# EDGAR Filing Document

**Accession Number:** 0001023391
**File Stem:** 0001133228-25-012625
**Filing Date:** 2025-11
**Character Count:** 227060
**Document Hash:** 8aae7c941ad89e2ab453b74dd68bc3fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-012625.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001133228-25-012625

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**EFFECTIVENESS DATE**: 20251121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FMI FUNDS INC
- **CENTRAL INDEX KEY:** 0001023391

**ORGANIZATION NAME:**
- **EIN:** 391861095
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07831
- **FILM NUMBER:** 251505693

**BUSINESS ADDRESS:**
- **STREET 1:** 790 NORTH WATER STREET, SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-226-4545

**MAIL ADDRESS:**
- **STREET 1:** 790 NORTH WATER STREET, SUITE 2100
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FMI FOCUS FUND
- **DATE OF NAME CHANGE:** 19960921

## Series and Classes Contracts Data

### Large Cap Fund (Series ID: S000000833)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000002448 | Large Cap Fund Investor Class      | FMIHX           |
| C000174400 | Large Cap Fund Institutional Class | FMIQX           |

### International Fund (Series ID: S000030572)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000094796 | International Fund Investor Class      | FMIJX           |
| C000174401 | International Fund Institutional Class | FMIYX           |

### Common Stock Fund (Series ID: S000043149)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000133547 | Common Stock Fund Investor Class      | FMIMX           |
| C000174402 | Common Stock Fund Institutional Class | FMIUX           |

### International Fund II - Currency Unhedged (Series ID: S000067413)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000216767 | International Fund II - Currency Unhedged Institutional Class | FMIFX           |

### FMI Global Fund (Series ID: S000089320)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000255839 | FMI Global Fund Institutional Class | FMIGX           |

?xml version='1.0' encoding='ASCII'? 2025-07-31189630_FMICommonStockFund_InvestorClass_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-07831

**<u>FMI Funds, Inc.</u>**

(Exact name of registrant as specified in charter)

<u>790 North Water Street, Suite 2100</u>

<u>Milwaukee, WI 53202</u>

(Address of principal executive offices) (Zip code)

<u>John S. Brandser</u>

<u>Fiduciary Management, Inc.</u>

<u>790 North Water Street</u>

<u>Suite 2100</u>

<u>Milwaukee, WI 53202</u> 

(Name and address of agent for service)

(414) 226-4555

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30</u>**

Date of reporting period: **<u>September 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img171423_202410041256236.jpg) | **FMI Common Stock Fund**  | ![image](img171404_202410040751629.jpg) |
| ![image](img171423_202410041256236.jpg) | Investor Class \| FMIMX  | ![image](img171404_202410040751629.jpg) |
| ![image](img171423_202410041256236.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171404_202410040751629.jpg) |

---

This annual shareholder report contains important information about the FMI Common Stock Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://www.fmimgt.com/common-stock-fund/. You can also request this information by contacting us at 1-800-811-5311.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $97 | 0.95% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

Over the past 12 months ending September 30, 2025, the FMI Common Stock Fund Investor Class gained 3.26%, compared with 10.76% for the Russell 2000 Index and 7.88% for the Russell 2000 Value Index.

Growth stocks have led the market with the Russell 2000 Growth Index outperforming the Russell 2000 Value Index by nearly 6% during the period. Relative to history, U.S. valuations are at or near all-time highs, there is unwavering exuberance around artificial intelligence (AI) and technology, and investors continue to pile into equities at a record pace, despite economic growth showing cracks beneath the surface. U.S. employment has slumped, the housing market has softened, construction spending is declining, ISM manufacturing has generally been in contraction, and transportation faces a "freight recession". In the past, consumer confidence and stock market confidence have generally moved in harmony. Today, consumer confidence is low (and falling) at a time when stock market confidence is soaring. This dichotomy between Wall Street and Main Street has precedent, though it has rarely persisted over extended periods.

The Fund strives to generate strong absolute returns through a full cycle while having less volatility, with a focus on downside protection. In environments characterized by speculative excess, as the one observed over the past year, the Fund's positioning has tended to lag broader benchmarks. Looking different than the market has been a disadvantage over this period. Regardless, FMI remains disciplined on business quality, balance sheet strength and valuation.

Broadly speaking, the recent rally in the Russell 2000 to end the fiscal year was driven by lower quality businesses. The FMI Common Stock Fund was underweight Technology (Electronic and Services) due to valuation. The Fund also faced a headwind from its outsized positioning in the Building Products industry as residential construction was under pressure. The Fund benefited from stock selection in Finance and Specialty Retail, as well as not having direct exposure to Health Technology during the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Finance, Electronic Technology, Distribution Services |
| ↑ | Positions: nVent Electric PLC, FirstCash Holdings Inc., Gates Industrial Corp. PLC |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Technology Services, Commercial Services, Producer Manufacturing |
| ↓ | Positions: Insight Enterprises Inc., Fortune Brands Innovations Inc., Robert Half Inc. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

FMI Common Stock Fund PAGE 1 TSR-AR-302933403

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5449img003.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class**  | 3.26 | 17.12 | 11.39 |
| **Russell 2000® Index**  | 10.76 | 11.56 | 9.77 |
| **Russell 2000® Value Index**  | 7.88 | 14.59 | 9.23 |

---

Visit https://www.fmimgt.com/common-stock-fund/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (presented for the Fund as a whole as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $2233985831 | **Net Advisory Fee** | $17427725 |
| **Number of Holdings** | 30 | **Portfolio Turnover** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Aramark  | 5.3% |
|  FirstCash Holdings, Inc.  | 4.9% |
|  Arrow Electronics, Inc.  | 4.9% |
|  Donaldson Co., Inc.  | 4.8% |
|  Plexus Corp.  | 4.7% |
|  Gates Industrial Corp. PLC  | 4.5% |
|  Primerica, Inc.  | 4.4% |
|  Zions Bancorp NA  | 4.2% |
|  Simpson Manufacturing Co., Inc.  | 4.2% |
|  Valvoline, Inc.  | 4.1% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Finance  | 24.8% |
|  Producer Manufacturing  | 19.0% |
|  Distribution Services  | 13.9% |
|  Consumer Services  | 9.4% |
|  Consumer Durables  | 8.2% |
|  Electronic Technology  | 7.0% |
|  Commercial Services  | 3.8% |
|  Process Industries  | 3.8% |
|  Technology Services  | 3.8% |
|  Cash & Other  | 6.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fmimgt.com/common-stock-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-811-5311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

FMI Common Stock Fund PAGE 2 TSR-AR-302933403

------

---

| | | |
|:---|:---|:---|
| ![image](img171423_202410041256236.jpg) | **FMI Common Stock Fund**  | ![image](img171404_202410040751629.jpg) |
| ![image](img171423_202410041256236.jpg) | Institutional Class \| FMIUX  | ![image](img171404_202410040751629.jpg) |
| ![image](img171423_202410041256236.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171404_202410040751629.jpg) |

---

This annual shareholder report contains important information about the FMI Common Stock Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://www.fmimgt.com/common-stock-fund/. You can also request this information by contacting us at 1-800-811-5311.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $84 | 0.83% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

Over the past 12 months ending September 30, 2025, the FMI Common Stock Fund Institutional Class gained 3.39%, compared with 10.76% for the Russell 2000 Index and 7.88% for the Russell 2000 Value Index.

Growth stocks have led the market with the Russell 2000 Growth Index outperforming the Russell 2000 Value Index by nearly 6% during the period. Relative to history, U.S. valuations are at or near all-time highs, there is unwavering exuberance around artificial intelligence (AI) and technology, and investors continue to pile into equities at a record pace, despite economic growth showing cracks beneath the surface. U.S. employment has slumped, the housing market has softened, construction spending is declining, ISM manufacturing has generally been in contraction, and transportation faces a "freight recession". In the past, consumer confidence and stock market confidence have generally moved in harmony. Today, consumer confidence is low (and falling) at a time when stock market confidence is soaring. This dichotomy between Wall Street and Main Street has precedent, though it has rarely persisted over extended periods.

The Fund strives to generate strong absolute returns through a full cycle while having less volatility, with a focus on downside protection. In environments characterized by speculative excess, as the one observed over the past year, the Fund's positioning has tended to lag broader benchmarks. Looking different than the market has been a disadvantage over this period. Regardless, FMI remains disciplined on business quality, balance sheet strength and valuation.

Broadly speaking, the recent rally in the Russell 2000 to end the fiscal year was driven by lower quality businesses. The FMI Common Stock Fund was underweight Technology (Electronic and Services) due to valuation. The Fund also faced a headwind from its outsized positioning in the Building Products industry as residential construction was under pressure. The Fund benefited from stock selection in Finance and Specialty Retail, as well as not having direct exposure to Health Technology during the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Finance, Electronic Technology, Distribution Services |
| ↑ | Positions: nVent Electric PLC, FirstCash Holdings Inc., Gates Industrial Corp. PLC |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Technology Services, Commerical Services, Producer Manufacturing |
| ↓ | Positions: Insight Enterprises Inc., Fortune Brands Innovations Inc., Robert Half Inc. |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

FMI Common Stock Fund PAGE 1 TSR-AR-302933601

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5448img003.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/31/2016)** |
| **Institutional Class**  | 3.39 | 17.26 | 11.84 |
| **Russell 2000® Index**  | 10.76 | 11.56 | 9.84 |
| **Russell 2000® Value Index**  | 7.88 | 14.59 | 8.70 |

---

Visit https://www.fmimgt.com/common-stock-fund/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (presented for the Fund as a whole as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $2233985831 | **Net Advisory Fee** | $17427725 |
| **Number of Holdings** | 30 | **Portfolio Turnover** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Aramark  | 5.3% |
|  FirstCash Holdings, Inc.  | 4.9% |
|  Arrow Electronics, Inc.  | 4.9% |
|  Donaldson Co., Inc.  | 4.8% |
|  Plexus Corp.  | 4.7% |
|  Gates Industrial Corp. PLC  | 4.5% |
|  Primerica, Inc.  | 4.4% |
|  Zions Bancorp NA  | 4.2% |
|  Simpson Manufacturing Co., Inc.  | 4.2% |
|  Valvoline, Inc.  | 4.1% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Finance  | 24.8% |
|  Producer Manufacturing  | 19.0% |
|  Distribution Services  | 13.9% |
|  Consumer Services  | 9.4% |
|  Consumer Durables  | 8.2% |
|  Electronic Technology  | 7.0% |
|  Commercial Services  | 3.8% |
|  Process Industries  | 3.8% |
|  Technology Services  | 3.8% |
|  Cash & Other  | 6.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fmimgt.com/common-stock-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-811-5311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

FMI Common Stock Fund PAGE 2 TSR-AR-302933601

------

---

| | | |
|:---|:---|:---|
| ![image](img171405_202410041246173.jpg) | **FMI Large Cap Fund**  | ![image](img171404_202410040751629.jpg) |
| ![image](img171405_202410041246173.jpg) | Investor Class \| FMIHX  | ![image](img171404_202410040751629.jpg) |
| ![image](img171405_202410041246173.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171404_202410040751629.jpg) |

---

This annual shareholder report contains important information about the FMI Large Cap Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://www.fmimgt.com/large-cap-fund/. You can also request this information by contacting us at 1-800-811-5311.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $85 | 0.84% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

Over the past 12 months ending September 30, 2025, the FMI Large Cap Fund Investor Class gained 1.98%, compared with 17.60% for the S&P 500 Index and 9.25% for the iShares Russell 1000 Value ETF.

Growth stocks have led the market with the Russell 1000 Growth ETF outperforming the Russell 1000 Value ETF by over 16% during the period. Relative to history, U.S. valuations are at or near all-time highs, market concentration continues to increase, there is unwavering exuberance around artificial intelligence (AI) and mega cap technology, and investors continue to pile into equities at a record pace, despite economic growth showing cracks beneath the surface. U.S. employment has slumped, the housing market has softened, construction spending is declining, ISM manufacturing has generally been in contraction, and transportation faces a "freight recession". In the past, consumer confidence and stock market confidence have generally moved in harmony. Today, consumer confidence is low (and falling) at a time when stock market confidence is soaring. This dichotomy between Wall Street and Main Street has precedent, though it has rarely persisted over extended periods.

The Fund strives to generate strong absolute returns through a full cycle while having less volatility, with a focus on downside protection. In environments characterized by speculative excess, as the one observed over the past year, the Fund's positioning has tended to lag broader benchmarks. Looking different than the market has been a disadvantage over this period. Regardless, FMI remains disciplined on business quality, balance sheet strength and valuation.

Technology (Electronic and Services) accounted for 73% of the S&P 500 return over the trailing year. An underweight and relative stock selection in these sectors (due to valuation) was the largest driver of underperformance during the period. Additionally, some stock specific detractors in Producer Manufacturing and an overweight in Process Industries negatively impacted performance. Conversely, the Fund's overweight and positive stock selection in Finance was additive, as was the lack of direct exposure to Energy Minerals and Utilities.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Finance, Consumer Services, Distribution Services |
| ↑ | Positions: Charles Schwab Corp., Sony Group Corp.-SP-ADR, Booking Holdings Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Producer Manufacturing, Process Industries, Health Technology |
| ↓ | Positions: UnitedHealth Group Inc., CarMax Inc., Avery Dennison Corp. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

FMI Large Cap Fund PAGE 1 TSR-AR-302933205

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5451img003.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class**  | 1.98 | 10.75 | 10.22 |
| **S&P 500® Index**  | 17.60 | 16.47 | 15.30 |
| **iShares® Russell 1000 Value ETF**  | 9.25 | 13.68 | 10.54 |

---

Visit https://www.fmimgt.com/large-cap-fund/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (presented for the Fund as a whole as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1388834730 | **Net Advisory Fee** | $9659529 |
| **Number of Holdings** | 29 | **Portfolio Turnover** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Charles Schwab Corp.  | 7.5% |
|  Ferguson Enterprises, Inc.  | 6.7% |
|  Booking Holdings, Inc.  | 5.8% |
|  Aramark  | 5.0% |
|  Avery Dennison Corp.  | 4.5% |
|  Quest Diagnostics, Inc.  | 4.2% |
|  Carrier Global Corp.  | 4.1% |
|  Becton Dickinson & Co.  | 4.1% |
|  CSX Corp.  | 4.0% |
|  Alphabet, Inc.  | 3.9% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Finance  | 17.8% |
|  Consumer Services  | 10.9% |
|  Distribution Services  | 10.4% |
|  Health Services  | 9.8% |
|  Producer Manufacturing  | 9.7% |
|  Health Technology  | 7.8% |
|  Technology Services  | 7.2% |
|  Retail Trade  | 5.0% |
|  Process Industries  | 4.5% |
|  Cash & Other  | 16.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fmimgt.com/large-cap-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-811-5311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

FMI Large Cap Fund PAGE 2 TSR-AR-302933205

------

---

| | | |
|:---|:---|:---|
| ![image](img171405_202410041246173.jpg) | **FMI Large Cap Fund**  | ![image](img171404_202410040751629.jpg) |
| ![image](img171405_202410041246173.jpg) | Institutional Class \| FMIQX  | ![image](img171404_202410040751629.jpg) |
| ![image](img171405_202410041246173.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171404_202410040751629.jpg) |

---

This annual shareholder report contains important information about the FMI Large Cap Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://www.fmimgt.com/large-cap-fund/. You can also request this information by contacting us at 1-800-811-5311.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $72 | 0.71% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

Over the past 12 months ending September 30, 2025, the FMI Large Cap Fund Institutional Class gained 2.10%, compared with 17.60% for the S&P 500 Index and 9.25% for the iShares Russell 1000 Value ETF.

Growth stocks have led the market with the Russell 1000 Growth ETF outperforming the Russell 1000 Value ETF by over 16% during the period. Relative to history, U.S. valuations are at or near all-time highs, market concentration continues to increase, there is unwavering exuberance around artificial intelligence (AI) and mega cap technology, and investors continue to pile into equities at a record pace, despite economic growth showing cracks beneath the surface. U.S. employment has slumped, the housing market has softened, construction spending is declining, ISM manufacturing has generally been in contraction, and transportation faces a "freight recession". In the past, consumer confidence and stock market confidence have generally moved in harmony. Today, consumer confidence is low (and falling) at a time when stock market confidence is soaring. This dichotomy between Wall Street and Main Street has precedent, though it has rarely persisted over extended periods.

The Fund strives to generate strong absolute returns through a full cycle while having less volatility, with a focus on downside protection. In environments characterized by speculative excess, as the one observed over the past year, the Fund's positioning has tended to lag broader benchmarks. Looking different than the market has been a disadvantage over this period. Regardless, FMI remains disciplined on business quality, balance sheet strength and valuation.

Technology (Electronic and Services) accounted for 73% of the S&P 500 return over the trailing year. An underweight and relative stock selection in these sectors (due to valuation) was the largest driver of underperformance during the period. Additionally, some stock specific detractors in Producer Manufacturing and an overweight in Process Industries negatively impacted performance. Conversely, the Fund's overweight and positive stock selection in Finance was additive, as was the lack of direct exposure to Energy Minerals and Utilities.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Finance, Consumer Services, Distribution Services |
| ↑ | Positions: Charles Schwab Corp., Sony Group Corp.-SP-ADR, Booking Holdings Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Producer Manufacturing, Process Industries, Health Technology |
| ↓ | Positions: UnitedHealth Group Inc., CarMax Inc., Avery Dennison Corp. |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

FMI Large Cap Fund PAGE 1 TSR-AR-302933502

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5450img003.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/31/2016)** |
| **Institutional Class**  | 2.10 | 10.88 | 10.51 |
| **S&P 500® Index**  | 17.60 | 16.47 | 15.68 |
| **iShares® Russell 1000 Value ETF**  | 9.25 | 13.68 | 10.23 |

---

Visit https://www.fmimgt.com/large-cap-fund/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (presented for the Fund as a whole as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1388834730 | **Net Advisory Fee** | $9659529 |
| **Number of Holdings** | 29 | **Portfolio Turnover** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Charles Schwab Corp.  | 7.5% |
|  Ferguson Enterprises, Inc.  | 6.7% |
|  Booking Holdings, Inc.  | 5.8% |
|  Aramark  | 5.0% |
|  Avery Dennison Corp.  | 4.5% |
|  Quest Diagnostics, Inc.  | 4.2% |
|  Carrier Global Corp.  | 4.1% |
|  Becton Dickinson & Co.  | 4.1% |
|  CSX Corp.  | 4.0% |
|  Alphabet, Inc.  | 3.9% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Finance  | 17.8% |
|  Consumer Services  | 10.9% |
|  Distribution Services  | 10.4% |
|  Health Services  | 9.8% |
|  Producer Manufacturing  | 9.7% |
|  Health Technology  | 7.8% |
|  Technology Services  | 7.2% |
|  Retail Trade  | 5.0% |
|  Process Industries  | 4.5% |
|  Cash & Other  | 16.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fmimgt.com/large-cap-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-811-5311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

FMI Large Cap Fund PAGE 2 TSR-AR-302933502

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| | | |
|:---|:---|:---|
| ![image](img171424_202410041257437.jpg) | **FMI International Fund**  | ![image](img171404_202410040751629.jpg) |
| ![image](img171424_202410041257437.jpg) | Investor Class \| FMIJX  | ![image](img171404_202410040751629.jpg) |
| ![image](img171424_202410041257437.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171404_202410040751629.jpg) |

---

This annual shareholder report contains important information about the FMI International Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://www.fmimgt.com/international-fund/. You can also request this information by contacting us at 1-800-811-5311.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $97 | 0.95% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

Over the past 12 months ending September 30, 2025, the FMI International Fund Investor Class gained 4.11%, compared with the MSCI EAFE Index's return of 12.92% in local currency and 14.99% in U.S. Dollars. The passive currency hedge was a negligible headwind during the period.

