(PUB) Investing 2016

4

Data through January 31, 2016 FINRA members: For internal or institutional use only. FMI Large Cap

Ticker FMIHX

Yield 1.1%

Total Assets $7,734 mil

Mstar Category Large Blend

Benchmark 1: Russell 1000 TR USD Benchmark 2: S&P 500 TR USD Morningstar Analyst Rating 01-22-16 Œ

Investment Style Equity

Historical Profile Return Risk Rating Above Avg Low QQQQ Above Avg

4 4 4 4 4 4 4 4

20.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

15.0

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ∞ Positive ¶ Neutral

10.0

Performance

People Parent

Performance Quartile (within Category)

& ( & * ) * ( ( * ( & 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 01-16 15.19 15.26 11.04 14.14 15.61 15.25 17.10 20.86 21.22 18.61 17.99 16.68 4.11 -26.91 29.68 11.41 1.49 14.86 30.48 12.36 -2.44 -3.33 1.22 -1.67 10.69 1.25 -4.68 -0.01 -1.56 -2.63 -0.88 -3.35 2.05 0.88 -1.39 10.09 3.22 -3.65 -0.62 -1.14 -1.90 -1.33 -3.82 1.63 0.74 0.89 0.75 1.55 0.97 1.14 1.29 1.03 0.87 0.98 0.00 15.94 3.22 -27.66 28.13 10.44 0.35 13.57 29.45 11.49 -3.42 -3.33 0.10 0.13 0.11 0.17 0.14 0.18 0.20 0.18 0.18 0.21 0.00 0.33 0.43 0.00 0.00 0.00 0.42 0.21 1.24 2.05 1.84 0.00 1.11 1.03 1.11 0.97 0.97 0.97 0.96 0.96 0.94 0.93 . 0.88 1.06 1.13 1.80 1.18 1.03 1.25 0.95 0.87 0.87 . 13 71 3 34 81 26 58 67 39 69 9

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 01-31-16 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

4.74 1.83 -14.05 10.71 1.49 11.08 -2.07 4.76 0.79 14.86 11.40 3.10 4.48 8.74 30.48 2.49 5.75 -1.77 5.53 12.36 1.79 0.19 -7.58 3.52 -2.44

.

29

19

30

32

20

28

21

30

31

18

301

639 1,543 2,404 3,676 4,477 6,233 8,689 9,631 8,245 7,734

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 12-31-15 Total Stocks: 27 Share change since 09-30-15

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets -0.36 5.02 -2.11 4.90 -1.72 4.83 -0.83 4.68 -0.70 4.48 -1.73 4.48 -11.72 4.31 1.00 4.21 -3.05 4.17

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

Y Honeywell International I Y UnitedHealth Group Inc Y Berkshire Hathaway Inc Cl Y Comcast Corp Class A

Industrl

1 Yr 3 Yr 5 Yr

-3.08 9.32 9.48 7.38 8.02

3 Mo 6 Mo

-6.00 0.78 0.19 -8.61 -0.72 -1.84 -3.08 -1.26 -2.42 9.32 -1.62 -1.98 9.48 -1.20 -1.43 7.38 0.86 0.90

21 9,400 46 9,139 51 9,692 56 13,063 48 15,726 6 20,388

Hlth Care Finan Svcs Comm Svcs Technology Finan Svcs Finan Svcs Technology Cnsmr Cyc Cnsmr Def Cnsmr Def Cnsmr Cyc

Low QQQ -Avg QQQ

Avg Avg High

1 Yr

Low QQQQQ

10 Yr Incept

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Y Microsoft Corp Y Progressive Corp

Y Bank of New York Mellon C Y Accenture PLC Class A

Other Measures

Standard Index

Best Fit Index

— — — — —

Alpha

-0.6 0.88

1.5

Y Omnicom Group Inc

Beta

0.88

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Y Danone ADR

— 4.11 4.44 4.10 4.55 4.05 3.61 3.90

R-Squared

93

93

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

6.73 7.64 6.18

57 53

2.37 1.68 1.12

71 73 65

Y Dollar General Corp Y Ross Stores Inc Y Schlumberger Ltd Y TE Connectivity Ltd Y Nestle SA ADR

