(PUB) Morningstar FundInvestor

6

Data through August 31, 2013 FMI Focus

Ticker

Status Yield Total Assets

Mstar Category

FMIOX Open

0.0% $808 mil

Small Blend

Morningstar Analyst Rating 08-21-13

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Average Above Avg

93% 90% 89% 97% 86% 91% 82% 92% 85%

„

Manager Change Partial Manager Change

14.0 18.0 22.8

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Positive Neutral

Investment Values of Fund Investment Values of S&P 500

10.0

People Parent Price

7.0

¶

NAV Total Return % +/-S&P 500 +/-Russ 2000 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Performance Quartile (within Category) History

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 08-13

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 „ ´ˇ ¨

22.97 -22.24

34.02 48.11 19.43

34.75 7.05 -3.83

32.50 4.93 0.02 0.38 0.00 4.93 0.00 3.72 1.48 -0.61 67

32.29 12.78 -3.01 -5.59

31.07

16.73

23.42 40.16 13.70 12.99

30.34 29.55 14.49

28.13 -3.37 -5.48 0.81 0.00 -3.37 0.00 1.20 1.26 -0.48 51

30.98 13.33 -2.67 -3.02

38.35 23.79

-30.47 3.38

-0.14 -1.76 0.00

-2.11 4.95 0.00

6.53 3.32 0.00

7.64 3.76 0.00

-11.28 0.86

2.70 0.00

0.00

0.00 7.05

0.00

0.17

0.00

-22.24

48.11

12.78

-30.47 3.38

39.99

29.55

13.33

23.79

27

23

98

71

19

12

18

13

74

8

Pillar Spectrum Positive

0.00 0.00 1.46 -0.60

0.00 0.00 1.47 -0.71

0.00 1.55 1.43 -0.87

0.00 4.30 1.50 -0.38

0.00 2.40 1.52 -0.17

0.00 4.99 1.53 -0.37

0.03 0.00 1.40 0.12

0.00 0.00 1.30 -0.47

0.00 0.85 1.26 -0.34

0.00 0.00 . . . 808

§ Negative

¶ Neutral

Performance 08-31-13 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

93

53

64

63

49

41

72

58

59

78

55

2009 2010 2011 2012 2013

-7.71 17.49 25.25 3.21 40.16 10.50 -9.51 12.60 15.06 29.55 8.37 -0.12 -22.23 14.79 -3.37 13.69 -7.82 2.65 5.35 13.33 14.82 2.02 . . .

599

1,229

1,156

1,025

922

850

352

371

508

501

600

Portfolio Analysis 06-30-13 Share change since 03-13 Total Stocks:83 Sector

Rating and Risk Time Load-Adj

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Hexcel Corporation MedAssets, Inc.

Industrl

21.5 31.94 3.44

1 Yr 3 Yr 5 Yr

32.47 20.68 12.07

Trailing

Total

+/-

+/- Russ %Rank Growth of

Technology Cnsmr Cyc Cnsmr Cyc Technology

33.69 2.71

.

Return% S&P 500 4.27 3.60 12.40 3.45 32.47 13.77 20.68 2.28 12.07 4.75 9.64 2.52 14.02 8.47

2000 1.20 0.67 6.20 0.18 4.09 0.88 5.01

Cat

$10,000

Avg High +Avg

+Avg

MDC Partners, Inc. Class Fifth & Pacific Companie

. 102.04 2.47 91.49 2.32

3 Mo 6 Mo 1 Yr

11 10,427 25 11,240 8 13,247 32 17,575 4 17,679 26 25,101 1 71,567

Avg Avg

. .

10 Yr Incept

9.64

PTC Inc

15.82 2.05

15.95

Omnicare Inc

Hlth care 26.3 51.39 1.96 Finan Svs 21.3 31.12 1.92 Cnsmr Cyc 71.4 45.71 1.90 Technology 11.2 21.90 1.77 Basic Mat 93.5 14.92 1.69 Hlth care 11.6 49.03 1.69 Cnsmr Cyc 10.2 30.01 1.62

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

Zions Bancorporation Mobile Mini Inc Arrow Electronics Inc Masco Corporation Healthsouth Corp Winnebago Industries NxStage Medical, Inc. Chicago Bridge & Iron Co Celanese Corporation Polypore International, Meridian Bioscience, Inc Rockwood Holdings Inc Gentex Corporation Crane Company