The EAFE was driven by financials, defense companies, and unwavering enthusiasm around AI and technology. FMI has historically been underweight financials, and banks in particular, given their high leverage, opaque balance sheets, and low margins. We pick our spots, preferring financials with more competitively advantaged business models, such as insurance, money managers, rental companies, payment networks, and financial processors, which often have better return profiles and lower leverage. When rate-sensitive banks rally, the Fund typically gives up some relative ground. FMI's exposure to defense has also historically been limited, with concerns around business quality (reliance on government spending), growth prospects, and valuation. After the recent stock moves and blanket basket buying, current valuations are elevated.

The Fund strives to generate strong absolute returns through a full cycle while having less volatility, with a focus on downside protection. In environments characterized by speculative excess, as the one observed over the past year, the Fund's positioning has tended to lag broader benchmarks. Looking different than the market has been a disadvantage over this period. Regardless, FMI remains disciplined on business quality, balance sheet strength and valuation.

Finance accounted for 56% of the MSCI EAFE return over the trailing year. An underweight and relative stock selection in this sector was the largest driver of underperformance during the period. Conversely, the Fund's exposure in Pharmaceutical, Electrical Products, and Industrial Machinery Industries were additive to returns.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Electronic Technology, Producer Manufacturing, Finance |
| ↑ | Positions: Sony Group Corp., Booking Holdings Inc., Ryanair Holdings PLC-SP-ADR |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Consumer Non-Durables, Retail Trade, Health Technology |
| ↓ | Positions: Greggs PLC, B&M European Value Retail SA, Sodexo SA |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

FMI International Fund PAGE 1 TSR-AR-302933304

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5453img003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%)** | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class**  | 4.11 | 10.83 | 7.19 |
| **MSCI EAFE® (LOC) Index**  | 12.92 | 12.54 | 8.62 |
| **MSCI EAFE® (LOC) Value Index**  | 20.28 | 17.11 | 8.68 |
| **MSCI EAFE® (USD) Index**  | 14.99 | 11.15 | 8.17 |
| **MSCI EAFE® (USD) Value Index**  | 22.53 | 15.66 | 8.16 |

---

Visit https://www.fmimgt.com/international-fund/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (presented for the Fund as a whole as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $2733531920 | **Net Advisory Fee** | $30436596 |
| **Number of Holdings** | 44 | **Portfolio Turnover** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Sodexo SA  | 4.6% |
|  Weir Group PLC  | 4.3% |
|  Rexel SA  | 4.2% |
|  Ashtead Group PLC  | 4.2% |
|  Informa PLC  | 4.1% |
|  Booking Holdings, Inc.  | 4.1% |
|  Unilever PLC  | 4.1% |
|  Koninklijke Philips NV  | 3.8% |
|  Ryanair Holdings PLC  | 3.7% |
|  Coca-Cola Europacific Partners PLC  | 3.7% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** |  |
|  Britain  | 32.9% |
|  France  | 10.8% |
|  Japan  | 9.1% |
|  United States  | 7.6% |
|  Ireland  | 7.2% |
|  Netherlands  | 5.7% |
|  Germany  | 5.5% |
|  Switzerland  | 4.6% |
|  Hong Kong  | 3.4% |
|  Other Countries  | 13.2% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Consumer Non-Durables  | 12.6% |
|  Producer Manufacturing  | 12.2% |
|  Distribution Services  | 9.6% |
|  Finance  | 9.0% |
|  Consumer Services  | 8.7% |
|  Consumer Durables  | 7.5% |
|  Commercial Services  | 7.3% |
|  Health Technology  | 6.0% |
|  Electronic Technology  | 5.8% |
|  Cash & Other  | 21.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fmimgt.com/international-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-811-5311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

FMI International Fund PAGE 2 TSR-AR-302933304

------

---

| | | |
|:---|:---|:---|
| ![image](img171424_202410041257437.jpg) | **FMI International Fund**  | ![image](img171404_202410040751629.jpg) |
| ![image](img171424_202410041257437.jpg) | Institutional Class \| FMIYX  | ![image](img171404_202410040751629.jpg) |
| ![image](img171424_202410041257437.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171404_202410040751629.jpg) |

---

This annual shareholder report contains important information about the FMI International Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://www.fmimgt.com/international-fund/. You can also request this information by contacting us at 1-800-811-5311.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $82 | 0.80% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

Over the past 12 months ending September 30, 2025, the FMI International Fund Institutional Class gained 4.25%, compared with the MSCI EAFE Index's return of 12.92% in local currency and 14.99% in U.S. Dollars. The passive currency hedge was a negligible headwind during the period.

The EAFE was driven by financials, defense companies, and unwavering enthusiasm around AI and technology. FMI has historically been underweight financials, and banks in particular, given their high leverage, opaque balance sheets, and low margins. We pick our spots, preferring financials with more competitively advantaged business models, such as insurance, money managers, rental companies, payment networks, and financial processors, which often have better return profiles and lower leverage. When rate-sensitive banks rally, the Fund typically gives up some relative ground. FMI's exposure to defense has also historically been limited, with concerns around business quality (reliance on government spending), growth prospects, and valuation. After the recent stock moves and blanket basket buying, current valuations are elevated.

The Fund strives to generate strong absolute returns through a full cycle while having less volatility, with a focus on downside protection. In environments characterized by speculative excess, as the one observed over the past year, the Fund's positioning has tended to lag broader benchmarks. Looking different than the market has been a disadvantage over this period. Regardless, FMI remains disciplined on business quality, balance sheet strength and valuation.

Finance accounted for 56% of the MSCI EAFE return over the trailing year. An underweight and relative stock selection in this sector was the largest driver of underperformance during the period. Conversely, the Fund's exposure in Pharmaceutical, Electrical Products, and Industrial Machinery Industries were additive to returns.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Electronic Technology, Producer Manufacturing, Finance |
| ↑ | Positions: Sony Group Corp., Booking Holdings Inc., Ryanair Holdings PLC-SP-ADR |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Consumer Non-Durables, Retail Trade, Health Technology |
| ↓ | Positions: Greggs PLC, B&M European Value Retail SA, Sodexo SA |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

FMI International Fund PAGE 1 TSR-AR-302933700

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5452img003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%)** | **1 Year** | **5 Year** | **Since Inception**<br>**(10/31/2016)** |
| **Institutional Class**  | 4.25 | 10.98 | 6.88 |
| **MSCI EAFE® (LOC) Index**  | 12.92 | 12.54 | 9.02 |
| **MSCI EAFE® (LOC) Value Index**  | 20.28 | 17.11 | 9.08 |
| **MSCI EAFE® (USD) Index**  | 14.99 | 11.15 | 8.69 |
| **MSCI EAFE® (USD) Value Index**  | 22.53 | 15.66 | 8.74 |

---

Visit https://www.fmimgt.com/international-fund/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (presented for the Fund as a whole as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $2733531920 | **Net Advisory Fee** | $30436596 |
| **Number of Holdings** | 44 | **Portfolio Turnover** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Sodexo SA  | 4.6% |
|  Weir Group PLC  | 4.3% |
|  Rexel SA  | 4.2% |
|  Ashtead Group PLC  | 4.2% |
|  Informa PLC  | 4.1% |
|  Booking Holdings, Inc.  | 4.1% |
|  Unilever PLC  | 4.1% |
|  Koninklijke Philips NV  | 3.8% |
|  Ryanair Holdings PLC  | 3.7% |
|  Coca-Cola Europacific Partners PLC  | 3.7% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** |  |
|  Britain  | 32.9% |
|  France  | 10.8% |
|  Japan  | 9.1% |
|  United States  | 7.6% |
|  Ireland  | 7.2% |
|  Netherlands  | 5.7% |
|  Germany  | 5.5% |
|  Switzerland  | 4.6% |
|  Hong Kong  | 3.4% |
|  Other Countries  | 13.2% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Consumer Non-Durables  | 12.6% |
|  Producer Manufacturing  | 12.2% |
|  Distribution Services  | 9.6% |
|  Finance  | 9.0% |
|  Consumer Services  | 8.7% |
|  Consumer Durables  | 7.5% |
|  Commercial Services  | 7.3% |
|  Health Technology  | 6.0% |
|  Electronic Technology  | 5.8% |
|  Cash & Other  | 21.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fmimgt.com/international-fund/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-811-5311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

FMI International Fund PAGE 2 TSR-AR-302933700

------

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| | | |
|:---|:---|:---|
| ![image](img171425_202410041304230.jpg) | **FMI International Fund II - Currency** **Unhedged**  | ![image](img171404_202410040751629.jpg) |
| ![image](img171425_202410041304230.jpg) | Institutional Class \| FMIFX  | ![image](img171404_202410040751629.jpg) |
| ![image](img171425_202410041304230.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171404_202410040751629.jpg) |

---

This annual shareholder report contains important information about the FMI International Fund II - Currency Unhedged for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://www.fmimgt.com/international-fund-2/. You can also request this information by contacting us at 1-800-811-5311.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $92 | 0.90% |

---

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

Over the past 12 months ending September 30, 2025, the FMI International Fund II – Currency Unhedged Institutional Class gained 4.33%, compared with the MSCI EAFE Index's return of 14.99% in U.S. Dollars.

The EAFE was driven by financials, defense companies, and unwavering enthusiasm around AI and technology. FMI has historically been underweight financials, and banks in particular, given their high leverage, opaque balance sheets, and low margins. We pick our spots, preferring financials with more competitively advantaged business models, such as insurance, money managers, rental companies, payment networks, and financial processors, which often have better return profiles and lower leverage. When rate-sensitive banks rally, the Fund typically gives up some relative ground. FMI's exposure to defense has also historically been limited, with concerns around business quality (reliance on government spending), growth prospects, and valuation. After the recent stock moves and blanket basket buying, current valuations are elevated.

The Fund strives to generate strong absolute returns through a full cycle while having less volatility, with a focus on downside protection. In environments characterized by speculative excess, as the one observed over the past year, the Fund's positioning has tended to lag broader benchmarks. Looking different than the market has been a disadvantage over this period. Regardless, FMI remains disciplined on business quality, balance sheet strength and valuation.

Finance accounted for 56% of the MSCI EAFE return over the trailing year. An underweight and relative stock selection in this sector was the largest driver of underperformance during the period. Conversely, the Fund's exposure in Pharmaceutical, Electrical Products, and Industrial Machinery Industries were additive to returns.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Producer Manufacturing, Electronic Technology, Finance |
| ↑ | Positions: Sony Group Corp., Booking Holdings Inc., Lloyds Banking Group PLC |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Consumer Non-Durables, Retail Trade, Health Technology |
| ↓ | Positions: Greggs PLC, B&M European Value Retail SA, Sodexo SA |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

FMI International Fund II - Currency Unhedged PAGE 1 TSR-AR-302933809

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5454img003.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Institutional Class**  | 4.33 | 8.85 | 4.91 |
| **MSCI EAFE® (USD) Index**  | 14.99 | 11.15 | 8.24 |
| **MSCI EAFE® (USD) Value Index**  | 22.53 | 15.66 | 9.56 |

---

Visit https://www.fmimgt.com/international-fund-2/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (presented for the Fund as a whole as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $72361877 | **Net Advisory Fee** | $340130 |
| **Number of Holdings** | 35 | **Portfolio Turnover** | 22% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Sodexo SA  | 4.5% |
|  Weir Group PLC  | 4.2% |
|  Rexel SA  | 4.1% |
|  Ashtead Group PLC  | 4.0% |
|  Unilever PLC  | 4.0% |
|  Informa PLC  | 4.0% |
|  Booking Holdings, Inc.  | 4.0% |
|  Koninklijke Philips NV  | 3.7% |
|  Ryanair Holdings PLC  | 3.6% |
|  Coca-Cola Europacific Partners PLC  | 3.6% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** |  |
|  Britain  | 31.9% |
|  France  | 10.6% |
|  United States  | 10.2% |
|  Japan  | 8.9% |
|  Ireland  | 7.0% |
|  Netherlands  | 5.6% |
|  Germany  | 5.4% |
|  Switzerland  | 4.4% |
|  Hong Kong  | 3.3% |
|  Other Countries  | 12.7% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Consumer Non-Durables  | 12.2% |
|  Producer Manufacturing  | 11.9% |
|  Distribution Services  | 9.4% |
|  Finance  | 8.7% |
|  Consumer Services  | 8.4% |
|  Consumer Durables  | 7.3% |
|  Commercial Services  | 7.1% |
|  Health Technology  | 5.8% |
|  Electronic Technology  | 5.7% |
|  Cash & Other  | 23.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fmimgt.com/international-fund-2/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-811-5311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

FMI International Fund II - Currency Unhedged PAGE 2 TSR-AR-302933809

------

---

| | | |
|:---|:---|:---|
| ![image](img584217_202510271445289.jpg) | **FMI Global Fund**  | ![image](img171404_202410040751629.jpg) |
| ![image](img584217_202510271445289.jpg) | Institutional Class \| FMIGX  | ![image](img171404_202410040751629.jpg) |
| ![image](img584217_202510271445289.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171404_202410040751629.jpg) |

---

This annual shareholder report contains important information about the FMI Global Fund for the period of December 31, 2024 (inception date), to September 30, 2025. You can find additional information about the Fund at https://www.fmimgt.com/global-fund/. You can also request this information by contacting us at 1-800-811-5311.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** **\*\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $69 | 0.90% |

---

\* Annualized

\*\* Amount shown reflects the expenses of the FMI Global Fund from its December 31, 2024 inception date through September 30, 2025. Expenses would be higher if the Fund had been in operation for the full fiscal year.

**HOW DID THE FUND PERFORM AND WHAT AFFECTED ITS PERFORMANCE?**

Over the past 9 months ending September 30, 2025, the FMI Global Fund Institutional Class gained 5.50%, compared with the MSCI World Index return of 17.43% in U.S. Dollars.

Growth stocks have led the market with the MSCI World Growth ETF outperforming the MSCI World Value ETF by over 10% during the period. Relative to history, in the U.S. (~70% of MSCI World Index) valuations are at or near all-time highs, market concentration continues to increase, there is unwavering exuberance around artificial intelligence (AI) and mega cap technology, and investors continue to pile into equities at a record pace, despite economic growth showing cracks beneath the surface. Employment has slumped, the housing market has softened, construction spending is declining, ISM manufacturing has generally been in contraction, and transportation faces a "freight recession". In the past, consumer confidence and stock market confidence have generally moved in harmony. Today, consumer confidence is low (and falling) at a time when stock market confidence is soaring. This dichotomy between Wall Street and Main Street has precedent, though it has rarely persisted over extended periods.

Overseas markets were driven by financials, defense companies, and unwavering enthusiasm around AI and technology. FMI has historically been underweight financials, and banks in particular, given their high leverage, opaque balance sheets, and low margins. We pick our spots, preferring financials with more competitively advantaged business models, such as insurance, money managers, rental companies, payment networks, and financial processors, which often have better return profiles and lower leverage. When rate-sensitive banks rally, the Fund typically gives up some relative ground. FMI's exposure to defense has also historically been limited, with concerns around business quality (reliance on government spending), growth prospects, and valuation. After the recent stock moves and blanket basket buying, current valuations are elevated.

The Fund strives to generate strong absolute returns through a full cycle while having less volatility, with a focus on downside protection. In environments characterized by speculative excess, as the one observed over the past year, the Fund's positioning has tended to lag broader benchmarks. Looking different than the market has been a disadvantage over this period. Regardless, FMI remains disciplined on business quality, balance sheet strength and valuation.

Inception to date, The Fund's consumer related names have struggled in the Specialty, Discount Retail, and Alcoholic Beverage industries, along with Industrial exposure that has been impacted by a challenging residential construction environment. Conversely, the Fund's overweight and positive stock selection in Pharmaceutical and Medical Specialties Industries within the Health Technology Sector as well as Airlines within Transportation were additive.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Distribution Services, Electronic Technology, Finance |
| ↑ | Positions: Sony Group Corp., Ryan Holdings PLC-SP-ADR, Ferguson Enterprises Inc. |

---

FMI Global Fund PAGE 1 TSR-AR-302933874

------

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Retail Trade, Health Services, Consumer Non-Durables |
| ↓ | Positions: CarMax Inc., UnitedHealth Group Inc., Sodexo SA |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5455img003.jpg)

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%)** | **Since Inception**<br>**(12/31/2024)** |
| **Institutional Class**  | 5.50 |
| **MSCI World® (USD) Index**  | 17.43 |
| **MSCI ACWI® (USD) Index**  | 18.44 |

---

Visit https://www.fmimgt.com/global-fund/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (presented for the Fund as a whole as of September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $10441585 | **Net Advisory Fee** | $0 |
| **Number of Holdings** | 33 | **Portfolio Turnover** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Ferguson Enterprises, Inc.  | 5.7% |
|  Charles Schwab Corp.  | 5.4% |
|  Weir Group PLC  | 4.6% |
|  Booking Holdings, Inc.  | 4.1% |
|  Informa PLC  | 4.1% |
|  Ashtead Group PLC  | 4.0% |
|  Ryanair Holdings PLC  | 3.7% |
|  Sodexo SA  | 3.7% |
|  First American Treasury Obligations Fund  | 3.5% |
|  Sony Group Corp.  | 3.4% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** |  |
|  United States  | 45.9% |
|  Britain  | 23.1% |
|  France  | 8.9% |
|  Ireland  | 6.3% |
|  Japan  | 3.6% |
|  Netherlands  | 3.2% |
|  Germany  | 2.8% |
|  Luxembourg  | 2.5% |
|  Bermuda  | 1.9% |
|  Curacao  | 1.8% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Finance  | 12.6% |
|  Distribution Services  | 11.2% |
|  Producer Manufacturing  | 10.5% |
|  Consumer Non-Durables  | 10.4% |
|  Consumer Services  | 7.8% |
|  Technology Services  | 7.2% |
|  Commercial Services  | 6.5% |
|  Health Technology  | 6.5% |
|  Retail Trade  | 6.2% |
|  Cash & Other  | 21.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fmimgt.com/global-fund/.

