column dei_LegalEntityAxis compact ck0000354631_S000030572Member row primary compact * ~ ~ http://www.fmifunds.com/20130129/role/ScheduleAnnualFundOperatingExpenses20016 column dei_LegalEntityAxis compact ck0000354631_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 align="justify" style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160;There is a risk that you could lose all or a portion of your money on your investment in the Fund.&#160;&#160;This risk may increase during times of significant market volatility.&#160;&#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:</font> </div> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-45" width="100%" style="FONT-FAMILY: times new roman; 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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 not be subject to the same regulatory requirements 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; Foreign governments and foreign economies often are less stable than the U.S. Government and the U.S. economy.</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-50" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> &#160; </td> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font></font> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Geographic Concentration Risk:</font>&#160;&#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;&#160;Additionally, the Fund&#8217;s performance may be more volatile when the Fund&#8217;s investments are less diversified across countries.</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-51" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> &#160; </td> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font></font> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Currency Hedging Risk:</font>&#160;&#160;The Fund may hedge 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;&#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.</font> </div> </td> </tr> </table> <br/><table border="0" cellpadding="0" cellspacing="0" id="hangingindent-52" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 18pt"> &#160; </td> <td align="right" style="WIDTH: 18pt"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8226;</font></font> </div> </td> <td style="TEXT-ALIGN: justify"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Large Capitalization Companies Risk:&#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.</font> </div> </td> </tr> </table> 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 particular issuer), 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 is more sensitive to economic, business and political changes which may result in greater price fluctuations of the Fund's shares. 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