FMI Common Stock Fund

FMI Common Stock Fund is a no-load mutual fund seeking long-term capital appreciation by investing mainly in small-to medium-capitalization value stocks. FMI Common Stock, composed of an investor class and an institutional class, (collectively the "Fund") is managed by Fiduciary Management, Inc. ("FMI") of Milwaukee, Wisconsin. All investment ideas are generated by the research team and managed by FMI’s Portfolio Management Committee. The Fund seeks to buy good businesses at value prices. Some characteristics of good businesses may include high recurring revenue and attractive returns on invested capital (ROIC). The Fund seeks companies with above average growth or improving profitability prospects. The Fund has a strong orientation to low absolute and relative valuations, which are key to the execution of the investment strategy. The Fund will generally hold 30-40 stocks, with most major industry groups represented.

Please see the prospectus or summary prospectus for further details.

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