FMI Global Fund PAGE 2 TSR-AR-302933874

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-811-5311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

FMI Global Fund PAGE 3 TSR-AR-302933874

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. *A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Directors has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Robert C. Arzbaecher is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| (a) Audit Fees | $98500 | $77750 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $25000 | $20000 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not applicable.

 

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 9/30/2025</u> <u>FYE 9/30/2024</u> <br> Registrant Not applicable Not applicable <br> <u>Registrant's Investment Adviser</u> <u>Not applicable</u> <u>Not applicable</u>

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

**Core Financial Statements and** 

**Other Information** 

**September 30, 2025**

FMI Common Stock Fund

Investor Class (Ticker Symbol: FMIMX)

Institutional Class (Ticker Symbol: FMIUX)

FMI Large Cap Fund

Investor Class (Ticker Symbol: FMIHX)

Institutional Class (Ticker Symbol: FMIQX)

FMI International Fund

Investor Class (Ticker Symbol: FMIJX)

Institutional Class (Ticker Symbol: FMIYX)

FMI International Fund II – Currency Unhedged

Investor Class (Not Available For Purchase)

Institutional Class (Ticker Symbol: FMIFX)

FMI Global Fund

Investor Class (Not Available For Purchase)

Institutional Class (Ticker Symbol: FMIGX)

![](fmi_core_cover.jpg)

------

FMI Funds, Inc.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.<br>|  |
| [FMI Common Stock Fund](#soi90)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#soi1) | [1](#soi1) |
| [FMI Large Cap Fund](#soi91)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#soi2) | [5](#soi2) |
| [FMI International Fund](#soi92)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#soi3) | [9](#soi3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Forward Currency Contracts](#sfcc) | [13](#sfcc) |
| [FMI International Fund II – Currency Unhedged](#soi93)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#soi4) | [15](#soi4) |
| [FMI Global Fund](#soi94)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#soi5) | [20](#soi5) |
| [Financial Statements](#soi95) <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#sal) | [24](#sal) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#sop) | [26](#sop) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#scna) | [28](#scna) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#fihi) | [33](#fihi) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#notes) | [41](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rep1) | [54](#rep1) |
| [ADDITIONAL INFORMATION](#addl) | [56](#addl) |
|  [Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies](#item81) | [58](#item81) |
| [Item 9. Proxy Disclosures for Open-End Investment Companies](#item9) | [59](#item9) |
|  [Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies](#item10) | [60](#item10) |
| [Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract](#it11) | [61](#it11) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

FMI Common Stock Fund

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 97.3%**<br>|  |  |
| **<u>Commercial Services Sector — 3.8%</u>**<br>|  |  |
| **Miscellaneous Commercial Services — 2.3%**<br>|  |  |
| Genpact Ltd. | 1225000 | $51315250  |
| **Personnel Services — 1.5%**<br>|  |  |
| Robert Half, Inc. | 985000 | 33470300  |
| **Total Commercial Services Sector** |  | 84785550  |
| **<u>Consumer Durables Sector — 8.2%</u>**<br>|  |  |
| **Homebuilding — 2.5%**<br>|  |  |
| Cavco Industries, Inc.<sup>(a)</sup> | 95000 | 55169350  |
| **Other Consumer Specialties — 2.7%**<br>|  |  |
| MSA Safety, Inc. | 350000 | 60224500  |
| **Recreational Products — 3.0%**<br>|  |  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 4450000 | 67284000  |
| **Total Consumer Durables Sector** |  | 182677850  |
| **<u>Consumer Services Sector — 9.4%</u>**<br>|  |  |
| **Other Consumer Services — 4.1%**<br>|  |  |
| Valvoline, Inc.<sup>(a)</sup> | 2550000 | 91570500  |
| **Restaurants — 5.3%**<br>|  |  |
| Aramark | 3075000 | 118080000  |
| **Total Consumer Services Sector** |  | 209650500  |
| **<u>Distribution Services Sector — 13.9%</u>**<br>|  |  |
| **Electronics Distributors — 4.9%**<br>|  |  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 900000 | 108900001  |
| **Medical Distributors — 3.9%**<br>|  |  |
| Henry Schein, Inc.<sup>(a)</sup> | 1315000 | 87276550  |
| **Wholesale Distributors — 5.1%**<br>|  |  |
| Applied Industrial Technologies, Inc. | 130000 | 33936500  |
| Core & Main, Inc. - Class A<sup>(a)</sup> | 1500000 | 80745000  |
|  |  | 114681500  |
| **Total Distribution Services Sector** |  | 310858051  |
| **<u>Electronic Technology Sector — 7.0%</u>**<br>|  |  |
| **Electronic Components — 1.2%**<br>|  |  |
| nVent Electric PLC | 275000 | 27126000  |
| **Electronic Production Equipment — 5.8%**<br>|  |  |
| CTS Corp. | 655000 | 26160700  |
| Plexus Corp.<sup>(a)</sup> | 720000 | 104176800  |
|  |  | 130337500  |
| **Total Electronic Technology Sector** |  | 157463500  |

---

The accompanying notes are an integral part of these financial statements.

— 1 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI Common Stock Fund

SCHEDULE OF INVESTMENTS(Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 97.3% (Continued)** | **COMMON STOCKS — 97.3% (Continued)** | **COMMON STOCKS — 97.3% (Continued)** |
| **<u>Finance Sector — 24.9%</u>**<br>|  |  |
| **Finance/Rental/Leasing — 8.9%**<br>|  |  |
| FirstCash Holdings, Inc. | 690000 | $109309800  |
| OneMain Holdings, Inc. | 1575000 | 88924500  |
|  |  | 198234300  |
| **Investment Banks/Brokers — 3.6%**<br>|  |  |
| Houlihan Lokey, Inc. - Class A | 395000 | 81101400  |
| **Life/Health Insurance — 4.4%**<br>|  |  |
| Primerica, Inc. | 353000 | 97989270  |
| **Major Banks — 4.3%**<br>|  |  |
| Zions Bancorp NA | 1675000 | 94771500  |
| **Multi-Line Insurance — 3.7%**<br>|  |  |
| White Mountains Insurance Group Ltd. | 50000 | 83576000  |
| **Total Finance Sector** |  | 555672470  |
| **<u>Non-Energy Minerals Sector — 1.8%</u>**<br>|  |  |
| **Forest Products — 1.8%**<br>|  |  |
| Louisiana-Pacific Corp. | 465000 | 41310600  |
| **<u>Process Industries Sector — 3.8%</u>**<br>|  |  |
| **Containers/Packaging — 3.8%**<br>|  |  |
| AptarGroup, Inc. | 630000 | 84205800  |
| **<u>Producer Manufacturing Sector — 19.0%</u>**<br>|  |  |
| **Auto Parts: OEM — 4.8%**<br>|  |  |
| Donaldson Co., Inc. | 1320000 | 108042000  |
| **Building Products — 9.7%**<br>|  |  |
| Carlisle Cos., Inc. | 165000 | 54278400  |
| Fortune Brands Innovations, Inc. | 1265000 | 67538350  |
| Simpson Manufacturing Co., Inc. | 565000 | 94614900  |
|  |  | 216431650  |
| **Industrial Machinery — 4.5%**<br>|  |  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 4050000 | 100521000  |
| **Total Producer Manufacturing Sector** |  | 424994650  |
| **<u>Retail Trade Sector — 1.7%</u>**<br>|  |  |
| **Specialty Stores — 1.7%**<br>|  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 400000 | 37300000  |

---

The accompanying notes are an integral part of these financial statements.

— 2 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI Common Stock Fund

SCHEDULE OF INVESTMENTS(Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 97.3% (Continued)** | **COMMON STOCKS — 97.3% (Continued)** | **COMMON STOCKS — 97.3% (Continued)** |
| **<u>Technology Services Sector — 3.8%</u>**<br>|  |  |
| **Information Technology Services — 3.8%**<br>|  |  |
| Insight Enterprises, Inc.<sup>(a)</sup> | 740000 | $83923400  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,671,080,840)** |  | 2172842371  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds — 2.9%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.02%<sup>(b)</sup> | 64745224 | 64745224  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $64,745,224)** |  | 64745224  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.2%**<br>**(Cost $1,735,826,064)** |  | 2237587595  |
| Liabilities in Excess of Other Assets — (0.2)% |  | (3601764)  |
| **TOTAL NET ASSETS — 100.0%** |  | $2233985831 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents the 7-day annualized yield
 as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

— 3 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI Common Stock Fund

SCHEDULE OF INVESTMENTS(Continued)

September 30, 2025

**Summary of Fair Value Disclosure as of September 30, 2025** 

FMI Common Stock Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $2172842371 | $— | $— | $2172842371  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 64745224 |  |  | 64745224  |
| Total Investments | $2237587595 | $— | $— | $2237587595 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

The accompanying notes are an integral part of these financial statements.

— 4 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI Large Cap Fund

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.5%**<br>|  |  |
| **<u>Consumer Durables Sector — 2.7%</u>**<br>|  |  |
| **Tools & Hardware — 2.7%**<br>|  |  |
| Allegion PLC | &nbsp;&nbsp; 210000 | $37243500  |
| **<u>Consumer Non-Durables Sector — 3.6%</u>**<br>|  |  |
| **Household/Personal Care — 3.6%**<br>|  |  |
| Unilever PLC - ADR | &nbsp;&nbsp; 840000 | 49795200  |
| **<u>Consumer Services Sector — 10.9%</u>**<br>|  |  |
| **Other Consumer Services — 5.8%**<br>|  |  |
| Booking Holdings, Inc. | &nbsp;&nbsp; 15000 | 80989050  |
| **Restaurants — 5.1%**<br>|  |  |
| Aramark | &nbsp;&nbsp; 1825000 | 70080000  |
| **Total Consumer Services Sector** |  | 151069050  |
| **<u>Distribution Services Sector — 10.3%</u>**<br>|  |  |
| **Food Distributors — 3.6%**<br>|  |  |
| Sysco Corp. | &nbsp;&nbsp; 615000 | 50639100  |
| **Wholesale Distributors — 6.7%**<br>|  |  |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp; 415000 | 93200700  |
| **Total Distribution Services Sector** |  | 143839800  |
| **<u>Electronic Technology Sector — 3.2%</u>**<br>|  |  |
| **Computer Processing Hardware — 3.2%**<br>|  |  |
| Sony Group Corp. - ADR | &nbsp;&nbsp; 1550000 | 44624500  |
| **<u>Finance Sector — 17.8%</u>**<br>|  |  |
| **Investment Banks/Brokers — 7.5%**<br>|  |  |
| Charles Schwab Corp. | &nbsp;&nbsp; 1090000 | 104062300  |
| **Investment Managers — 1.9%**<br>|  |  |
| Blackrock, Inc. | &nbsp;&nbsp; 22000 | 25649140  |
| **Major Banks — 2.8%**<br>|  |  |
| Capital One Financial Corp. | &nbsp;&nbsp; 185000 | 39327300  |
| **Multi-Line Insurance — 2.1%**<br>|  |  |
| Progressive Corp. | &nbsp;&nbsp; 113000 | 27905350  |
| Sony Financial Group, Inc. - ADR<sup>(a)</sup> | &nbsp;&nbsp; 310000 | 1813500  |
|  |  | 29718850  |
| **Property/Casualty Insurance — 3.5%**<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | &nbsp;&nbsp; 96000 | 48263040  |
| **Total Finance Sector** |  | 247020630  |

---

The accompanying notes are an integral part of these financial statements.

— 5 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI Large Cap Fund

SCHEDULE OF INVESTMENTS(Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.5% (Continued)** | **COMMON STOCKS — 98.5% (Continued)** | **COMMON STOCKS — 98.5% (Continued)** |
| **<u>Health Services Sector — 9.8%</u>**<br>|  |  |
| **Managed Health Care — 2.9%**<br>|  |  |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 115000 | $39709500  |
| **Medical/Nursing Services — 2.7%**<br>|  |  |
| Fresenius Medical Care AG - ADR | &nbsp;&nbsp; 1455000 | 38310150  |
| **Services to the Health Industry — 4.2%**<br>|  |  |
| Quest Diagnostics, Inc. | &nbsp;&nbsp; 305000 | 58126900  |
| **Total Health Services Sector** |  | 136146550  |
| **<u>Health Technology Sector — 7.8%</u>**<br>|  |  |
| **Medical Specialties — 7.8%**<br>|  |  |
| Becton Dickinson & Co. | &nbsp;&nbsp; 305000 | 57086850  |
| Koninklijke Philips NV | &nbsp;&nbsp; 1885000 | 51385100  |
| **Total Health Technology Sector** |  | 108471950  |
| **<u>Industrial Services Sector — 2.0%</u>**<br>|  |  |
| **Contract Drilling — 2.0%**<br>|  |  |
| Schlumberger NV | &nbsp;&nbsp; 800000 | 27496000  |
| **<u>Process Industries Sector — 4.5%</u>**<br>|  |  |
| **Pulp & Paper — 4.5%**<br>|  |  |
| Avery Dennison Corp. | &nbsp;&nbsp; 385000 | 62435450  |
| **<u>Producer Manufacturing Sector — 9.7%</u>**<br>|  |  |
| **Building Products — 5.6%**<br>|  |  |
| Carlisle Cos., Inc. | &nbsp;&nbsp; 70000 | 23027200  |
| Masco Corp. | &nbsp;&nbsp; 765000 | 53848350  |
|  |  | 76875550  |
| **Industrial Machinery — 4.1%**<br>|  |  |
| Carrier Global Corp. | &nbsp;&nbsp; 960000 | 57312000  |
| **Total Producer Manufacturing Sector** |  | 134187550  |
| **<u>Retail Trade Sector — 5.0%</u>**<br>|  |  |
| **Discount Stores — 2.3%**<br>|  |  |
| Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 345000 | 32557650  |
| **Specialty Stores — 2.7%**<br>|  |  |
| CarMax, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 835000 | 37466450  |
| **Total Retail Trade Sector** |  | 70024100  |
| **<u>Technology Services Sector — 7.2%</u>**<br>|  |  |
| **Information Technology Services — 3.3%**<br>|  |  |
| CDW Corp. | &nbsp;&nbsp; 285000 | 45394800  |

---

The accompanying notes are an integral part of these financial statements.

— 6 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI Large Cap Fund

SCHEDULE OF INVESTMENTS(Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.5% (Continued)** | **COMMON STOCKS — 98.5% (Continued)** | **COMMON STOCKS — 98.5% (Continued)** |
| **<u>Technology Services Sector — 7.2%</u> (Continued)** | **<u>Technology Services Sector — 7.2%</u> (Continued)** | **<u>Technology Services Sector — 7.2%</u> (Continued)** |
| **Internet Software/Services — 3.9%**<br>|  |  |
| Alphabet, Inc. - Class A | &nbsp;&nbsp; 225000 | $54697500  |
| **Total Technology Services Sector** |  | 100092300  |
| **<u>Transportation Sector — 4.0%</u>**<br>|  |  |
| **Railroads — 4.0%**<br>|  |  |
| CSX Corp. | &nbsp;&nbsp; 1575000 | 55928250  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $963,909,275)** |  | 1368374830  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS — 1.5%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.02%<sup>(b)</sup> | &nbsp;&nbsp; 20780312 | 20780312  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $20,780,312)** |  | 20780312  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.0%**<br>**(Cost $984,689,587)** |  | 1389155142  |
| Liabilities in Excess of Other Assets — (0.0)%<sup>(c)</sup> |  | (320412)  |
| **TOTAL NET ASSETS — 100.0%** |  | $1388834730 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents the 7-day annualized yield
 as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

— 7 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI Large Cap Fund

SCHEDULE OF INVESTMENTS(Continued)

September 30, 2025

**Summary of Fair Value Disclosure as of September 30, 2025** 

FMI Large Cap Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1366561330 | $1813500 | $— | $1368374830  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 20780312 |  |  | 20780312  |
| Total Investments | $1387341642 | $1813500 | $— | $1389155142 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

The accompanying notes are an integral part of these financial statements.

— 8 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund

SCHEDULE OF INVESTMENTS

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 100.0%**<br>|  |  |
| **<u>Bermuda — 1.9%</u>**<br>|  |  |
| **Miscellaneous Commercial Services — 1.9%**<br>|  |  |
| Genpact Ltd. | &nbsp;&nbsp; 1240000 | $51943600  |
| **<u>Britain — 33.1%</u><sup><u>(a)</u></sup>**<br>|  |  |
| **Beverages: Alcoholic — 2.1%**<br>|  |  |
| Diageo PLC | &nbsp;&nbsp; 2410000 | 57665701  |
| **Beverages: Non-Alcoholic — 3.7%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 1115000 | 100807150  |
| **Electrical Products — 3.0%**<br>|  |  |
| Smiths Group PLC | &nbsp;&nbsp; 2540000 | 80531063  |
| **Electronics/Appliances — 2.4%**<br>|  |  |
| Howden Joinery Group PLC | &nbsp;&nbsp; 5790000 | 65872119  |
| **Finance/Rental/Leasing — 4.2%**<br>|  |  |
| Ashtead Group PLC | &nbsp;&nbsp; 1705000 | 114339643  |
| **Food: Specialty/Candy — 2.7%**<br>|  |  |
| Greggs PLC | &nbsp;&nbsp; 3435000 | 74345906  |
| **Household/Personal Care — 4.1%**<br>|  |  |
| Unilever PLC | &nbsp;&nbsp; 1910000 | 112897473  |
| **Internet Software/Services — 4.2%**<br>|  |  |
| Informa PLC | &nbsp;&nbsp; 9180000 | 113706168  |
| **Major Banks — 2.4%**<br>|  |  |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 58355000 | 66033640  |
| **Trucks/Construction/Farm Machinery — 4.3%**<br>|  |  |
| Weir Group PLC | &nbsp;&nbsp; 3185000 | 117486081  |
| **Total Britain** |  | 903684944  |
| **<u>Curacao — 2.2%</u>**<br>|  |  |
| **Contract Drilling — 2.2%**<br>|  |  |
| Schlumberger NV | &nbsp;&nbsp; 1765000 | 60663050  |
| **<u>France — 10.9%</u>**<br>|  |  |
| **Miscellaneous Commercial Services — 2.0%**<br>|  |  |
| Edenred SE | &nbsp;&nbsp; 2310000 | 55012145  |
| **Restaurants — 4.6%**<br>|  |  |
| Sodexo SA | &nbsp;&nbsp; 1995000 | 125873363  |
| **Wholesale Distributors — 4.3%**<br>|  |  |
| Rexel SA | &nbsp;&nbsp; 3530000 | 116219370  |
| **Total France** |  | 297104878  |

---

The accompanying notes are an integral part of these financial statements.

