# EDGAR Filing Document

**Accession Number:** 0001023391
**File Stem:** 0001133228-26-008355
**Filing Date:** 2026-5
**Character Count:** 238067
**Document Hash:** 86d446823e2a3429bd38bdbdde536fd3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008355.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001133228-26-008355

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**EFFECTIVENESS DATE**: 20260526

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07831
- **FILM NUMBER:** 261018334

**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'? 2026-02-23189630_FMICommonStockFund_InvestorClass_TSRSemiAnnual

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>March 31, 2026</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) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171404_202410040751629.jpg) |

---

This semi-annual shareholder report contains important information about the FMI Common Stock Fund for the period of October 1, 2025, to March 31, 2026. 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 LAST SIX MONTHS?** (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 | $48 | 0.96% |

---

\* Annualized

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

Over the past 6 months ending March 31, 2026, the FMI Common Stock Fund Investor Class ("The Fund") fell by 1.34%, compared with a gain of 3.10% for the Russell 2000<sup>®</sup> Index and 8.37% for the Russell 2000<sup>®</sup> Value Index.

After a strong start to the period, U.S. stock markets came under acute pressure in the wake of the Iran war (commenced on February 28, 2026). With energy prices soaring and the war ongoing, risk appetites have dampened. The most consequential development in the Iran war is the blockage of the Strait of Hormuz, where ~20% of the world's global oil and liquified natural gas (LNG) pass through. Oil eclipsed $100 per barrel both in the U.S. and overseas, with fears that it could spike significantly higher from here if the conflict drags on. With the average price of gas at a U.S. pump topping $4 for the first time since 2022, consumers are already starting to feel the pinch. Like tariffs, high energy prices act as a de facto tax on consumers. Meanwhile, businesses are also facing headwinds on profit margins due to rising input and transportation costs (some shipping lanes are being rerouted to avoid the region). Global central banks find themselves in a difficult situation, contending with rising inflation and interest rates, while employment and economic growth are weakening. A prolonged conflict could trigger a recession, or perhaps worse, stagflation.

Not surprisingly, energy and defense stocks outperformed over the period. FMI's portfolios have an underweight exposure to both given business quality and valuation considerations. FMI's overweight exposure to manufacturing end-markets, specifically building products, have also hurt our relative performance. We have leaned into this segment over the last few years as cyclical pressure (higher rates, affordability challenges) has weighed on the stocks. We find the housing repair and remodel (R&R) market to have an attractive long-term set-up. FMI's underweight to artificial intelligence (AI) tailwinds also weighed during the period, as did our lack of exposure to money-losing biotechnology companies. Lastly, with many high-multiple stocks driving even the Russell 2000<sup>®</sup>'s Value performance, FMI's focus on quality and valuation detracted.

As investors try to navigate heightened geopolitical and economic uncertainty, FMI takes comfort knowing that our portfolios are comprised of advantaged businesses with robust balance sheets, that trade at discounts to their respective benchmarks.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Electronic Technology, Distribution Services, Finance |
| ↑ | Positions: Plexus Corp., White Mountains Insurance Group Ltd., Donaldson Co. Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Technology Services, Consumer Durables, Commercials Services |
| ↓ | Positions: Insight Enterprises Inc., Houlihan Lokey Inc. Cl. A, Fortune Brands Innovations 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-SAR-302933403

------

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

![image](ts7276img003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%)** | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class**  | 6.35 | 9.12 | 10.54 |
| **Russell 2000® Index**  | 25.72 | 3.77 | 9.88 |
| **Russell 2000® Value Index**  | 28.09 | 5.79 | 9.61 |