Standard Deviation

9.99 9.32 0.94

5

Mean

Energy

Sharpe Ratio

Technology -11.53 3.82

Potential Capital Gain Exposure: 13% of assets

Cnsmr Def Cnsmr Cyc Finan Svcs Basic Mat

— 3.35

Morningstar's Take by Gretchen Rupp 01-22-16 A rocky 2015 highlights the risk of FMI Large Cap's relatively concentrated approach to investing, but there's still plenty of reason to hold this fund, which has a Morningstar Analyst Rating of Gold, in high regard. Portfolio manager Pat English and his team generally populate this portfolio with fewer than 30 stocks, so individual holdings can meaningfully affect fund returns. That was largely the case in 2015, when stock prices for Potash Corp POT and Devon Energy DVN dropped by almost half. These losses contributed significantly to the fund's overall 2.4% loss in 2015, which put it behind two thirds of its large-blend peers. The team focuses on the long-term, though, and it continues to hold on to and believe in the potential of both stocks. Management's research-intensive process takes a "business owner's" approach to investing, focusing on companies with strong recurring revenues and attractive returns on invested capital. The team members also pay close attention to industry dynamics and trends, examining competitive environments and how businesses stand apart in areas such as cost structure and distribution. As the world's largest potash producer

Y eBay Inc

-14.63 3.23 -18.00 3.16 — 3.15 0.04 3.01 -11.61 2.97

Y Comerica Inc

with a number mines at the lower part of the cost curve, Potash readily fits the bill. English, who has managed the fund since its 2001 inception, has built a compelling long-term record executing this process. From his start through the end of 2015, the fund's8.3%annualizedgaineasilyoutpaces the typical competitor's 5.3% return. In a hallmark of the higher-quality names that tend to populate this portfolio, the fund does so with a measure of downside protection; overEnglish'stenure,the fundbeatsthecategoryaverage more than 70% of the time. (Of course, it also tends to lag peers in up markets, another common characteristic of a higher-quality portfolio.) The fund's disappointing results in 2015's volatile environment demonstrate how the team's concentrated approach can sometimes set those patterns off course. But investors who share the team's patient ways continue to have much to like here.

Y Potash Corp of Saskatchew Y Expeditors International Y Stanley Black & Decker In

Industrl Industrl

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 41.5 Large 42.3 Mid 16.3 Small 0.0 Micro 0.0 Avg $mil: 46,949

Value Blend Growth

Large Mid Small

35.83 1.10 3.29 1.21 11.95 0.99 20.59 1.44 0.00 0.00 42.30 1.06 4.89 1.15 6.65 1.05 17.70 1.57 13.06 0.73 21.87 0.79 14.66 1.50 7.21 0.49 0.00 0.00

Value Measures

Rel Category

Price/Earnings 16.98

1.01 1.04 0.86 0.87 1.01 0.82 0.98 2.37 1.21 0.53

Price/Book Price/Sales

2.41 1.32

Price/Cash Flow 8.47 Dividend Yield % 2.29

Growth Measures

% Rel Category

Long-Term Erngs 8.28

Book Value

5.87 9.84 7.46

Composition - Net

Sales

Cash 4.2 Stocks 95.8 Bonds 0.0 Other 0.0 Foreign 13.7 (% of Stock)

Address:

FMI Funds Inc

Minimum Purchase: Min Auto Inv Plan:

$1000 $1000

Add: $100 IRA: $1000

Cash Flow

Milwaukee, WI 53202

Add: $50

Historical Erngs 3.23

800-811-5311

Sales Fees:

No-load

Web Address:

www.fmifunds.com

Management Fee:

0.75% mx./0.60% mn. Mgt:0.69% Dist:—

Profitability

%

Inception:

12-31-01

Actual Fees:

Return on Equity Return on Assets

18.91

Advisor:

Fiduciary Management, Inc. of Milwaukee

Expense Projections: Income Distribution:

3Yr:$278 5Yr:$482 10Yr:$1073

7.01 8.89

Subadvisor:

None

None

Net Margin

A

ß ® Mutual Funds

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