— 9 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund

SCHEDULE OF INVESTMENTS(Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 100.0% (Continued)** | **COMMON STOCKS — 100.0% (Continued)** | **COMMON STOCKS — 100.0% (Continued)** |
| **<u>Germany — 5.6%</u>**<br>|  |  |
| **Industrial Machinery — 3.0%**<br>|  |  |
| Siemens AG | &nbsp;&nbsp; 300000 | $80993645  |
| **Medical/Nursing Services — 2.6%**<br>|  |  |
| Fresenius Medical Care AG | &nbsp;&nbsp; 1335000 | 70538352  |
| **Total Germany** |  | 151531997  |
| **<u>Hong Kong — 3.4%</u>**<br>|  |  |
| **Tools & Hardware — 3.4%**<br>|  |  |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 7360000 | 94084542  |
| **<u>Ireland — 7.2%</u>**<br>|  |  |
| **Airlines — 3.8%**<br>|  |  |
| Ryanair Holdings PLC - ADR | &nbsp;&nbsp; 1710000 | 102976200  |
| **Miscellaneous Commercial Services — 3.4%**<br>|  |  |
| ICON PLC<sup>(b)</sup> | &nbsp;&nbsp; 540000 | 94500000  |
| **Total Ireland** |  | 197476200  |
| **<u>Japan — 9.1%</u>**<br>|  |  |
| **Chemicals: Specialty — 3.2%**<br>|  |  |
| NOF Corp. | &nbsp;&nbsp; 4945000 | 86283392  |
| **Computer Processing Hardware — 3.4%**<br>|  |  |
| Sony Group Corp. | &nbsp;&nbsp; 3240000 | 93139314  |
| **Electronic Equipment/Instruments — 2.4%**<br>|  |  |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 2300000 | 66006778  |
| **Multi-Line Insurance — 0.1%**<br>|  |  |
| Sony Financial Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 3240000 | 3593062  |
| **Total Japan** |  | 249022546  |
| **<u>Luxembourg — 3.1%</u>**<br>|  |  |
| **Discount Stores — 3.1%**<br>|  |  |
| B&M European Value Retail SA | &nbsp;&nbsp; 24150000 | 85193424  |
| **<u>Netherlands — 5.7%</u>**<br>|  |  |
| **Chemicals: Major Diversified — 1.9%**<br>|  |  |
| IMCD NV | &nbsp;&nbsp; 505000 | 52342113  |
| **Medical Specialties — 3.8%**<br>|  |  |
| Koninklijke Philips NV | &nbsp;&nbsp; 3805000 | 104234722  |
| **Total Netherlands** |  | 156576835  |
| **<u>Singapore — 2.3%</u>**<br>|  |  |
| **Major Banks — 2.3%**<br>|  |  |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 1580000 | 62659335  |

---

The accompanying notes are an integral part of these financial statements.

— 10 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund

SCHEDULE OF INVESTMENTS(Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 100.0% (Continued)** | **COMMON STOCKS — 100.0% (Continued)** | **COMMON STOCKS — 100.0% (Continued)** |
| **<u>Spain — 1.6%</u>**<br>|  |  |
| **Recreational Products — 1.6%**<br>|  |  |
| Fluidra SA | &nbsp;&nbsp; 1650000 | $44884870  |
| **<u>Sweden — 2.1%</u>**<br>|  |  |
| **Trucks/Construction/Farm Machinery — 2.1%**<br>|  |  |
| Epiroc AB | &nbsp;&nbsp; 2695000 | 57053352  |
| **<u>Switzerland — 4.6%</u>**<br>|  |  |
| **Medical Distributors — 2.4%**<br>|  |  |
| DKSH Holding AG | &nbsp;&nbsp; 965000 | 65669360  |
| **Pharmaceuticals: Major — 2.2%**<br>|  |  |
| Roche Holding AG | &nbsp;&nbsp; 180000 | 59937042  |
| **Total Switzerland** |  | 125606402  |
| **<u>United States — 7.2%</u>**<br>|  |  |
| **Other Consumer Services — 4.2%**<br>|  |  |
| Booking Holdings, Inc. | &nbsp;&nbsp; 21000 | 113384670  |
| **Wholesale Distributors — 3.0%**<br>|  |  |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp; 365000 | 81971700  |
| **Total United States** |  | 195356370  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,071,834,843)** |  | 2732842345  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS — 0.5%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 4.02%<sup>(c)</sup> | &nbsp;&nbsp; 13871994 | 13871994  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $13,871,994)** |  | 13871994  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.5%**<br>**(Cost $2,085,706,837)** |  | 2746714339  |
| Money Market Deposit Account — 0.0%<sup>(d)(e)</sup> |  | 333853  |
| Liabilities in Excess of Other Assets — (0.5)% |  | (13516272)  |
| **TOTAL NET ASSETS — 100.0%** |  | $2733531920 |

---

The accompanying notes are an integral part of these financial statements.

— 11 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund

SCHEDULE OF INVESTMENTS(Continued)

September 30, 2025

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent that the Fund invests a significant
 portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions
 affecting such country or region.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents the 7-day annualized effective
 yield as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The U.S. Bank Money Market Deposit Account (the
 "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that
 is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.86%. This MMDA is
 held as collateral for certain forward currency contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

— 12 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund

Schedule of Forward Currency Contracts

September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| BNY Mellon Capital Markets LLC | 10/17/2025 | USD | 698748600 | EUR | 600000000 | $(6447674)  |
| BNY Mellon Capital Markets LLC | 10/17/2025 | USD | 264824934 | JPY | 39000000000 | 597556  |
| J.P. Morgan Securities, Inc. | 10/17/2025 | USD | 89737023 | HKD | 700000000 | (252189)  |
| J.P. Morgan Securities, Inc. | 10/17/2025 | USD | 65267566 | SEK | 635000000 | (2261604)  |
| J.P. Morgan Securities, Inc. | 10/17/2025 | USD | 58670296 | SGD | 75000000 | 444832  |
| State Street Bank & Trust Co. | 10/17/2025 | CHF | 30000000 | USD | 37651406 | 116201  |
| State Street Bank & Trust Co. | 10/17/2025 | SEK | 135000000 | USD | 14236931 | 119665  |
| State Street Bank & Trust Co. | 10/17/2025 | USD | 156979957 | CHF | 125000000 | (385073)  |
| State Street Bank & Trust Co. | 10/17/2025 | USD | 883759800 | GBP | 660000000 | (3967545)  |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  | $(12035831) |

---

CHF - Swiss Franc

EUR - Euro

GBP - British Pound

HKD - Hong Kong Dollar

JPY - Japanese Yen

SEK - Swedish Krona

SGD - Singapore Dollar

USD - United States Dollar

The accompanying notes are an integral part of these financial statements.

— 13 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund

Schedule of Investments

September 30, 2025

**Summary of Fair Value Disclosure as of September 30, 2025** 

FMI International Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $609839433 | $2123002912 | $— | $2732842345  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 13871994 |  |  | 13871994  |
| Total Investments | $623711427 | $2123002912 | $— | $2746714339  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts\* | $— | $1278254 | $— | $1278254  |
| Total Other Financial Instruments | $— | $1278254 | $— | $1278254  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts\* | $— | $(13314085) | $— | $(13314085)  |
| Total Other Financial Instruments | $— | $(13314085) | $— | $(13314085) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of September 30, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

The accompanying notes are an integral part of these financial statements.

— 14 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund II — Currency Unhedged

Schedule of Investments

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 96.6%**<br>|  |  |
| **<u>Bermuda — 1.8%</u>**<br>|  |  |
| **Miscellaneous Commercial Services — 1.8%**<br>|  |  |
| Genpact Ltd. | &nbsp;&nbsp;&nbsp; 31300 | $1311157  |
| **<u>Britain</u> <u>— 31.9%</u><sup><u>(a)</u></sup>**<br>|  |  |
| **Beverages: Alcoholic — 2.0%**<br>|  |  |
| Diageo PLC | &nbsp;&nbsp;&nbsp; 61000 | 1459588  |
| **Beverages: Non-Alcoholic — 3.6%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp; 28600 | 2585726  |
| **Electrical Products — 2.9%**<br>|  |  |
| Smiths Group PLC | &nbsp;&nbsp;&nbsp; 64800 | 2054493  |
| **Electronics/Appliances — 2.3%**<br>|  |  |
| Howden Joinery Group PLC | &nbsp;&nbsp;&nbsp; 146000 | 1661024  |
| **Finance/Rental/Leasing — 4.0%**<br>|  |  |
| Ashtead Group PLC | &nbsp;&nbsp;&nbsp; 43500 | 2917170  |
| **Food: Specialty/Candy — 2.6%**<br>|  |  |
| Greggs PLC | &nbsp;&nbsp;&nbsp; 87500 | 1893819  |
| **Household/Personal Care — 4.0%**<br>|  |  |
| Unilever PLC | &nbsp;&nbsp;&nbsp; 49300 | 2914055  |
| **Internet Software/Services — 4.0%**<br>|  |  |
| Informa PLC | &nbsp;&nbsp;&nbsp; 234000 | 2898393  |
| **Major Banks — 2.3%**<br>|  |  |
| Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp; 1475000 | 1669088  |
| **Trucks/Construction/Farm Machinery — 4.2%**<br>|  |  |
| Weir Group PLC | &nbsp;&nbsp;&nbsp; 82000 | 3024759  |
| **Total Britain** |  | 23078115  |
| **<u>Curacao — 2.1%</u>**<br>|  |  |
| **Contract Drilling — 2.1%**<br>|  |  |
| Schlumberger NV | &nbsp;&nbsp;&nbsp; 44600 | 1532902  |
| **<u>France — 10.5%</u>**<br>|  |  |
| **Miscellaneous Commercial Services — 2.0%**<br>|  |  |
| Edenred SE | &nbsp;&nbsp;&nbsp; 59300 | 1412217  |
| **Restaurants — 4.4%**<br>|  |  |
| Sodexo SA | &nbsp;&nbsp;&nbsp; 51000 | 3217815  |
| **Wholesale Distributors — 4.1%**<br>|  |  |
| Rexel SA | &nbsp;&nbsp;&nbsp; 91000 | 2996023  |
| **Total France** |  | 7626055  |

---

The accompanying notes are an integral part of these financial statements.

— 15 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund II — Currency Unhedged

Schedule of Investments(Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 96.6% (Continued)**  | **COMMON STOCKS — 96.6% (Continued)**  | **COMMON STOCKS — 96.6% (Continued)**  |
| **<u>Germany — 5.4%</u>**<br>|  |  |
| **Industrial Machinery — 2.9%**<br>|  |  |
| Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp; 7700 | $2078837  |
| **Medical/Nursing Services — 2.5%**<br>|  |  |
| Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp; 34000 | 1796482  |
| **Total Germany** |  | 3875319  |
| **<u>Hong Kong — 3.3%</u>**<br>|  |  |
| **Tools & Hardware — 3.3%**<br>|  |  |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 187900 | 2401968  |
| **<u>Ireland — 7.0%</u>**<br>|  |  |
| **Airlines — 3.7%**<br>|  |  |
| Ryanair Holdings PLC - ADR | &nbsp;&nbsp;&nbsp;&nbsp; 43750 | 2634625  |
| **Miscellaneous Commercial Services — 3.3%**<br>|  |  |
| ICON PLC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13700 | 2397500  |
| **Total Ireland** |  | 5032125  |
| **<u>Japan — 8.9%</u>**<br>|  |  |
| **Chemicals: Specialty — 3.1%**<br>|  |  |
| NOF Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 127000 | 2215974  |
| **Computer Processing Hardware — 3.4%**<br>|  |  |
| Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | 2443470  |
| **Electronic Equipment/Instruments — 2.3%**<br>|  |  |
| Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 57850 | 1660214  |
| **Multi-Line Insurance — 0.1%**<br>|  |  |
| Sony Financial Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | 94262  |
| **Total Japan** |  | 6413920  |
| **<u>Luxembourg — 3.0%</u>**<br>|  |  |
| **Discount Stores — 3.0%**<br>|  |  |
| B&M European Value Retail SA | &nbsp;&nbsp;&nbsp;&nbsp; 615000 | 2169522  |
| **<u>Netherlands — 5.6%</u>**<br>|  |  |
| **Chemicals: Major Diversified — 1.9%**<br>|  |  |
| IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp; 13250 | 1373333  |
| **Medical Specialties — 3.7%**<br>|  |  |
| Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp; 97977 | 2683996  |
| **Total Netherlands** |  | 4057329  |

---

The accompanying notes are an integral part of these financial statements.

— 16 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund II — Currency Unhedged

Schedule of Investments(Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 96.6% (Continued)**  | **COMMON STOCKS — 96.6% (Continued)**  | **COMMON STOCKS — 96.6% (Continued)**  |
| **<u>Singapore — 2.2%</u>**<br>|  |  |
| **Major Banks — 2.2%**<br>|  |  |
| DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp; 40100 | $1590278  |
| **<u>Spain — 1.6%</u>**<br>|  |  |
| **Recreational Products — 1.6%**<br>|  |  |
| Fluidra SA | &nbsp;&nbsp;&nbsp; 44000 | 1196930  |
| **<u>Sweden — 2.0%</u>**<br>|  |  |
| **Trucks/Construction/Farm Machinery — 2.0%**<br>|  |  |
| Epiroc AB | &nbsp;&nbsp;&nbsp; 67000 | 1418395  |
| **<u>Switzerland — 4.4%</u>**<br>|  |  |
| **Medical Distributors — 2.3%**<br>|  |  |
| DKSH Holding AG | &nbsp;&nbsp;&nbsp; 24600 | 1674058  |
| **Pharmaceuticals: Major — 2.1%**<br>|  |  |
| Roche Holding AG | &nbsp;&nbsp;&nbsp; 4600 | 1531725  |
| **Total Switzerland** |  | 3205783  |
| **<u>United States — 6.9%</u>**<br>|  |  |
| **Other Consumer Services — 4.0%**<br>|  |  |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp; 535 | 2888609  |
| **Wholesale Distributors — 2.9%**<br>|  |  |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp; 9400 | 2111052  |
| **Total United States** |  | 4999661  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $57,525,272)** |  | 69909459  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS — 3.3%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.02%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2364569 | 2364569  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,364,569)** |  | 2364569  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.9%** <br>**(Cost $59,889,841)** |  | 72274028  |
| Other Assets in Excess of Liabilities — 0.1% |  | 87849  |
| **TOTAL NET ASSETS — 100.0%** |  | $72361877 |

---

The accompanying notes are an integral part of these financial statements.

— 17 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund II — Currency Unhedged

Schedule of Investments(Continued)

September 30, 2025

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent that the Fund invests a significant
 portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions
 affecting such country or region.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents the 7-day annualized yield
 as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

— 18 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund II — Currency Unhedged

Schedule of Investments(Continued)

September 30, 2025

**Summary of Fair Value Disclosure as of September 30, 2025** 

FMI International Fund II - Currency Unhedged (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $15555834 | $54353625 | $— | $69909459  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2364569 |  |  | 2364569  |
| Total Investments | $17920403 | $54353625 | $— | $72274028 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

The accompanying notes are an integral part of these financial statements.

— 19 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI Global Fund

Schedule of Investments

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 96.8%**<br>|  |  |
| **<u>Bermuda — 1.9%</u>**<br>|  |  |
| **Miscellaneous Commercial Services — 1.9%**<br>|  |  |
| Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 4800 | $201072  |
| **<u>Britain — 23.2%</u>**<br>|  |  |
| **Beverages: Alcoholic — 2.1%**<br>|  |  |
| Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp; 8965 | 214512  |
| **Beverages: Non-Alcoholic — 3.4%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp; 3940 | 356215  |
| **Finance/Rental/Leasing — 4.0%**<br>|  |  |
| Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 6235 | 418128  |
| **Food: Specialty/Candy — 1.7%**<br>|  |  |
| Greggs PLC | &nbsp;&nbsp;&nbsp;&nbsp; 8400 | 181806  |
| **Household/Personal Care — 3.3%**<br>|  |  |
| Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp; 5735 | 338988  |
| **Internet Software/Services — 4.1%**<br>|  |  |
| Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp; 34600 | 428566  |
| **Trucks/Construction/Farm Machinery — 4.6%**<br>|  |  |
| Weir Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 13140 | 484699  |
| **Total Britain** |  | 2422914  |
| **<u>Curacao — 1.8%</u>**<br>|  |  |
| **Contract Drilling — 1.8%**<br>|  |  |
| Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | 189035  |
| **<u>France — 8.9%</u>**<br>|  |  |
| **Miscellaneous Commercial Services — 2.1%**<br>|  |  |
| Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp; 9030 | 215048  |
| **Restaurants — 3.7%**<br>|  |  |
| Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp; 6130 | 386769  |
| **Wholesale Distributors — 3.1%**<br>|  |  |
| Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp; 9895 | 325776  |
| **Total France** |  | 927593  |
| **<u>Germany — 2.8%</u>**<br>|  |  |
| **Medical/Nursing Services — 2.8%**<br>|  |  |
| Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp; 5490 | 290079  |

---

The accompanying notes are an integral part of these financial statements.

— 20 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI Global Fund

Schedule of Investments(Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 96.8% (Continued)**  | **COMMON STOCKS — 96.8% (Continued)**  | **COMMON STOCKS — 96.8% (Continued)**  |
| **<u>Ireland — 6.3%</u>**<br>|  |  |
| **Airlines — 3.7%**<br>|  |  |
| Ryanair Holdings PLC - ADR | &nbsp;&nbsp;&nbsp;&nbsp; 6495 | $391129  |
| **Miscellaneous Commercial Services — 2.6%**<br>|  |  |
| ICON PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1540 | 269500  |
| **Total Ireland** |  | 660629  |
| **<u>Japan — 3.6%</u>**<br>|  |  |
| **Computer Processing Hardware — 3.5%**<br>|  |  |
| Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12500 | 359334  |
| **Multi-Line Insurance — 0.1%**<br>|  |  |
| Sony Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12500 | 13862  |
| **Total Japan** |  | 373196  |
| **<u>Luxembourg — 2.5%</u>**<br>|  |  |
| **Discount Stores — 2.5%**<br>|  |  |
| B&M European Value Retail SA | &nbsp;&nbsp;&nbsp;&nbsp; 74105 | 261418  |
| **<u>Netherlands — 3.2%</u>**<br>|  |  |
| **Medical Specialties — 3.2%**<br>|  |  |
| Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp; 12250 | 335578  |
| **<u>United States</u> <u>— 42.6%</u><sup><u>(b)</u></sup>**<br>|  |  |
| **Building Products — 2.8%**<br>|  |  |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4090 | 287895  |
| **Discount Stores — 1.2%**<br>|  |  |
| Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1385 | 130703  |
| **Food Distributors — 2.4%**<br>|  |  |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3030 | 249490  |
| **Industrial Machinery — 3.2%**<br>|  |  |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5550 | 331335  |
| **Internet Software/Services — 3.1%**<br>|  |  |
| Alphabet, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1330 | 323323  |
| **Investment Banks/Brokers — 5.4%**<br>|  |  |
| Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5920 | 565182  |
| **Managed Health Care — 2.4%**<br>|  |  |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 720 | 248616  |
| **Medical Specialties — 3.3%**<br>|  |  |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1850 | 346265  |

---

The accompanying notes are an integral part of these financial statements.