---

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 March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1752529240 | **Portfolio Turnover** | 15% |
| **Number of Holdings** | 30 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Aramark  | 5.7% |
|  White Mountains Insurance Group Ltd.  | 5.0% |
|  Primerica, Inc.  | 4.8% |
|  FirstCash Holdings, Inc.  | 4.7% |
|  Zions Bancorp NA  | 4.5% |
|  Valvoline, Inc.  | 4.4% |
|  AptarGroup, Inc.  | 4.3% |
|  Gates Industrial Corp. PLC  | 4.2% |
|  Arrow Electronics, Inc.  | 4.1% |
|  FTI Consulting Inc.  | 3.9% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Finance  | 26.0% |
|  Producer Manufacturing  | 17.6% |
|  Distribution Services  | 13.0% |
|  Consumer Services  | 10.1% |
|  Consumer Durables  | 10.1% |
|  Commercial Services  | 8.4% |
|  Process Industries  | 4.3% |
|  Technology Services  | 3.4% |
|  Non-Energy Minerals  | 2.5% |
|  Cash & Other  | 4.6% |

---

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-SAR-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) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171404_202410040751629.jpg) |

---

This semi-annual shareholder report contains important information about the FMI Common Stock Fund for the period of October 1, 2025, to March 31, 2026. 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 LAST SIX MONTHS?** (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 | $42 | 0.84% |

---

\* Annualized

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

Over the past 6 months ending March 31, 2026, the FMI Common Stock Fund Institutional Class ("The Fund") fell by 1.30%, compared with a gain of 3.10% for the Russell 2000<sup>®</sup> Index and 8.37% for the Russell 2000<sup>®</sup> Value Index.

After a strong start to the period, U.S. stock markets came under acute pressure in the wake of the Iran war (commenced on February 28, 2026). With energy prices soaring and the war ongoing, risk appetites have dampened. The most consequential development in the Iran war is the blockage of the Strait of Hormuz, where ~20% of the world's global oil and liquified natural gas (LNG) pass through. Oil eclipsed $100 per barrel both in the U.S. and overseas, with fears that it could spike significantly higher from here if the conflict drags on. With the average price of gas at a U.S. pump topping $4 for the first time since 2022, consumers are already starting to feel the pinch. Like tariffs, high energy prices act as a de facto tax on consumers. Meanwhile, businesses are also facing headwinds on profit margins due to rising input and transportation costs (some shipping lanes are being rerouted to avoid the region). Global central banks find themselves in a difficult situation, contending with rising inflation and interest rates, while employment and economic growth are weakening. A prolonged conflict could trigger a recession, or perhaps worse, stagflation.

Not surprisingly, energy and defense stocks outperformed over the period. FMI's portfolios have an underweight exposure to both given business quality and valuation considerations. FMI's overweight exposure to manufacturing end-markets, specifically building products, have also hurt our relative performance. We have leaned into this segment over the last few years as cyclical pressure (higher rates, affordability challenges) has weighed on the stocks. We find the housing repair and remodel (R&R) market to have an attractive long-term set-up. FMI's underweight to artificial intelligence (AI) tailwinds also weighed during the period, as did our lack of exposure to money-losing biotechnology companies. Lastly, with many high-multiple stocks driving even the Russell 2000<sup>®</sup>'s Value performance, FMI's focus on quality and valuation detracted.

As investors try to navigate heightened geopolitical and economic uncertainty, FMI takes comfort knowing that our portfolios are comprised of advantaged businesses with robust balance sheets, that trade at discounts to their respective benchmarks.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Electronic Technology, Distribution Services, Finance |
| ↑ | Positions: Plexus Corp., White Mountains Insurance Group Ltd., Donaldson Co. Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Technology Services, Consumer Durables, Commercials Services |
| ↓ | Positions: Insight Enterprises Inc., Houlihan Lokey Inc. Cl. A, Fortune Brands Innovations Inc. |

---

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

The $100,000 chart reflects a hypothetical $100,000 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-SAR-302933601

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts7275img003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%)** | **1 Year** | **5 Year** | **Since Inception**<br>**(10/31/2016)** |
| **Institutional Class**  | 6.46 | 9.25 | 11.03 |
| **Russell 2000® Index**  | 25.72 | 3.77 | 9.65 |
| **Russell 2000® Value Index**  | 28.09 | 5.79 | 9.15 |