Other Measures

Standard Index

Best Fit Index S&P 500 Mstar Small Cap TR

Alpha

-3.8 1.37

-1.4 1.08

Beta

R-Squared

88

97

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 20.27 28 0.34 55 11.02 5 0.94 92 8.38 29 1.14 77 Potential Capital Gain Exposure: 30% of assets Morningstar’s Take by Michelle Canavan 08-21-13 Strong security selection has propelled FMI Focus to big gains. Despite a cash drag of nearly 11% while the equity market has surged thus far in 2013, strong stock selection has propelled this fund to a category-topping year-to-date gain of 24.9% through Aug. 19. A combination of relatively rich valuations and strong inflows to the fund has kept the cash balance well above the small-blend category average of 2%, not uncommon given the fund’s strict valuation threshold. Exhibiting the same discipline and patience that has served this fund well for nearly 17 years, lead manager Rick Lane and team have continued to focus on finding good businesses at bargain prices. They look to buy when a stock is downtrodden but a catalyst exists to reignite the firm’s growth. After a disappointing 2012, many of those catalysts have been playing out this year. After purchasing marketing communications firm MDC Partners MDCA in 2011, they waited out a tough transition period because they were confident that an internally defined private market value for the firm was

Standard Deviation

19.19 20.68

Hlth care Industrl Industrl

9.78 1.60

.

19.7 29.30 1.59 15.6 25.91 1.52

Mean

Sharpe Ratio

1.08

Basic Mat 16.8 11.35 1.48

Industrl

36.0 -8.06 1.48

Hlth care 25.1 12.94 1.46 Basic Mat 34.6 30.73 1.44 Cnsmr Cyc 18.1 21.70 1.38

well above its trading value. MDC Partners’ significant investment in personnel talent has since paid dividends, and the stock (2.5% of fund assets) has gained 115% for the year to date through Aug. 19. As usual, the team isn’t afraid to place big bets on certain sectors. For example, it believes valuations in the technology sector have been generally compelling. The fund’s 24% allocation to the sector is well above that of the fund’s Russell 2000 benchmark (17%) and its typical small-blend peer (16%). New purchases in that sector include ON Semiconductor ONNN (1.3% of fund assets), an analog chip vendor with good exposure to the recovering automotive sector. The firm is in the process of a cost-cutting initiative that should improve profitability. The consistent execution of a patient approach and a long-tenured investment team make this fund a standout in the small-blend category. Over Lane’s nearly 17-year tenure, this fund’s 13.3% annualized gain tops every peer that has been around as long. It remains a strong choice.

Current Investment Style

Sector Weightings

% of Stocks

Rel S&P 500 High

3 Year Low

Market Cap % Giant 0.0 Large 0.0 Mid 51.1 Small 32.7 Micro 16.2 Avg $mil: 2,347

Value Blnd Growth

Large Mid Small

Cyclical 37.77 1.31 BasicMat 8.02 2.62 8 3 CnsmrCyc20.99 2.45 23 17 FinanSvs 8.76 0.56 10 6 Real Est 0.00 0.00 . . Sensitive 49.65 1.14 CommSrvs 0.00 0.00 . . Energy 3.01 0.28 6 3 Industrl 22.81 2.01 31 23 Technlgy 23.83 1.36 24 19 Defensive12.58 0.46 CnsmrDef 0.00 0.00 0 0 Hlthcare 12.58 1.06 14 11 Utilities 0.00 0.00 . .

h r t y u j i o p a k s d f

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

18.55 2.02 1.05 6.01 0.90 12.18 2.64 3.90 16.33 7.58

1.14 1.20 1.14 0.93 0.64 0.98 1.58 2.19 1.80 1.17

% Rel Category

Composition - Net

Cash 10.8 Stocks 85.1 Bonds 0.0 Other 4.1 Foreign 3.3

Address:

FMI Funds Inc Milwaukee, WI 53202 800-811-5311 www.fmifunds.com

Minimum Purchase: Min Auto Inv Plan:

$1000 $1000

Add: $100 IRA: $1000

Add: $50

Profitability

% Rel Category

Sales Fees:

No-load 1.00% 3Yr:$400 Annually

Return on Equity Return on Assets Net Margin

8.82 3.17 3.77

0.76 0.68 0.44

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

(% of Stock)

12-16-96

Actual Fees:

Mgt:1.00% Dist: .

Fiduciary Management, Inc. of Milwaukee

Expense Projections: Income Distribution:

5Yr:$692 10Yr:$1523

Broadview Advisors, LLC

Fidelity Retail-NTF, Schwab OneSource

Mutual Funds ß ®

© 2013Morningstar, Inc.All rights reserved. The information herein is not representedorwarranted to be accurate, correct, complete or timely. Past performance isnoguaranteeof future results.Accessupdated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

EQ