— 21 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI Global Fund

Schedule of Investments(Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 96.8% (Continued)**  | **COMMON STOCKS — 96.8% (Continued)**  | **COMMON STOCKS — 96.8% (Continued)**  |
| **<u>United States — 42.6%</u><sup><u>(b)</u></sup><u>(Continued)</u>**  | **<u>United States — 42.6%</u><sup><u>(b)</u></sup><u>(Continued)</u>**  | **<u>United States — 42.6%</u><sup><u>(b)</u></sup><u>(Continued)</u>**  |
| **Other Consumer Services — 4.1%**<br>|  |  |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 80 | $431942  |
| **Property/Casualty Insurance — 3.1%**<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 650 | 326781  |
| **Pulp & Paper — 3.4%**<br>|  |  |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2190 | 355152  |
| **Specialty Stores — 2.5%**<br>|  |  |
| CarMax, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5720 | 256656  |
| **Wholesale Distributors — 5.7%**<br>|  |  |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2650 | 595137  |
| **Total United States** |  | 4448477  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $9,949,913)** |  | 10109991  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS — 3.5%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.02%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 362520 | 362520  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $362,520)** |  | 362520  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.3%** <br>**(Cost $10,312,433)** |  | 10472511  |
| Liabilities in Excess of Other Assets — (0.3)% |  | (30926)  |
| **TOTAL NET ASSETS — 100.0%** |  | $10441585 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that the Fund invests a significant
 portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions
 affecting such country or region.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents the 7-day annualized yield
 as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

— 22 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI Global Fund

Schedule of Investments(Continued)

September 30, 2025

**Summary of Fair Value Disclosure as of September 30, 2025** 

FMI Global Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $5869290 | $4240701 | $— | $10109991  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 362520 |  |  | 362520  |
| Total Investments | $6231810 | $4240701 | $— | $10472511 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

The accompanying notes are an integral part of these financial statements.

— 23 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FMI** <br>**Common Stock** <br>**Fund** | **FMI** <br>**Large Cap** <br>**Fund** | **FMI** <br>**International** <br>**Fund** | **FMI** <br>**International** <br>**Fund II - Currency** <br>**Unhedged** | **FMI** <br>**Global** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, <br>at value<sup>(1)</sup> | $2237587595 | $1389155142 | $2746714339 | &nbsp;&nbsp;&nbsp; $72274028 | $10472511  |
| &nbsp;&nbsp;&nbsp; Collateral for forward currency contracts |  |  | 333853 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Receivable from shareholders for purchases | 15816612 | 49171 | 383265 | &nbsp;&nbsp;&nbsp; 635 | —  |
| &nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 183314 | 1987519 | 12652305 | &nbsp;&nbsp;&nbsp; 332711 | 30112  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on forward currency contracts |  |  | 1278254 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Receivable from adviser, net |  |  |  | &nbsp;&nbsp;&nbsp; — | 14656  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 48851 | 30169 | 72935 | &nbsp;&nbsp;&nbsp; 8020 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $2253636372 | $1391222001 | $2761434951 | &nbsp;&nbsp;&nbsp; $72615394 | $10517279  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable to brokers for investments purchased | $— | $— | $4162694 | &nbsp;&nbsp;&nbsp; $109206 | $16060  |
| &nbsp;&nbsp;&nbsp; Payable to shareholders for redemptions | 18115937 | 1564290 | 8453563 | &nbsp;&nbsp;&nbsp; 56849 | —  |
| &nbsp;&nbsp;&nbsp; Payable to adviser for management fees, net | 1258284 | 563880 | 1319291 | &nbsp;&nbsp;&nbsp; 28700 | —  |
| &nbsp;&nbsp;&nbsp; Payable for shareholder servicing fees (Investor Class) | 83182 | 93012 | 145813 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Payable for printing and mailing fees | 45886 | 36016 | 230804 | &nbsp;&nbsp;&nbsp; 2334 | 3051  |
| &nbsp;&nbsp;&nbsp; Payable for administration and accounting fees | 72180 | 51127 | 126367 | &nbsp;&nbsp;&nbsp; 5271 | 3465  |
| &nbsp;&nbsp;&nbsp; Payable for board of Directors fees | 24500 | 24500 | 24500 | &nbsp;&nbsp;&nbsp; 24500 | 24500  |
| &nbsp;&nbsp;&nbsp; Payable for custody fees | 12235 | 22287 | 65301 | &nbsp;&nbsp;&nbsp; 3288 | 1609  |
| &nbsp;&nbsp;&nbsp; Payable for professional fees | 18946 | 16803 | 17774 | &nbsp;&nbsp;&nbsp; 17335 | 16162  |
| &nbsp;&nbsp;&nbsp; Payable for transfer agent fees | 14757 | 11227 | 15988 | &nbsp;&nbsp;&nbsp; 3115 | 2960  |
| &nbsp;&nbsp;&nbsp; Payable for registration fees |  |  |  | &nbsp;&nbsp;&nbsp; — | 4225  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward currency <br>contracts |  |  | 13314085 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 4634 | 4129 | 26851 | &nbsp;&nbsp;&nbsp; 2919 | 3662  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 19650541 | 2387271 | 27903031 | &nbsp;&nbsp;&nbsp; 253517 | 75694  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2233985831 | $1388834730 | $2733531920 | &nbsp;&nbsp;&nbsp; $72361877 | $10441585  |

---

The accompanying notes to financial statements are an integral part of these statements.

— 24 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

STATEMENTS OF ASSETS AND LIABILITIES(Continued)

September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FMI** <br>**Common Stock** <br>**Fund** | **FMI** <br>**Large Cap** <br>**Fund** | **FMI** <br>**International** <br>**Fund** | **FMI** <br>**International** <br>**Fund II - Currency** <br>**Unhedged** | **FMI** <br>**Global** <br>**Fund**  |
| **NET ASSETS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock | $1519459304  | $844561905  | $1870646463  | &nbsp;&nbsp; $56670872  | $10114341  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated deficit) | 714526527  | 544272825  | 862885457  | &nbsp;&nbsp; 15691005  | 327244  |
| &nbsp;&nbsp;&nbsp; Net assets | $2233985831 | $1388834730 | $2733531920 | &nbsp;&nbsp; $72361877 | $10441585  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investor Class Shares:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $708283421 | $787790287 | $1074874872 | &nbsp;&nbsp; $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding | 18415130 | 50906762 | 27719752 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Shares authorized ($0.0001 par value) | 300000000 | 300000000 | 300000000 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per <br>share | $38.46 | $15.48 | $38.78 | &nbsp;&nbsp; $— | $—  |
| &nbsp;&nbsp;&nbsp; **Institutional Class Shares:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $1525702410 | $601044443 | $1658657048 | &nbsp;&nbsp; $72361877 | $10441585  |
| &nbsp;&nbsp;&nbsp; Shares outstanding | 39576052 | 38948437 | 42491025 | &nbsp;&nbsp; 3053564 | 494849  |
| &nbsp;&nbsp;&nbsp; Shares authorized ($0.0001 par value) | 300000000 | 300000000 | 300000000 | &nbsp;&nbsp; 300000000 | 300000000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per <br>share | $38.55 | $15.43 | $39.04 | &nbsp;&nbsp; $23.70 | $21.10  |
| <sup>(1)</sup>Identified cost of investments | $1735826064 | $984689587 | $2085706837 | &nbsp;&nbsp; $59889841 | $10312433 |

---

The accompanying notes to financial statements are an integral part of these statements.

— 25 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

STATEMENTS OF OPERATIONS

For the Year or Period Ended September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FMI**<br>**Common Stock** <br>**Fund** | **FMI** <br>**Large Cap** <br>**Fund** | **FMI** <br>**International** <br>**Fund** | **FMI** <br>**International** <br>**Fund II - Currency** <br>**Unhedged** | **FMI** <br>**Global** <br>**Fund<sup>(2)</sup>**  |
| **INCOME:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends<sup>(1)</sup> | $28764543 | $23004310 | $113445810 | &nbsp;&nbsp;&nbsp; $1848753 | $161185  |
| &nbsp;&nbsp;&nbsp; Non-cash dividends<sup>(3)</sup> |  | 1588750 | 4141550 | &nbsp;&nbsp;&nbsp; 108652 | 15978  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 28764543 | 24593060 | 117587360 | &nbsp;&nbsp;&nbsp; 1957405 | 177163  |
| **EXPENSES:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Management fees (Note 3) | 17427725 | 9659529 | 30436596 | &nbsp;&nbsp;&nbsp; 515837 | 46146  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees <br>(Investor Class) | 881771 | 1140492 | 1665956 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Administration and accounting services | 452703 | 320198 | 848127 | &nbsp;&nbsp;&nbsp; 31311 | 14839  |
| &nbsp;&nbsp;&nbsp; Printing and postage expense | 120421 | 74825 | 633201 | &nbsp;&nbsp;&nbsp; 5847 | 4290  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 76342 | 136979 | 493776 | &nbsp;&nbsp;&nbsp; 22318 | 8467  |
| &nbsp;&nbsp;&nbsp; Board of Directors fees | 92500 | 92500 | 92500 | &nbsp;&nbsp;&nbsp; 92500 | 65000  |
| &nbsp;&nbsp;&nbsp; Registration fees | 130974 | 63422 | 124195 | &nbsp;&nbsp;&nbsp; 31049 | 9185  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 96470 | 70063 | 111799 | &nbsp;&nbsp;&nbsp; 19030 | 13980  |
| &nbsp;&nbsp;&nbsp; Compliance fees | 76988 | 57961 | 120079 | &nbsp;&nbsp;&nbsp; 22977 | 15185  |
| &nbsp;&nbsp;&nbsp; Professional fees | 43259 | 43320 | 44218 | &nbsp;&nbsp;&nbsp; 42036 | 40969  |
| &nbsp;&nbsp;&nbsp; Interest expense (Note 5) |  |  | 253437 | &nbsp;&nbsp;&nbsp; 70 | —  |
| &nbsp;&nbsp;&nbsp; Other expenses | 45138 | 33565 | 81048 | &nbsp;&nbsp;&nbsp; 11736 | 10851  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reimbursement | 19444291 | 11692854 | 34904932 | &nbsp;&nbsp;&nbsp; 794711 | 228912  |
| &nbsp;&nbsp;&nbsp; Less expenses reimbursed by adviser (Note 3) |  |  |  | &nbsp;&nbsp;&nbsp; (175707) | (169581)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 19444291 | 11692854 | 34904932 | &nbsp;&nbsp;&nbsp; 619004 | 59331  |
| **NET INVESTMENT INCOME (LOSS)** | $9320252 | $12900206 | $82682428 | &nbsp;&nbsp;&nbsp; $1338401 | $117832  |

---

The accompanying notes to financial statements are an integral part of these statements.

— 26 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

STATEMENTS OF OPERATIONS(Continued)

For the Year or Period Ended September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FMI**<br>**Common Stock** <br>**Fund** | **FMI** <br>**Large Cap** <br>**Fund** | **FMI** <br>**International** <br>**Fund** | **FMI** <br>**International** <br>**Fund II - Currency** <br>**Unhedged** | **FMI** <br>**Global** <br>**Fund<sup>(2)</sup>**  |
|  **NET REALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities | $239613619 | $189380446 | $555850801 | &nbsp;&nbsp;&nbsp; $4696566 | $29017  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  |  | (122577396) | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | 32081741 | &nbsp;&nbsp;&nbsp; (3598) | 19950  |
|  **NET REALIZED GAIN (LOSS) ON INVESTMENTS** | 239613619 | 189380446 | 465355146 | &nbsp;&nbsp;&nbsp; 4692968 | 48967  |
|  **NET CHANGE IN UNREALIZED APPRECIATION/DEPRECIATION ON INVESTMENTS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities | (180419415) | (177671116) | (515115625) | &nbsp;&nbsp;&nbsp; (3144798) | 160078  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  |  | 88833033 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations |  |  | 179370 | &nbsp;&nbsp;&nbsp; 7489 | 367  |
|  **NET CHANGE IN UNREALIZED APPRECIATION/DEPRECIATION ON INVESTMENTS** | (180419415) | (177671116) | (426103222) | &nbsp;&nbsp;&nbsp; (3137309) | 160445  |
| &nbsp;&nbsp;&nbsp; **NET GAIN (LOSS) ON** <br>**INVESTMENTS** | 59194204 | 11709330 | 39251924 | &nbsp;&nbsp;&nbsp; 1555659 | 209412  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $68514456 | $24609536 | $121934352 | &nbsp;&nbsp;&nbsp; $2894060 | $327244  |
| <sup>(1)</sup> Net withholding taxes | $— | $(300360) | $(8526395) | &nbsp;&nbsp;&nbsp; $(133623) | $(9245) |
| <sup>(2)</sup> For the Period from December 31, 2024 (Inception date) to September 30, 2025. | <sup>(2)</sup> For the Period from December 31, 2024 (Inception date) to September 30, 2025. | <sup>(2)</sup> For the Period from December 31, 2024 (Inception date) to September 30, 2025. | <sup>(2)</sup> For the Period from December 31, 2024 (Inception date) to September 30, 2025. | <sup>(2)</sup> For the Period from December 31, 2024 (Inception date) to September 30, 2025. | <sup>(2)</sup> For the Period from December 31, 2024 (Inception date) to September 30, 2025. |
| <sup>(3)</sup> Non-cash dividends are recorded at the fair value of the securities received. | <sup>(3)</sup> Non-cash dividends are recorded at the fair value of the securities received. | <sup>(3)</sup> Non-cash dividends are recorded at the fair value of the securities received. | <sup>(3)</sup> Non-cash dividends are recorded at the fair value of the securities received. | <sup>(3)</sup> Non-cash dividends are recorded at the fair value of the securities received. | <sup>(3)</sup> Non-cash dividends are recorded at the fair value of the securities received. |

---

The accompanying notes to financial statements are an integral part of these statements.

— 27 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Common Stock Fund

STATEMENTS OF CHANGES IN NET ASSETS

For the Years Ended September 30, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $9320252 | $6684718  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 239613619 | 34456222  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (180419415) | 364982186  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 68514456 | 406123126  |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | (14938086) | (17421723)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (30352538) | (31829156)  |
| &nbsp;&nbsp;&nbsp; Total distributions (Note 7) | (45290624) | (49250879)  |
| **FUND SHARE ACTIVITIES:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from Fund share activities (Note 8) | 18001924 | 379506796  |
| &nbsp;&nbsp;&nbsp; TOTAL INCREASE (DECREASE) | 41225756 | 736379043  |
| NET ASSETS AT THE BEGINNING OF THE YEAR | 2192760075 | 1456381032  |
| NET ASSETS AT THE END OF THE YEAR | $2233985831 | $2192760075  |
| **FUND SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding (Note 8) | 359262 | 11174867 |

---

The accompanying notes to financial statements are an integral part of these statements.

— 28 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Large Cap Fund

STATEMENTS OF CHANGES IN NET ASSETS

For the Years Ended September 30, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $12900206 | $10288321  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 189380446 | 183372808  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (177671116) | 234942978  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 24609536 | 428604107  |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | (102399147) | (94753313)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (77969199) | (67059663)  |
| &nbsp;&nbsp;&nbsp; Total distributions (Note 7) | (180368346) | (161812976)  |
| **FUND SHARE ACTIVITIES:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from Fund share activities (Note 8) | (122527558) | (218075189)  |
| &nbsp;&nbsp;&nbsp; TOTAL INCREASE (DECREASE) | (278286368) | 48715942  |
| NET ASSETS AT THE BEGINNING OF THE YEAR | 1667121098 | 1618405156  |
| NET ASSETS AT THE END OF THE YEAR | $1388834730 | $1667121098  |
| **FUND SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding (Note 8) | (7343436) | (13611711) |

---

The accompanying notes to financial statements are an integral part of these statements.

— 29 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund

STATEMENTS OF CHANGES IN NET ASSETS

For the Years Ended September 30, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $82682428 | $101196109  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 465355146 | 249556313  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (426103222) | 368707488  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 121934352 | 719459910  |
| **FUND SHARE ACTIVITIES:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from Fund share activities (Note 8) | (2379455140) | 186023338  |
| &nbsp;&nbsp;&nbsp; TOTAL INCREASE (DECREASE) | (2257520788) | 905483248  |
| NET ASSETS AT THE BEGINNING OF THE YEAR | 4991052708 | 4085569460  |
| NET ASSETS AT THE END OF THE YEAR | $2733531920 | $4991052708  |
| **FUND SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding (Note 8) | (63248167) | 5774221 |

---

The accompanying notes to financial statements are an integral part of these statements.

— 30 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund II - Currency Unhedged

STATEMENTS OF CHANGES IN NET ASSETS

For the Years Ended September 30, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1338401 | $1526447  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 4692968 | 2652093  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (3137309) | 10295241  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | 2894060 | 14473781  |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (1502349) | (1165736)  |
| &nbsp;&nbsp;&nbsp; Total distributions (Note 7) | (1502349) | (1165736)  |
| **FUND SHARE ACTIVITIES:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from Fund share activities (Note 8) | (1739703) | (11786587)  |
| &nbsp;&nbsp;&nbsp; TOTAL INCREASE (DECREASE) | (347992) | 1521458  |
| NET ASSETS AT THE BEGINNING OF THE YEAR | 72709869 | 71188411  |
| NET ASSETS AT THE END OF THE YEAR | $72361877 | $72709869  |
| **FUND SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding (Note 8) | (74718) | (519814) |

---

The accompanying notes to financial statements are an integral part of these statements.

— 31 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Global Fund

STATEMENT OF CHANGES IN NET ASSETS

For the Period from December 31, 2024 (Inception date) to September 30, 2025

---

| | |
|:---|:---|
|  | **For the Period from** <br>**December 31, 2024<sup>(1)</sup>** <br>**to September 30, 2025**  |
| **OPERATIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $117832  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48967  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160445  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327244  |
| **FUND SHARE ACTIVITIES:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from Fund share activities (Note 8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10114341  |
| &nbsp;&nbsp;&nbsp; TOTAL INCREASE (DECREASE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10441585  |
| NET ASSETS AT THE BEGINNING OF THE PERIOD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| NET ASSETS AT THE END OF THE PERIOD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10441585  |
| **FUND SHARE TRANSACTIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding (Note 8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494849 |

---

<sup>(1)</sup> Inception date.

The accompanying notes to financial statements are an integral part of these statements.