---

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 March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1752529240 | **Portfolio Turnover** | 15% |
| **Number of Holdings** | 30 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Aramark  | 5.7% |
|  White Mountains Insurance Group Ltd.  | 5.0% |
|  Primerica, Inc.  | 4.8% |
|  FirstCash Holdings, Inc.  | 4.7% |
|  Zions Bancorp NA  | 4.5% |
|  Valvoline, Inc.  | 4.4% |
|  AptarGroup, Inc.  | 4.3% |
|  Gates Industrial Corp. PLC  | 4.2% |
|  Arrow Electronics, Inc.  | 4.1% |
|  FTI Consulting Inc.  | 3.9% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Finance  | 26.0% |
|  Producer Manufacturing  | 17.6% |
|  Distribution Services  | 13.0% |
|  Consumer Services  | 10.1% |
|  Consumer Durables  | 10.1% |
|  Commercial Services  | 8.4% |
|  Process Industries  | 4.3% |
|  Technology Services  | 3.4% |
|  Non-Energy Minerals  | 2.5% |
|  Cash & Other  | 4.6% |

---

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-SAR-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) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171404_202410040751629.jpg) |

---

This semi-annual shareholder report contains important information about the FMI Large Cap Fund for the period of October 1, 2025, to March 31, 2026. 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 LAST SIX MONTHS?** (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 | $41 | 0.85% |

---

\* Annualized

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

Over the past 6 months ending March 31, 2026, the FMI Large Cap Fund Investor Class ("The Fund") fell by 5.55%, compared with a decline of 1.79% for the S&P 500<sup>®</sup> Index and a gain of 5.90% for the iShares<sup>®</sup> Russell 1000 Value ETF.

After a strong start to the period, U.S. stock markets came under acute pressure in the wake of the Iran war (commenced on February 28, 2026). With energy prices soaring and the war ongoing, risk appetites have dampened. The most consequential development in the Iran war is the blockage of the Strait of Hormuz, where ~20% of the world's global oil and liquified natural gas (LNG) pass through. Oil eclipsed $100 per barrel both in the U.S. and overseas, with fears that it could spike significantly higher from here if the conflict drags on. With the average price of gas at a U.S. pump topping $4 for the first time since 2022, consumers are already starting to feel the pinch. Like tariffs, high energy prices act as a de facto tax on consumers. Meanwhile, businesses are also facing headwinds on profit margins due to rising input and transportation costs (some shipping lanes are being rerouted to avoid the region). Global central banks find themselves in a difficult situation, contending with rising inflation and interest rates, while employment and economic growth are weakening. A prolonged conflict could trigger a recession, or perhaps worse, stagflation.

Not surprisingly, energy and defense stocks outperformed over the period. FMI's portfolios have an underweight exposure to both given business quality and valuation considerations. FMI's overweight exposure to manufacturing end-markets, specifically building products, have also hurt our relative performance. We have leaned into this segment over the last few years as cyclical pressure (higher rates, affordability challenges) has weighed on the stocks. We find the housing repair and remodel (R&R) market to have an attractive long-term set-up. FMI's underweight to artificial intelligence (AI) tailwinds also weighed during the period. Lastly, with many high-multiple stocks driving even the Russell 1000 Value's performance, FMI's focus on quality and valuation detracted.

As investors try to navigate heightened geopolitical and economic uncertainty, FMI takes comfort knowing that our portfolios are comprised of advantaged businesses with robust balance sheets, that trade at discounts to their respective benchmarks.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Industrial Services, Transportation, Process Industries |
| ↑ | Positions: Alphabet Inc. Cl. A, SLB Ltd., CSX Corp. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Finance, Consumer Services, Producer Manufacturing |
| ↓ | Positions: Booking Holdings Inc., CarMax Inc., CDW 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-SAR-302933205

