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FMI International Fund

FMI International Fund is a non-diversified, no-load mutual fund seeking long-term capital appreciation by investing mainly in a limited number of large capitalization value stocks of non-U.S. companies. FMI International, 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 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 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. Since the inception of the Fund, the Fund has generally hedged 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. The Fund will generally hold 25-40 stocks, with most major industry groups represented.

Please see the prospectus or summary prospectus for further details.

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