— 32 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Common Stock Fund

Financial Highlights

(Selected data for each share of the Fund outstanding throughout each year)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  |
|  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE OPERATING PERFORMANCE:** | **PER SHARE OPERATING PERFORMANCE:** |  |  |  |  |
| Net asset value, beginning of year | $37.99 | $31.31 | $26.72 | $33.23 | $22.25  |
| Income from investment operations:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | 0.13 | 0.09 | 0.11 | 0.03 | 0.08  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.08 | 7.56 | 6.35 | (2.57) | 11.11  |
| Total from investment operations | 1.21 | 7.65 | 6.46 | (2.54) | 11.19  |
| Less distributions:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.08) | (0.09) | (0.04) | (0.11) | (0.21)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.66) | (0.88) | (1.83) | (3.86) | —  |
| Total from distributions | (0.74) | (0.97) | (1.87) | (3.97) | (0.21)  |
| Net asset value, end of year | $38.46 | $37.99 | $31.31 | $26.72 | $33.23  |
| **TOTAL RETURN** | 3.26% | 24.71% | 25.08% | (9.10)% | 50.49%  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (in 000's $) | 708283 | 759371 | 531535 | 357946 | 423286  |
| Ratio of expenses to average net assets | 0.95% | 0.97% | 0.99% | 1.00% | 1.01%  |
|  Ratio of net investment income (loss) to average net assets | 0.34% | 0.27% | 0.35% | 0.09% | 0.28%  |
| Portfolio turnover rate<sup>(2)</sup> | 35% | 17% | 23% | 36% | 29% |

---

<sup>(1)</sup> Net investment income (loss) per share was calculated using average shares outstanding.

<sup>(2)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

— 33 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Common Stock Fund

Financial Highlights

(Selected data for each share of the Fund outstanding throughout each year)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  |
|  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE OPERATING PERFORMANCE:** | **PER SHARE OPERATING PERFORMANCE:** |  |  |  |  |
| Net asset value, beginning of year | $38.08 | $31.37 | $26.77 | $33.29 | $22.28  |
| Income from investment operations:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | 0.17 | 0.14 | 0.15 | 0.07 | 0.12  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.09 | 7.57 | 6.35 | (2.58) | 11.12  |
| Total from investment operations | 1.26 | 7.71 | 6.50 | (2.51) | 11.24  |
| Less distributions:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.13) | (0.12) | (0.07) | (0.15) | (0.23)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.66) | (0.88) | (1.83) | (3.86) | —  |
| Total from distributions | (0.79) | (1.00) | (1.90) | (4.01) | (0.23)  |
| Net asset value, end of year | $38.55 | $38.08 | $31.37 | $26.77 | $33.29  |
| **TOTAL RETURN** | 3.39% | 24.87% | 25.22% | (8.99)% | 50.68%  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (in 000's $) | 1525702 | 1433389 | 924846 | 588996 | 516985  |
| Ratio of expenses to average net assets | 0.83% | 0.84% | 0.87% | 0.89% | 0.90%  |
|  Ratio of net investment income (loss) to average net assets | 0.46% | 0.40% | 0.48% | 0.22% | 0.39%  |
| Portfolio turnover rate<sup>(2)</sup> | 35% | 17% | 23% | 36% | 29% |

---

<sup>(1)</sup> Net investment income (loss) per share was calculated using average shares outstanding.

<sup>(2)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

— 34 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Large Cap Fund

FINANCIAL HIGHLIGHTS

(Selected data for each share of the Fund outstanding throughout each year)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  |
|  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE OPERATING PERFORMANCE:** | **PER SHARE OPERATING PERFORMANCE:** |  |  |  |  |
| Net asset value, beginning of year | $17.17 | $14.62 | $14.98 | $20.96 | $18.81  |
| Income from investment operations:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | 0.13 | 0.09 | 0.09 | 0.11 | 0.15  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.10 | 4.03 | 2.64 | (2.73) | 4.25  |
| Total from investment operations | 0.23 | 4.12 | 2.73 | (2.62) | 4.40  |
| Less distributions:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.09) | (0.14) | (0.11) | (0.16) | (0.30)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.83) | (1.43) | (2.98) | (3.20) | (1.95)  |
| Total from distributions | (1.92) | (1.57) | (3.09) | (3.36) | (2.25)  |
| Net asset value, end of year | $15.48 | $17.17 | $14.62 | $14.98 | $20.96  |
| **TOTAL RETURN** | 1.98% | 30.02% | 19.95% | (15.86)% | 24.48%  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (in 000's $) | 787790 | 955178 | 919253 | 1001682 | 1422451  |
| Ratio of expenses to average net assets | 0.84% | 0.84% | 0.84% | 0.83% | 0.82%  |
|  Ratio of net investment income (loss) to average net assets | 0.81% | 0.57% | 0.63% | 0.60% | 0.72%  |
| Portfolio turnover rate<sup>(2)</sup> | 23% | 17% | 14% | 25% | 17% |

---

<sup>(1)</sup> Net investment income (loss) per share was calculated using average shares outstanding.

<sup>(2)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

— 35 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Large Cap Fund

FINANCIAL HIGHLIGHTS

(Selected data for each share of the Fund outstanding throughout each year)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  |
|  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE OPERATING PERFORMANCE:** | **PER SHARE OPERATING PERFORMANCE:** |  |  |  |  |
| Net asset value, beginning of year | $17.13 | $14.59 | $14.96 | $20.94 | $18.80  |
| Income from investment operations:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | 0.15 | 0.11 | 0.11 | 0.14 | 0.18  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.09 | 4.02 | 2.63 | (2.73) | 4.24  |
| Total from investment operations | 0.24 | 4.13 | 2.74 | (2.59) | 4.42  |
| Less distributions:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.11) | (0.16) | (0.13) | (0.19) | (0.33)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.83) | (1.43) | (2.98) | (3.20) | (1.95)  |
| Total from distributions | (1.94) | (1.59) | (3.11) | (3.39) | (2.28)  |
| Net asset value, end of year | $15.43 | $17.13 | $14.59 | $14.96 | $20.94  |
| **TOTAL RETURN** | 2.10% | 30.19% | 20.07% | (15.73)% | 24.63%  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (in 000's $) | 601044 | 711943 | 699152 | 1070491 | 1788717  |
| Ratio of expenses to average net assets | 0.71% | 0.70% | 0.71% | 0.69% | 0.68%  |
|  Ratio of net investment income (loss) to average net assets | 0.95% | 0.71% | 0.77% | 0.73% | 0.85%  |
| Portfolio turnover rate<sup>(2)</sup> | 23% | 17% | 14% | 25% | 17% |

---

<sup>(1)</sup> Net investment income (loss) per share was calculated using average shares outstanding.

<sup>(2)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

The accompanying notes are an integral part of these financial statements.

— 36 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund

FINANCIAL HIGHLIGHTS

(Selected data for each share of the Fund outstanding throughout each year)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  |
|  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE OPERATING PERFORMANCE:** | **PER SHARE OPERATING PERFORMANCE:** |  |  |  |  |
| Net asset value, beginning of year | $37.25 | $31.90 | $28.25 | $35.36 | $27.69  |
| Income from investment operations:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | 0.70 | 0.72 | 0.54 | 0.41 | 1.10 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(4)</sup> | 0.83 | 4.63 | 7.35 | (6.29) | 6.57 |
| Total from investment operations | 1.53 | 5.35 | 7.89 | (5.88) | 7.67  |
| Less distributions:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income |  |  | (4.24) | (1.23) |  |
| Total from distributions |  |  | (4.24) | (1.23) |  |
| Net asset value, end of year | $38.78 | $37.25 | $31.90 | $28.25 | $35.36  |
| **TOTAL RETURN** | 4.11%<sup>(2)</sup> | 16.77% | 30.14% | (17.24)% | 27.70%  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (in 000's $) | 1074875 | 1236164 | 1028428 | 792421 | 1066600 |
| Ratio of expenses to average net assets | 0.95% | 0.93% | 0.94% | 0.94% | 0.94%  |
| Ratio of interest expense to average net assets | 0.01% | 0.00% | 0.00% | 0.00% | 0.00%<sup>(5)</sup>  |
|  Ratio of net investment income (loss) to average net assets | 1.90% | 2.07% | 1.73% | 1.22% | 3.29% |
| Portfolio turnover rate<sup>(3)</sup> | 16% | 21% | 21% | 20% | 27% |

---

<sup>(1)</sup> Net investment income (loss) per share was calculated using average shares outstanding.

<sup>(2)</sup> During the fiscal year ended September 30, 2025, the FMI International Fund received monies related to certain nonrecurring litigation settlements. If these monies were not received, the One-Year return would have been 3.89%. 

<sup>(3)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

<sup>(4)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(5)</sup> Amount is less than 0.005%. 

The accompanying notes are an integral part of these financial statements.

— 37 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund

FINANCIAL HIGHLIGHTS

(Selected data for each share of the Fund outstanding throughout each year)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  |
|  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE OPERATING PERFORMANCE:** | **PER SHARE OPERATING PERFORMANCE:** |  |  |  |  |
| Net asset value, beginning of year | $37.45 | $32.03 | $28.35 | $35.46 | $27.73  |
| Income from investment operations:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | 0.75 | 0.77 | 0.59 | 0.45 | 1.18  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(4)</sup> | 0.84 | 4.65 | 7.36 | (6.29) | 6.55  |
| Total from investment operations | 1.59 | 5.42 | 7.95 | (5.84) | 7.73  |
| Less distributions:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income |  |  | (4.27) | (1.27) | —  |
| Total from distributions |  |  | (4.27) | (1.27) | —  |
| Net asset value, end of year | $39.04 | $37.45 | $32.03 | $28.35 | $35.46  |
| **TOTAL RETURN** | 4.25%<sup>(2)</sup> | 16.92% | 30.30% | (17.10)% | 27.88%  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (in 000's $) | 1658657 | 3754889 | 3057141 | 2178340 | 2351096  |
| Ratio of expenses to average net assets | 0.80% | 0.79% | 0.80% | 0.81% | 0.80%  |
| Ratio of interest expense to average net assets | 0.01% | 0.00% | 0.00% | 0.00% | 0.00%<sup>(5)</sup> |
|  Ratio of net investment income (loss) to average net assets | 2.02% | 2.22% | 1.88% | 1.37% | 3.48%  |
| Portfolio turnover rate<sup>(3)</sup> | 16% | 21% | 21% | 20% | 27% |

---

<sup>(1)</sup> Net investment income (loss) per share was calculated using average shares outstanding.

<sup>(2)</sup> During the fiscal year ended September 30, 2025, the FMI International Fund received monies related to certain nonrecurring litigation settlements. If these monies were not received, the One-Year return would have been 3.85%. 

<sup>(3)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

<sup>(4)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.

<sup>(5)</sup> Amount is less than 0.005%. 

The accompanying notes are an integral part of these financial statements.

— 38 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI International Fund II — Currency Unhedged

Financial Highlights

(Selected data for each share of the Fund outstanding throughout each year)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  |
|  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE OPERATING PERFORMANCE:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $23.24 | $19.51 | $14.79 | $21.70 | $17.24  |
| Income from investment operations:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | 0.43 | 0.44 | 0.34 | 0.26 | 0.77  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.51 | 3.61 | 4.63 | (6.22) | 3.87  |
| Total from investment operations | 0.94 | 4.05 | 4.97 | (5.96) | 4.64  |
| Less distributions:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.48) | (0.32) | (0.25) | (0.66) | (0.18)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.29) | —  |
| Total from distributions | (0.48) | (0.32) | (0.25) | (0.95) | (0.18)  |
| Net asset value, end of year | $23.70 | $23.24 | $19.51 | $14.79 | $21.70  |
| **TOTAL RETURN** | 4.33%<sup>(2)</sup> | 20.96% | 33.78% | (28.71)% | 26.96%  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |
| Net assets, end of year (in 000's $) | 72362 | 72710 | 71188 | 48986 | 71997  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 1.16% | 1.12% | 1.14% | 1.15% | 1.16%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | 0.90% | 0.90% | 0.90% | 0.90% | 0.90%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | 1.69% | 1.85% | 1.54% | 1.07% | 3.35%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | 1.95% | 2.07% | 1.78% | 1.32% | 3.61%  |
| Portfolio turnover rate | 22% | 23% | 21% | 27% | 31% |

---

<sup>(1)</sup> Net investment income (loss) per share was calculated using average shares outstanding.

<sup>(2)</sup> During the fiscal year ended September 30, 2025, the FMI International Fund II – Currency Unhedged received monies related to certain nonrecurring litigation settlements. If these monies were not received, the One-Year return would have been 4.11%. 

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Global Fund

Financial Highlights

(Selected data for each share of the Fund outstanding throughout each period)

---

| | |
|:---|:---|
| **Institutional Class** | **Institutional Class** |
|  | **For the** <br>**Period from** <br>**December 31,** <br>**2024<sup>(1)</sup> to** <br>**September 30,** <br>**2025**  |
| **PER SHARE OPERATING PERFORMANCE:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $20.00  |
| Income from investment operations:<br>|  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.28  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.82  |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.10  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $21.10  |
| **TOTAL RETURN** | &nbsp;&nbsp;&nbsp;&nbsp; 5.50%<sup>(3)</sup>  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |
| Net assets, end of period (in 000's $) | &nbsp;&nbsp;&nbsp;&nbsp; 10442  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 3.47%<sup>(4)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<sup>(4)</sup>  |
| Ratio of net investment income (loss) to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)%<sup>(4)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 1.79% <sup>(4)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 18% <sup>(3)</sup> |

---

<sup>(1)</sup> Inception date.

<sup>(2)</sup> Net investment income (loss) per share was calculated using average shares outstanding.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

The accompanying notes are an integral part of these financial statements.

— 40 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

Notes to Financial Statements

September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(1) **Organization —** 

The following is a summary of significant accounting policies of the FMI Common Stock Fund, the FMI Large Cap Fund, the FMI International Fund, the FMI International Fund II – Currency Unhedged, and the FMI Global Fund (collectively, the "Funds" or, individually, a "Fund"). The FMI Common Stock Fund (the "Common Stock Fund"), the FMI Large Cap Fund (the "Large Cap Fund"), the FMI International Fund (the "International Fund"), the FMI International Fund II – Currency Unhedged (the "International Currency Unhedged Fund"), and the FMI Global Fund (the "Global Fund") are each a series of FMI Funds, Inc. (the "Company"). The Company was incorporated under the laws of Maryland on September 5, 1996. The Common Stock Fund is the successor to the FMI Common Stock Fund, the sole series of FMI Common Stock Fund, Inc. (the "Predecessor Common Stock Fund"). The Predecessor Common Stock Fund commenced operations on December 18, 1981. The reorganization was effective as of January 31, 2014, and the Common Stock Fund is the accounting survivor of the reorganization. As the accounting survivor of the reorganization, the Common Stock Fund adopted the Financial Statements of the Predecessor Common Stock Fund. The Predecessor Common Stock Fund was incorporated under the laws of Wisconsin on July 29, 1981. The Large Cap Fund commenced operations on December 31, 2001, and the International Fund commenced operations on December 31, 2010. The International Currency Unhedged Fund commenced operations on December 31, 2019. The Global Fund commenced operations on December 31, 2024.

Effective October 31, 2016, the Common Stock Fund, Large Cap Fund, and International Fund offer two classes of shares (Investor and Institutional). The International Currency Unhedged Fund and Global Fund currently only offer Institutional Class shares. The Institutional Class has the same management fee as the Investor Class and does not have a shareholder servicing plan. A higher investment minimum is required for the Institutional Class than the Investor Class. Each class of shares has exclusive voting rights with respect to matters that affect just that class. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments are allocated to each Class of shares based on its relative net assets. The Company's Board of Directors (the "Board") may elect to have certain expenses specific to the Investor Class shares or Institutional Class shares be borne solely by the Class to which such expenses are attributable, but any expenses not specifically allocated to the Investor Class shares or Institutional Class shares are generally allocated to each such Class proportionately (after any applicable base fee to be paid by a class of shares of a Fund attributable to such expense) on the basis of the net asset value of that Class in relation to the net asset value of the applicable Fund.

The Funds are diversified, open-end management investment companies under the Investment Company Act of 1940 (the "1940 Act"), as amended. The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Funds follow the investment company accounting and financial reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification "Financial Services – Investment Companies" Topic 946 ("ASC 946"). The assets and liabilities of each Fund in the Company are segregated, and a shareholder's interest is limited to the Fund in which the shareholder owns shares. The investment objective of the Common Stock Fund is to seek long-term capital appreciation by investing mainly in small- to medium capitalization value stocks. The investment objective of the Large Cap Fund is to seek long-term capital appreciation by investing mainly in a limited number of large capitalization value stocks.

— 41 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

Notes to Financial Statements(Continued)

September 30, 2025

(1) **Organization — (Continued)** 

The investment objective of the International Fund and International Currency Unhedged Fund is to seek capital appreciation by investing mainly in a limited number of large capitalization value stocks of non-U.S. companies.

The investment objective of the Global Fund is to seek capital appreciation by investing mainly in a limited number of large capitalization value stocks of global companies (U.S. and non-U.S. companies).

&nbsp;&nbsp;&nbsp;&nbsp;(2) **Summary of Significant Accounting Policies and Other Information —** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Funds apply the provisions of the FASB Accounting
 Standards Codification "Fair Value Measurement" Topic 820 ("ASC 820"),
 which defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price")
 in an orderly transaction between market participants at the measurement date.

Each security is valued at the current day last sale price reported by the principal security exchange on which the issue is traded. Securities that are traded on the Nasdaq Markets are valued at the Nasdaq Official Closing Price, or if no sale is reported, the latest bid price. Securities that are traded over-the-counter, including U.S. Treasury securities are valued at the close price, if not close, then at the latest bid price. Money market funds are valued at net asset value per share. Unlisted equity securities for which market quotations are readily available are valued at the close price, if not close, then at the most recent bid price. Foreign securities are valued on a basis of quotations from the primary market in which they are traded and are converted from the local currency into U.S. dollars using exchange rates as of the close of the New York Stock Exchange. For the International Fund, International Currency Unhedged Fund, and Global Fund only, options purchased or written by each of the Funds are valued at the average of the most recent bid and ask prices. Securities for which quotations are not readily available are valued at fair value as determined by the investment adviser as the Board appointed valuation designee, in accordance with fair value methodologies established by the investment adviser. The fair value of a security is the amount which a Fund might reasonably expect to receive upon a current sale. The fair value of a security may differ from the last quoted price and a Fund may not be able to sell a security at the fair value. Market quotations may not be available, for example, if trading in particular securities was halted during the day and not resumed prior to the close of trading on the New York Stock Exchange. The foreign markets in which the International Fund, International Currency Unhedged Fund, and Global Fund may invest are sometimes open on days when the New York Stock Exchange is not open, and the International Fund, International Currency Unhedged Fund, and Global Fund do not calculate their net asset value. For securities that do not trade during New York Stock Exchange hours, fair value determinations are based on analyses of market movements after the close of those securities' primary markets, and may include reviews of developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. The investment adviser utilizes a service provided by an independent third party to assist in fair valuation of certain securities for the International Fund, the International Currency Unhedged Fund, and the Global Fund.