------

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

![image](ts7278img003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%)** | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class**  | -0.54 | 5.08 | 8.85 |
| **S&P 500® Index**  | 17.80 | 12.06 | 14.16 |
| **iShares® Russell 1000 Value ETF**  | 7.06 | 15.97 | 8.62 |

---

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 March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1109685078 | **Portfolio Turnover** | 19% |
| **Number of Holdings** | 27 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Charles Schwab Corp.  | 7.8% |
|  Booking Holdings, Inc.  | 6.3% |
|  Ferguson Enterprises, Inc.  | 5.8% |
|  Aramark  | 5.5% |
|  Avery Dennison Corp.  | 5.3% |
|  Carrier Global Corp.  | 4.8% |
|  Becton Dickinson & Co.  | 4.6% |
|  Accenture PLC  | 4.5% |
|  CDW Corp.  | 4.1% |
|  Allegion PLC  | 3.6% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Finance  | 26.0% |
|  Consumer Services  | 11.8% |
|  Technology Services  | 10.8% |
|  Producer Manufacturing  | 10.1% |
|  Distribution Services  | 9.0% |
|  Health Services  | 8.3% |
|  Health Technology  | 7.8% |
|  Process Industries  | 5.3% |
|  Consumer Durables  | 3.6% |
|  Cash & Other  | 7.3% |

---

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/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-SAR-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) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171404_202410040751629.jpg) |

---

This semi-annual shareholder report contains important information about the FMI Large Cap Fund for the period of October 1, 2025, to March 31, 2026. 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 LAST SIX MONTHS?** (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 | $34 | 0.71% |

---

\* Annualized

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

Over the past 6 months ending March 31, 2026, the FMI Large Cap Fund Institutional Class ("The Fund") fell by 5.42%, compared with a decline of 1.79% for the S&P 500<sup>®</sup> Index and a gain of 5.90% for the iShares<sup>®</sup> Russell 1000 Value ETF.

After a strong start to the period, U.S. stock markets came under acute pressure in the wake of the Iran war (commenced on February 28, 2026). With energy prices soaring and the war ongoing, risk appetites have dampened. The most consequential development in the Iran war is the blockage of the Strait of Hormuz, where ~20% of the world's global oil and liquified natural gas (LNG) pass through. Oil eclipsed $100 per barrel both in the U.S. and overseas, with fears that it could spike significantly higher from here if the conflict drags on. With the average price of gas at a U.S. pump topping $4 for the first time since 2022, consumers are already starting to feel the pinch. Like tariffs, high energy prices act as a de facto tax on consumers. Meanwhile, businesses are also facing headwinds on profit margins due to rising input and transportation costs (some shipping lanes are being rerouted to avoid the region). Global central banks find themselves in a difficult situation, contending with rising inflation and interest rates, while employment and economic growth are weakening. A prolonged conflict could trigger a recession, or perhaps worse, stagflation.

Not surprisingly, energy and defense stocks outperformed over the period. FMI's portfolios have an underweight exposure to both given business quality and valuation considerations. FMI's overweight exposure to manufacturing end-markets, specifically building products, have also hurt our relative performance. We have leaned into this segment over the last few years as cyclical pressure (higher rates, affordability challenges) has weighed on the stocks. We find the housing repair and remodel (R&R) market to have an attractive long-term set-up. FMI's underweight to artificial intelligence (AI) tailwinds also weighed during the period. Lastly, with many high-multiple stocks driving even the Russell 1000 Value's performance, FMI's focus on quality and valuation detracted.