In determining fair value, the Funds use various valuation approaches. ASC 820 establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

Notes to Financial Statements(Continued)

September 30, 2025

(2) **Summary of Significant Accounting Policies and Other Information — (Continued)** 

observable inputs and minimizes the use of unobservable inputs by generally requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds' assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Over the counter derivatives such as forward currency contracts may be valued using quantitative models. These models may use pricing curves based on market inputs including current exchange rates or indices. These curves are combined with volatility factors to value the overall positions. The market inputs are generally significant and can be corroborated with observable market data and therefore are classified in level 2.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net realized gains and losses on sales of securities
 are computed on the identified cost basis. For financial reporting purposes, investment transactions are recorded on the trade date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Investment securities and other assets and liabilities
 denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment
 securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective date
 of such transactions. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange
 rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with
 the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales
 of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference
 between the amounts of dividends, interest, and foreign withholding taxes recorded on the Company's books and the U.S. dollar equivalent
 of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets
 and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Dividend income is recorded on the ex-dividend
 date. Interest income is recorded on an accrual basis. The Funds record the amortization and accretion of premiums and discounts on securities
 purchased using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds'
 understanding of the applicable country's tax rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The International Fund may enter into forward
 currency contracts in order to hedge its exposure to changes in foreign currency rates on its foreign
 portfolio holdings or to hedge certain purchase and sale commitments denominated in foreign currencies. The International Currency Unhedged
 Fund and Global Fund normally do not seek to reduce currency risk by hedging their perceived foreign currency exposure back into the U.S.
 dollar

— 43 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

Notes to Financial Statements(Continued)

September 30, 2025

(2) **Summary of Significant Accounting Policies and Other Information — (Continued)** 

and are generally exposed to currency fluctuations. However, the investment adviser reserves the right to temporarily hedge all or a portion of the International Currency Unhedged Fund's and Global Fund's currency exposure. A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. These contracts are valued daily and the asset or liability therein represents unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. The International Fund has made an election under Section 988 of the Internal Revenue Code of 1986, as amended (the "Code"), which provides special rules for certain transactions in foreign currency other than the taxpayer's functional currency (i.e. unless certain special rules apply, currencies other than the U.S. dollar). Certain section 988 gains or losses will increase or decrease the amount of a Fund's investment company taxable income available to be distributed to shareholders as net capital gain, rather than increasing or decreasing the amount of a Fund's ordinary income.

The average quarterly notional amount is shown as an indicator of volume. The average quarterly notional amounts during the year ended September 30, 2025 were:

---

| | |
|:---|:---|
| **FMI International Fund** | **Average** <br>**Notional Amount**  |
| Forward Currency Contracts - Long | $156692079  |
| Forward Currency Contracts - Short | 3153210109 |

---

These contracts are not subject to master netting agreements. For Non-Deliverable Forward Currency Contracts ("Contract"), the International Fund posts collateral, in the form of cash or cash equivalents, to a segregated account at the custodian when the Contract is in an unrealized loss position. When the Contract is in an unrealized gain position, the counterparty posts collateral to a segregated account at the custodian.

The fair value of the forward currency contracts as of September 30, 2025, is included in the following location on the Statements of Assets and Liabilities for the International Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Fair Value of** <br>**Asset Forward** <br>**Currency Contracts** | **Location** | **Fair Value of** <br>**Liability Forward** <br>**Currency Contracts**  |
| Forward currency <br>contracts | Unrealized<br>appreciation on<br>forward currency<br>contracts | $1278254 | Unrealized<br>depreciation on<br>forward currency<br>contracts | $13314085 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

Notes to Financial Statements(Continued)

September 30, 2025

(2) **Summary of Significant Accounting Policies and Other Information — (Continued)** 

Realized and unrealized gains and losses on forward currency contracts entered into during the year ended September 30, 2025 are recorded in the following location on the Statements of Operations for the International Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Realized** <br>**Gain (Loss)** | **Location** | **Net Change In** <br>**Unrealized** <br>**Appreciation/**<br>**Depreciation**  |
| Forward currency contracts | Net realized <br>gain (loss) on <br>forward currency <br>contracts | $(122577396) | Net change <br>in unrealized appreciation/ <br>depreciation on <br>forward currency <br>contracts | $88833033 |

---

These instruments involve market risk, credit risk, or both kinds of risks, in excess of the amount recognized on the Statements of Assets and Liabilities for the International Fund. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The preparation of financial statements in conformity
 with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
 of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the
 reporting period. Actual results could differ from these estimates.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Funds may own certain securities that are
 restricted. Restricted securities include Section 4(a)(2) commercial paper or securities issued in a private placement. The Funds
 did not hold any restricted securities as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) No provision has been made for Federal income
 taxes since the Funds have elected to be taxed as "regulated investment companies." The Funds intend to distribute substantially
 all net investment company taxable income and net capital gains to their respective shareholders and otherwise comply with the provisions
 of the Code, applicable to regulated investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The Funds have reviewed all open tax years and
 major jurisdictions, which include Federal and the state of Maryland for the Funds and concluded that there are no significant uncertain
 tax positions that would require recognition in the financial statements. The Funds recognize interest and penalties, if any, related
 to unrecognized tax benefits on certain tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.
 During the year ended September 30, 2025, the Funds did not incur any interest or penalties. Open tax years are those that are open
 for exam by taxing authorities and, as of September 30, 2025 open Federal tax years include the prior four fiscal tax years ended
 September 30, 2025. The Funds have no examinations in progress and are also not aware of any tax positions for which it is reasonably
 possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Net investment income and net realized gains,
 if any, are distributed to shareholders at least annually. Distributions to shareholders are recorded on the ex-dividend date.

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

Notes to Financial Statements(Continued)

September 30, 2025

(2) **Summary of Significant Accounting Policies and Other Information — (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(k) Common Company expenses are typically allocated
 evenly between the Funds of the Company, or by other equitable means.

&nbsp;&nbsp;&nbsp;&nbsp;(l) GAAP requires that permanent differences between
 income for financial reporting and tax purposes be reclassified in the capital accounts. These differences are caused primarily by differences
 in the treatment of certain components of income or realized capital gain for federal income tax purposes. Each Fund may utilize earnings
 and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction. These reclassifications have
 no effect on net assets, results of operations, or net asset value per share.

During the fiscal year ended September 30, 2025, the reclassifications were as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Total Distributable Earnings/** <br>**(Accumulated Deficit)**  | **Capital Stock**  |
| Common Stock Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(23020096)  | $23020096  |
| Large Cap Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(23781670)  | $23781670  |
| International Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(38395446)  | $38395446  |
| International Currency Unhedged Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(44441)  | $44441 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(m) Cash and cash equivalents, including collateral
 for forward currency contracts as presented on the Statements of Assets and Liabilities, include short-term, liquid investments with an
 original maturity of three months or less. These balances may exceed FDIC insured limits.

&nbsp;&nbsp;&nbsp;&nbsp;(n) In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* ("ASU 2023-07").
 ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant
 segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential
 future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by
 requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when
 an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing
 new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07 with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Principal Executive Officer and Principal Financial Officer of the Funds, who serve as the chief operating decision makers, using the information presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;(3) **Investment Adviser and Advisory Agreement and Transactions With Related Parties —** 

The Funds each have an investment advisory agreement with Fiduciary Management, Inc. ("FMI" or the "Adviser"), with whom certain officers and directors of the Funds are affiliated, to serve as investment adviser and manager.

— 46 —<br>

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

Notes to Financial Statements(Continued)

September 30, 2025

(3) ---

| | |
|:---|:---|
| **Investment Adviser and Advisory Agreement and Transactions With Related Parties —**  | (Continued)<br>|

---

Pursuant to current investment advisory agreements, the Adviser is entitled to receive a fee for managing the Funds. The fee is computed and payable at the end of each month. The following annual percentages of the Funds' average daily net assets are used:

&nbsp;&nbsp;&nbsp;&nbsp;• Common Stock Fund: 0.85% of the assets from $0
 - $500 million; 0.80% of the assets from $500 million - $1.0 billion; and 0.75% of the assets over $1.0 billion.

&nbsp;&nbsp;&nbsp;&nbsp;• Large Cap Fund: 0.65% of the assets from $0 -
 $2.5 billion; 0.60% of the assets from $2.5 - $5.0 billion; and 0.55% of the assets over $5.0 billion.

&nbsp;&nbsp;&nbsp;&nbsp;• International Fund: 0.75% of the assets from
 $0 - $2.5 billion; 0.70% of the assets from $2.5 - $5.0 billion; 0.65% of the assets from $5.0 - $10.0 billion; and 0.60%
 of the assets over $10.0 billion.

&nbsp;&nbsp;&nbsp;&nbsp;• International Currency Unhedged Fund: 0.75% of
 the assets from $0 - $2.5 billion; 0.70% of the assets from $2.5 - $5.0 billion; 0.65% of the assets from $5.0 - $10.0 billion;
 and 0.60% of the assets over $10.0 billion.

&nbsp;&nbsp;&nbsp;&nbsp;• Global Fund: 0.70% of the assets from $0 - $2.5 billion;
 0.65% of the assets from $2.5 - $5.0 billion; 0.60% of the assets from $5.0 - $10.0 billion; and 0.55% of the assets over $10.0 billion.

The Funds are responsible for paying their proportionate share of the compensation, benefits and expenses of the Funds' Chief Compliance Officer. For administrative convenience, FMI initially makes these payments and is later reimbursed by the Funds.

Under the respective advisory agreement or operating expenses limitation agreements, FMI will reimburse the Funds for expenses (excluding federal, state and local taxes, interest, brokerage commissions and extraordinary items) as follows:

---

| | | |
|:---|:---|:---|
|  | **Investor Class**<br>**Expense Cap** | **Institutional Class**<br>**Expense Cap**  |
| Common Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%  |
| Large Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%  |
| International Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%  |
| International Currency Unhedged Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%  |
| Global Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65% |

---

For the year ended September 30, 2025, there were no contractual or voluntary reimbursements required for the Common Stock Fund, Large Cap Fund or International Fund. For the year ended September 30, 2025, for the International Currency Unhedged Fund and the Global Fund, there were contractual reimbursements of $0 and $120,139, respectively, and voluntary reimbursements of $175,707 and $49,442, respectively. The voluntary 0.90% and 0.90% expense cap/reimbursement agreements for the International Currency Unhedged Fund and the Global Fund, respectively, will continue in effect until January 31, 2026, with successive renewal terms of one year unless the Adviser indicates in advance of any such automatic renewal that the renewal shall not occur. The Adviser is entitled to recoup contractual reimbursements and voluntary reimbursements for three-year and one-year periods, respectively, from the date the Adviser reduced its compensation and/or assumed expenses for

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

Notes to Financial Statements(Continued)

September 30, 2025

(3) ---

| | |
|:---|:---|
| **Investment Adviser and Advisory Agreement and Transactions With Related Parties —**  | (Continued)<br>|

---

the International Currency Unhedged Fund and the Global Fund. The Adviser does not intend to recoup these reimbursements. Fees associated with the launch of the Global Fund were borne by the Adviser. These fees cannot be recouped by the Adviser.

The Large Cap Fund, the International Fund, the International Currency Unhedged Fund, and the Global Fund have each entered into a Distribution Plan (the "Plan"), pursuant to Rule 12b-1 under the 1940 Act. Each Plan, if implemented, provides that the applicable Fund may incur certain costs which may not exceed the lesser of a monthly amount equal to 0.25% of such Fund's daily net assets or the actual distribution costs incurred during the year. Amounts payable under each Plan would be paid monthly for any activities or expenses primarily intended to result in the sale of shares of such Fund. For the year ended September 30, 2025, no such expenses were charged to the shareholders of any Fund as the Funds had not implemented the Plan.

Under the Funds' organizational documents, each director, officer, employee or other agent of any Fund (including the Adviser) is indemnified, to the extent permitted by the 1940 Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believe the risk of loss to be remote.

At September 30, 2025, other than with regard to the Global Fund, no person is deemed to "control" a Fund, as that term is defined in the Act, because the Funds do not know of any person who owns beneficially or through controlled companies more than 25% of a Fund's Investor Class and Institutional Class shares, on a combined basis, or who acknowledges the existence of control. With regard to the Global Fund, the known holdings of the Adviser and its affiliates are 79.67% of the Institutional Class shares of the Global Fund as of September 30, 2025 (Investor Class shares are not currently available for sale).

&nbsp;&nbsp;&nbsp;&nbsp;(4) **Shareholder Servicing Plan —** 

The Funds have adopted a Shareholder Servicing Plan pursuant to which Investor Class shares (if available) may pay financial intermediaries for assets maintained in an omnibus account at an annual rate of up to 0.15% of the average daily net assets of such Fund, or an annual per account rate approved by the Board. The Board may also authorize the Funds to pay for shareholder services outside of the plan. Incurred shareholder servicing fees in excess of the limitations approved by the Board are borne by the Adviser.

For the year ended September 30, 2025, shareholder servicing fees incurred are disclosed on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(5) **Loan Agreements —** 

U.S. Bank, N.A. (the "Bank") has made available to the Company a $600,000,000 umbrella credit facility, pursuant to the loan agreement (the "Agreement") effective May 23, 2025 for the FMI Funds, Inc. (consisting of Common Stock Fund, Large Cap Fund, International Fund, International Currency Unhedged Fund, and Global Fund), for the purposes of having cash available to satisfy redemption requests and is subject to certain restrictions and covenants. Principal is due not more than 45 days after the date of the loan. Amounts under the credit facility

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

Notes to Financial Statements(Continued)

September 30, 2025

(5) **Loan Agreements — (Continued)** 

bear interest at a rate per annum equal to the greater of 0.00% or the Bank's current prime rate minus 1.00% on the amount borrowed. Advances will be collateralized by securities owned by the borrowing Fund. The Agreement is subject to renewal on May 22, 2026. During the year ended September 30, 2025, the International Fund and the International Currency Unhedged Fund were the only Funds that borrowed against the loan agreement as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Average** <br>**Borrowings<sup>(1)</sup>** | **Outstanding** <br>**as of** <br>**September 30,** <br>**2025** | **Weighted** <br>**Average**<br>**Interest** <br>**Rate**  | **Interest** <br>**Expense** | **Maximum** <br>**Borrowing** | **Maximum** <br>**Borrowing** <br>**Date**  |
| International Fund | $82135706 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 6.53%  | $253437 | $333713000 | 7/29/2024  |
|  International Currency Unhedged Fund | 130000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6.50% | 70 | 130000 | 3/21/2025 |

---

<sup>(1)</sup> Calculation of average borrowings excludes days with no borrowing activity.

&nbsp;&nbsp;&nbsp;&nbsp;(6) **Investment Transactions —** 

For the year ended September 30, 2025, purchases and sales of investment securities (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Stock Fund** | **Large Cap Fund** | **International Fund** | **International** <br>**Currency** <br>**Unhedged Fund**  |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; $795612939 | $330054649 | &nbsp;&nbsp; $655953612 | &nbsp;&nbsp; $14898968  |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; 745661665 | 601253636 | &nbsp;&nbsp; 2954934514 | &nbsp;&nbsp; 17508233 |

---

For the period December 31, 2024 (inception date) through September 30, 2025, purchases and sales of investment securities (excluding short-term investments) for the Global Fund were as follows:

---

| | |
|:---|:---|
| Purchases | $11370330  |
| Sales | 1474286 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(7) **Income Tax Information —** 

The following information for the Funds is presented on an income tax basis as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of** <br>**Investments**  | **Gross Unrealized** <br>**Appreciation<sup>(1)</sup>**  | **Gross** <br>**Unrealized** <br>**Depreciation<sup>(1)</sup>**  | **Net Unrealized** <br>**Appreciation** <br>(Depreciation) <br>**on Investments<sup>(1)</sup>**  |
| Common Stock Fund  | $1735954608  | &nbsp;&nbsp; $581393761  | $(79760774)  | &nbsp;&nbsp; $501632987  |
| Large Cap Fund  | 1001279177  | &nbsp;&nbsp; 466329523  | (78453558)  | &nbsp;&nbsp; 387875965  |
| International Fund  | 2119956791  | &nbsp;&nbsp; 815447066  | (188166772)  | &nbsp;&nbsp; 627280294  |
|  International Currency Unhedged Fund  | 60512686  | &nbsp;&nbsp; 17549854  | (5777258)  | &nbsp;&nbsp; 11772596  |
| Global Fund  | 10315964  | &nbsp;&nbsp; 941746  | (784832)  | &nbsp;&nbsp; 156914 |

---

<sup>(1)</sup> Represents amounts of investments in securities, forward currency contracts and foreign currency transactions. 

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

Notes to Financial Statements(Continued)

September 30, 2025

(7) **Income Tax Information — (Continued)** 

The difference between the cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses on security transactions. The International Fund is the only Fund with temporary mark to market differences. The components of accumulated earnings (deficit) on a tax-basis are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  | **Undistributed** <br>**Ordinary** <br>**Income**  | **Undistributed** <br>**Long-Term** <br>**Capital Gains**  | **Other** <br>**Accumulated** <br>(Deficit)  | **Total** <br>**Distributable** <br>**Earnings/** <br>**(Accumulated** <br>**Deficit)**  |
| Common Stock Fund  | $501632987  | $32118564  | $180774976  | &nbsp;&nbsp; $—  | $714526527  |
| Large Cap Fund  | 387875965  | 11012087  | 145384773  | &nbsp;&nbsp; —  | 544272825  |
| International Fund  | 627280294  | 101855073  | 133750090  | &nbsp;&nbsp; —  | 862885457  |
| International Currency  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unhedged Fund  | 11772596  | 1262127  | 2656282  | &nbsp;&nbsp; —  | 15691005  |
| Global Fund  | 156914  | 170330  | —  | &nbsp;&nbsp; —  | 327244 |

---

The International Fund and International Currency Unhedged Fund utilized $359,113,427 and $1,814,115, respectively, of prior year capital loss carryovers.

At September 30, 2025, the Funds did not have any capital loss carryovers.

The tax components of dividends paid during the years ended September 30, 2025 and 2024 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025**  | **September 30, 2025**  | **September 30, 2025**  | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
|  | **Ordinary Income** <br>**Distributions<sup>(1)</sup>** | **Long-Term** <br>**Capital Gains** <br>**Distributions** | **Total** <br>**Distributions**  | **Ordinary Income** <br>**Distributions<sup>(1)</sup>** | **Long-Term** <br>**Capital Gains** <br>**Distributions** | **Total** <br>**Distributions** |
| Common Stock Fund  | &nbsp;&nbsp; $7534704 | $37755920 | $45290624  | &nbsp;&nbsp; $26529010 | $22721869 | $49250879  |
| Large Cap Fund | &nbsp;&nbsp; 13925446 | 166442900 | 180368346  | &nbsp;&nbsp; 15429867 | 146383109 | 161182976  |
| International Currency<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unhedged Fund | &nbsp;&nbsp; 1502349 |  | 1502349  | &nbsp;&nbsp; 1165736 |  | 1165736 |

---

<sup>(1)</sup> For federal income tax purposes, distributions on short-term capital gains are treated as ordinary income distributions.

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

Notes to Financial Statements(Continued)

September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(8) **Fund Share Transactions —** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024**  | **Year Ended** <br>**September 30, 2024**  |
| **Common Stock Fund**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Sales**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | 4567696  | $172286829  | 7650224  | $263481760  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 8134402  | 307156469  | 13096609  | 455366917  |
|  **Reinvestment of dividends and distributions** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | 392077  | 14569572  | 500553  | 17028821  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 803378  | 29901742  | 926004  | 31539694  |
| **Redemptions** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | (6533998) | (244251439) | (5137876) | (182152191)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (7004293) | (261661249) | (5860647) | (205758205)  |
| Total Investor Class  | (1574225) | (57395038) | 3012901  | 98358390  |
| Total Institutional Class  | 1933487  | 75396962  | 8161966  | 281148406  |
| **Net increase (decrease)** | 359262  | $18001924  | 11174867  | $379506796 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024**  | **Year Ended** <br>**September 30, 2024**  |
| **Large Cap Fund**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Sales**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | 1340296  | $20281365  | 1663530  | $26075532  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 3317458  | 51007316  | 5254057  | 83004437  |
|  **Reinvestment of dividends and distributions** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | 6976011  | 102198567  | 6420461  | 94444981  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 5312404  | 77507970  | 4549616  | 66697369  |
| **Redemptions** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | (13048884) | (201289680) | (15335040) | (241092151)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (11240721) | (172233096) | (16164335) | (247205357)  |
| Total Investor Class  | (4732577) | (78809748) | (7251049) | (120571638)  |
| Total Institutional Class  | (2610859) | (43717810) | (6360662) | (97503551)  |
| **Net increase (decrease)** | (7343436) | $(122527558) | (13611711) | $(218075189) |

---

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**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

Notes to Financial Statements(Continued)

September 30, 2025

(8) **Fund Share Transactions — (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024**  | **Year Ended** <br>**September 30, 2024**  |
| **International Fund**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Sales**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | 2601482  | $95796872  | 7101401  | $242220042  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 14842123  | 549035982  | 23630790  | 817365630  |
| **Redemptions** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | (8066836) | (299985891) | (6151061) | (213322835)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (72624936) | (2724302103) | (18806909) | (660239499)  |
| Total Investor Class  | (5465354) | (204189019) | 950340  | 28897207  |
| Total Institutional Class  | (57782813) | (2175266121) | 4823881  | 157126131  |
| **Net increase (decrease)** | (63248167) | $(2379455140) | 5774221  | $186023338 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Currency** <br>**Unhedged Fund** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024**  | **Year Ended** <br>**September 30, 2024**  |
| **International Currency** <br>**Unhedged Fund** | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Sales**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 154940  | $3355379  | 239751  | $5000348  |
|  **Reinvestment of dividends and distributions** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 71312  | 1496844  | 56810  | 1165735  |
| **Redemptions** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (300970) | (6591926) | (816375) | (17952670)  |
| Total Institutional Class  | (74718) | (1739703) | (519814) | (11786587)  |
| **Net increase (decrease)** | (74718) | $(1739703) | (519814) | $(11786587) |

---

---

| | | |
|:---|:---|:---|
|  | **For the Period December 31, 2024<sup>(1)</sup>** <br>**to September 30, 2025**  | **For the Period December 31, 2024<sup>(1)</sup>** <br>**to September 30, 2025**  |
| **Global Fund** | **Shares**  | **Amount**  |
| **Sales**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 503420 | $10287228  |
| **Redemptions** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (8571) | (172887)  |
| Total Institutional Class  | 494849  | 10114341  |
| **Net increase (decrease)** | 494849  | $10114341 |

---

<sup>(1)</sup> Inception date.

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FMI Funds, Inc.

Notes to Financial Statements(Continued)

September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;(9) **Litigation Proceeds —** 

During the year ended September 30, 2025, the International Fund and the International Currency Unhedged Fund received proceeds of approximately $11,762,889 and $199,833, respectively, relating to settlements of litigation. The proceeds have been included in "Net realized gain (loss) on investments" on the Statements of Operations and Statements of Changes in Net Assets net of associated legal fees of $3,315,826 and $56,920 for the International Fund and the International Currency Unhedged Fund, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(10) **Subsequent Events —** 

On September 26, 2025, the Board approved the year-end distributions for the Funds. Cash dividends in the aggregate amounts equal to each of the Fund's net investment income and short-term capital gains, if any, which will be treated as ordinary income, and long-term capital gains, to be payable on December 19, 2025, to outstanding shareholders of record at the close of business on December 18, 2025. Management has evaluated related events and transactions that occurred subsequent to September 30, 2025, through the date of issuance of the Funds' financial statements and has determined there were no other subsequent events or transactions.

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FMI Funds, Inc.

Report of Independent Registered Public Accounting Firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

To the Shareholders and Board of Directors of

FMI Funds, Inc.

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedule of forward currency contracts for FMI International Fund and the schedules of investments, of FMI Funds, Inc. comprising the funds listed below (the "Funds") as of September 30, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations**  | **Statements of** <br>**Changes in** <br>**Net Assets** | **Financial**<br>**Highlights**  |
| FMI Common Stock Fund <br>FMI Large Cap Fund <br>FMI International Fund<br>FMI International Fund II – Currency Unhedged  | For the year <br>ended 2025 | For the years ended <br>2025 and 2024  | For the years <br>ended 2025, 2024, <br>2023, 2022, and 2021  |
| FMI Global Fund | For the period from December 31, 2024 (commencement of operations) <br>through September 30, 2025 | For the period from December 31, 2024 (commencement of operations) <br>through September 30, 2025 | For the period from December 31, 2024 (commencement of operations) <br>through September 30, 2025 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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FMI Funds, Inc.

Report of Independent Registered Public Accounting Firm

We have served as the Funds' auditor since 2016.

![](fmi_efp18555_sig.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

November 14, 2025

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FMI Funds, Inc.

Additional Information (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For additional information about the Directors and Officers or for a description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, please review the Statement of Additional Information. You may call (800) 811-5311 and request a Statement of Additional Information, and it will be mailed to you free of charge. The Statement of Additional Information is also available on the website of the Securities and Exchange Commission (the "Commission") at http://www.sec.gov. Information on how each of the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Funds' website at http://www.fmifunds.com or the website of the Commission no later than August 31 for the prior 12 months ended June 30. The Funds file their complete schedules of portfolio holdings with the Commission for the first and third quarters of each fiscal year as exhibits to their reports on Form N-PORT. The Funds' Form N-PORT reports are available on the Commission's website provided above.

Tax Notice (Unaudited)

For the fiscal year ended September 30, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Common Stock Fund  | 82.91%  |
| Large Cap Fund  | 100%  |
| International Fund  | 0%  |
| International Currency Unhedged Fund  | 100%  |
| Global Fund  | 0% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended September 30, 2025 was as follows:

---

| | |
|:---|:---|
| Common Stock Fund  | 81.78%  |
| Large Cap Fund  | 100%  |
| International Fund  | 0%  |
| International Currency Unhedged Fund  | 2.67%  |
| Global Fund  | 0% |

---

For the fiscal year ended September 30, 2025, the percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:

---

| | |
|:---|:---|
| Common Stock Fund  | 14.14%  |
| Large Cap Fund  | 34.15%  |
| International Fund  | 0%  |
| International Currency Unhedged Fund  | 0%  |
| Global Fund  | 0% |

---

— 56 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

FMI Funds, Inc.

Additional Information (Unaudited)(Continued)

The International Fund, the International Currency Unhedged Fund, and the Global Fund intend to elect to pass-through to shareholders the income tax credit for taxes paid to foreign countries. The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record dates. For the year ended September 30, 2025, the International Fund, the International Currency Unhedged Fund, and the Global Fund had the following foreign source income and foreign tax expense:

---

| | | |
|:---|:---|:---|
|  | **Foreign** <br>**Source Income**  | **Foreign** <br>**Tax Expense**  |
| International Fund  | $116599896  | $8348095  |
| International Currency Unhedged Fund  | 1908708  | 131007  |
| Global Fund  | 137391  | 8993 |

---

— 57 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies. (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

There were no changes in or disagreements with accountants during the period covered by this report.

— 58 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

Item 9. Proxy Disclosure for Open-End Investment Companies. (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

There were no matters submitted to a vote of shareholders during the period covered by this report.

— 59 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies. (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Statements of Operations within Item 7.

— 60 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (Unaudited)

Not applicable.

— 61 —<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FMI Common Stock** <br>**Fund** | **FMI Large Cap Fund** | **FMI International** <br>**Fund** | **FMI International Fund II -** <br>**Currency Unhedged** | **FMI Global Fund** |

---

---

| | |
|:---|:---|
| 790 North Water Street, Suite 2100 <br>Milwaukee, Wisconsin 53202 <br>www.fmifunds.com <br>414-226-4555 | 790 North Water Street, Suite 2100 <br>Milwaukee, Wisconsin 53202 <br>www.fmifunds.com <br>414-226-4555 |
| **BOARD OF DIRECTORS** | **BOARD OF DIRECTORS** |
| ROBERT C. ARZBAECHER | PATRICK J. ENGLISH |
| JONATHAN T. BLOOM | REBECCA W. HOUSE |
| JOHN S. BRANDSER | PAUL S. SHAIN |
| LAWRENCE J. BURNETT | ROBERT J. VENABLE |

---

---

| |
|:---|
| **INVESTMENT ADVISER** |
| FIDUCIARY MANAGEMENT, INC. <br>790 North Water Street, Suite 2100 <br>Milwaukee, Wisconsin 53202 |
| **ADMINISTRATOR, ACCOUNTANT, TRANSFER** <br>**AGENT AND DIVIDEND DISBURSING AGENT** |
| U.S. BANCORP FUND SERVICES, LLC<br>615 East Michigan Street <br>Milwaukee, Wisconsin 53202 <br>800-811-5311 or 414-765-4124 |

---

---

| | |
|:---|:---|
| **CUSTODIAN**<br>**U.S. BANK, N.A.**<br>**Milwaukee, Wisconsin** | **INDEPENDENT REGISTERED** <br>**PUBLIC ACCOUNTING FIRM**<br>**COHEN & COMPANY, LTD.**<br>**Milwaukee, Wisconsin** |

---

---

| | |
|:---|:---|
| **DISTRIBUTOR** | **LEGAL COUNSEL** |
| FORESIDE FINANCIAL SERVICES, LLC <br>Portland, Maine | FOLEY & LARDNER LLP <br>Milwaukee, Wisconsin |

---

![](fmi_core_backcover.jpg)

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

Not applicable.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable to open-end investment companies.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](fmi-efp18555_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](fmi-efp18555_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.* Not applicable to open-end
 investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](fmi-efp18555_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) FMI Funds, Inc.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John S. Brandser |
|  | John S. Brandser, Principal Executive Officer |

---

Date <u>11/21/25</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John S. Brandser |
|  | John S. Brandser, Principal Executive Officer |

---

Date <u>11/21/25</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jonathan T. Bloom |
|  | Jonathan T. Bloom, Principal Financial Officer |

---

Date <u>11/21/25</u>

## Ex-99.Codeeth

**EX.99.CODE ETH**

**fmi FUNDS**

**SARBANES-OXLEY**

**code of ethics for the principal executive officer, principal Financial officer and principal accounting officer**

**(Adopted September 10, 2003)**

**<u>Introduction</u>**

The FMI Funds (the "Fund") expect all of their officers to maintain high ethical standards of conduct and to comply with applicable laws and governmental regulations. Officers include, without limitation, the Fund's principal executive officer, principal financial officer and principal accounting officer) (the principal executive officer, principal financial officer and principal accounting officer of the Fund are collectively referred to herein as the "Senior Financial Officers"). (The Fund anticipates that at times the Senior Financial Officers will consist of only one or two persons.) In this regard, the Fund requires all of its officers, including the Senior Financial Officers, to adhere to such other rules, codes and guidelines as the Fund may adopt from time to time, including, without limitation, the codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940 (collectively, the "Fund Guidelines").

To deter wrongdoing and to promote honest and ethical conduct, compliance with applicable laws and regulations, avoidance of conflicts of interest and full, fair, accurate, timely and understandable disclosure in the Fund's public filings and communications, the Fund has approved this Sarbanes-Oxley Code of Ethics to codify certain standards to which the Senior Financial Officers will be held accountable and certain specific duties and responsibilities applicable to the Senior Financial Officers. As the professional and ethical conduct of the Senior Financial Officers is essential to the proper conduct and success of the Fund's business, the Senior Financial Officers must adhere to the standards, duties and responsibilities set forth in this Sarbanes-Oxley Code of Ethics in addition to adhering to the Fund Guidelines. To the fullest extent possible, the Fund Guidelines and this Sarbanes-Oxley Code of Ethics should be read to supplement one another. If there is a conflict between the Fund Guidelines and this Sarbanes-Oxley Code of Ethics, then this Sarbanes-Oxley Code of Ethics will control.

**<u>Code of Ethics</u>**

*General Standards*

The Fund and the Fund's Board of Directors will hold each Senior Financial Officer accountable for adhering to and advocating the following standards to the best of his or her knowledge and ability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Act in an honest and ethical manner, including in connection with the handling and avoidance of actual
or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Comply with all applicable laws, rules and regulations of federal, state and local governments (both United States and foreign) and other applicable regulatory
agencies (collectively, the "Laws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Proactively promote full, fair, accurate, timely and understandable disclosure in reports and documents
that the Fund files with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications
the Fund makes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Proactively promote ethical and honest behavior within the Fund, including, without limitation, the prompt reporting of violations
of, and being accountable for adherence to, this Sarbanes-Oxley Code of Ethics.

*Specific Duties and Responsibilities*

In adhering to and advocating the standards set forth above, each Senior Financial Officer shall fulfill the following duties and responsibilities to the best of his or her knowledge and ability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Senior Financial Officer shall handle all conflicts of interest between his or her personal and professional
relationships in an ethical and honest manner, and shall disclose in advance to the Audit Committee of the Fund's Board of Directors
("Audit Committee") the relevant details of any transaction or relationship that reasonably could be expected to give rise
to an actual or apparent conflict of interest between the Fund and such Senior Financial Officer. The Audit Committee shall thereafter
take such action with respect to the conflict of interest as it shall deem appropriate. It is the general policy of the Fund that conflicts
of interest should be avoided whenever practicable. For purposes of this Sarbanes-Oxley Code of Ethics, a "conflict of interest"
will be deemed to be present when an individual's private interest interferes in any way, or even appears to interfere, with the
interests of the Fund as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each Senior Financial Officer will use his or her best efforts to ensure the timely and understandable
disclosure of information that, in all material respects, is accurate, complete, objective and relevant in all reports and documents the
Fund files with, or submits to, the SEC or in other public communications that the Fund makes. As part of this undertaking, each Senior
Financial Officer will periodically consider the adequacy and effectiveness of the Fund's "internal controls" and "disclosure
controls and procedures" (as such terms are defined or used in rules proposed or adopted by the SEC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Senior Financial Officer will use his or her best efforts to ensure compliance in all material respects
by such Senior Financial Officer and the Fund with all applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each Senior Financial Officer shall respect the confidentiality of information acquired in the course
of his or her work and shall not disclose such information, except when the Senior Financial Officer believes he or she is authorized
or legally obligated to disclose the information. No Senior Financial Officer may use confidential information acquired in the course
of his or her work for his or her personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No Senior Financial Officer may take or direct or allow any other person to take or direct any action
to fraudulently influence, coerce, manipulate or mislead the Fund's independent auditing firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No Senior Financial Officer may engage the Fund's auditing firm to perform audit or non-audit services
without the Audit Committee's (or its designee's) preapproval in accordance with the Audit Committee's charter.

**<u>Reporting Violations</u>**

If any person believes that a Senior Financial Officer has violated this Sarbanes-Oxley Code of Ethics or the Fund has or is about to violate a Law, or a Senior Financial Officer believes that he or she is being asked to violate this Sarbanes-Oxley Code of Ethics or any Law in the performance of his or her duties for the Fund, then the matter should be promptly reported to the Audit Committee. The Audit Committee will take appropriate steps to maintain the confidentiality of the reporting person's identity, to the extent consistent with the Fund's obligations to investigate and remedy the matter and, if appropriate, to report the matter to government officials. Persons may report violations of this Sarbanes-Oxley Code of Ethics on an anonymous basis. No retribution will be taken against a person for reporting, in good faith, a violation or suspected violation of this Sarbanes-Oxley Code of Ethics.

**<u>Interpretation and Enforcement</u>**

The Audit Committee is responsible for overseeing the interpretation and enforcement of this Sarbanes-Oxley Code of Ethics. When the Audit Committee considers any matter relating to this Sarbanes-Oxley Code of Ethics, it shall act in executive session.

Each Senior Financial Officer will be held accountable for his or her adherence to this Sarbanes-Oxley Code of Ethics by the Fund's Board of Directors. A Senior Financial Officer's failure to adhere to this Sarbanes-Oxley Code of Ethics will be subject to appropriate disciplinary action, ranging from warnings to possible termination or removal.

Only the Audit Committee may waive or amend this Sarbanes-Oxley Code of Ethics. All waivers and amendments of this Sarbanes-Oxley Code of Ethics must be publicly disclosed in a manner that complies with the requirements of the SEC and other applicable Laws.

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, John S. Brandser, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of FMI Funds, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/21/25 | /s/ John S. Brandser |
|  |  | John S. Brandser |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jonathan T. Bloom, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of FMI Funds, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/21/25 | /s/ Jonathan T. Bloom |
|  |  | Jonathan T. Bloom |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the FMI Funds, Inc., does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the FMI Funds, Inc. for the year ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the FMI Funds, Inc. for the stated period.

---

| | |
|:---|:---|
| /s/ John S. Brandser | /s/ Jonathan T. Bloom |
| John S. Brandser<br>| Jonathan T. Bloom |
| Principal Executive Officer, FMI Funds, Inc. | Principal Financial Officer, FMI Funds, Inc. |

---

Dated: <u>11/21/25</u> Dated: <u>11/21/25</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by FMI Funds, Inc. for purposes of Section 18 of the Securities Exchange Act of 1934.