As investors try to navigate heightened geopolitical and economic uncertainty, FMI takes comfort knowing that our portfolios are comprised of advantaged businesses with robust balance sheets, that trade at discounts to their respective benchmarks.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Industrial Services, Transportation, Process Industries |
| ↑ | Positions: Alphabet Inc. Cl. A, SLB Ltd., CSX Corp. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Finance, Consumer Services, Producer Manufacturing |
| ↓ | Positions: Booking Holdings Inc., CarMax Inc., CDW Corp. |

---

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

The $100,000 chart reflects a hypothetical $100,000 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-SAR-302933502

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts7277img003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%)** | **1 Year** | **5 Year** | **Since Inception**<br>**(10/31/2016)** |
| **Institutional Class**  | -0.38 | 5.22 | 9.28 |
| **S&P 500® Index**  | 17.80 | 12.06 | 14.57 |
| **iShares® Russell 1000 Value ETF**  | 7.06 | 15.97 | 10.33 |

---

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 March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1109685078 | **Portfolio Turnover** | 19% |
| **Number of Holdings** | 27 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Charles Schwab Corp.  | 7.8% |
|  Booking Holdings, Inc.  | 6.3% |
|  Ferguson Enterprises, Inc.  | 5.8% |
|  Aramark  | 5.5% |
|  Avery Dennison Corp.  | 5.3% |
|  Carrier Global Corp.  | 4.8% |
|  Becton Dickinson & Co.  | 4.6% |
|  Accenture PLC  | 4.5% |
|  CDW Corp.  | 4.1% |
|  Allegion PLC  | 3.6% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Finance  | 26.0% |
|  Consumer Services  | 11.8% |
|  Technology Services  | 10.8% |
|  Producer Manufacturing  | 10.1% |
|  Distribution Services  | 9.0% |
|  Health Services  | 8.3% |
|  Health Technology  | 7.8% |
|  Process Industries  | 5.3% |
|  Consumer Durables  | 3.6% |
|  Cash & Other  | 7.3% |

---

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/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-SAR-302933502

------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171404_202410040751629.jpg) |

---

This semi-annual shareholder report contains important information about the FMI International Fund for the period of October 1, 2025, to March 31, 2026. 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 LAST SIX MONTHS?** (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 | $48 | 0.97% |

---

\* Annualized

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

Over the past 6 months ending March 31, 2026, the FMI International Fund Investor Class ("The Fund") fell by 2.58%, compared with the MSCI EAFE<sup>®</sup> Index's gain of 6.29% in local currency and 3.56% in U.S. Dollars. The Fund's passive currency hedge was a tailwind, as the U.S. Dollar strengthened.

After a strong start to the period, international stock markets came under acute pressure in the wake of the Iran war (commenced on February 28, 2026). With energy prices soaring and the war ongoing, risk appetites have dampened. The most consequential development in the Iran war is the blockage of the Strait of Hormuz, where ~20% of the world's global oil and liquified natural gas (LNG) pass through. Oil eclipsed $100 per barrel both in the U.S. and overseas, with fears that it could spike significantly higher from here if the conflict drags on. With the average price of fuel at the pump increasing significantly across the globe, consumers are already starting to feel the pinch. Like tariffs, high energy prices act as a de facto tax on consumers. Meanwhile, businesses are also facing headwinds on profit margins due to rising input and transportation costs (some shipping lanes are being rerouted to avoid the region). Global central banks find themselves in a difficult situation, contending with rising inflation and interest rates, while employment and economic growth are weakening. A prolonged conflict could trigger a recession, or perhaps worse, stagflation.

Not surprisingly, energy and defense stocks outperformed over the period. FMI's portfolios have an underweight exposure to both given business quality and valuation considerations. FMI's overweight exposure to service segments (commercial and consumer), as well as durables exposed to housing and construction, have also hurt our relative performance. Within the service segment we added to Booking Holdings Inc., a perceived AI loser, that we feel has a defendable niche. We have also leaned into those exposed to the housing repair and remodel (R&R) market. We believe this segment has an attractive long-term set-up, yet many companies have been discounted on cyclical pressures (higher rates, affordability challenges). Quality underperformed during the semi-annual period, also weighing on the relative comparison.

As investors try to navigate heightened geopolitical and economic uncertainty, FMI takes comfort knowing that our portfolios are comprised of advantaged businesses with robust balance sheets, that trade at discounts to their respective benchmarks.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Distribution Services, Industrial Services, Process Industries |
| ↑ | Positions: Rexel S.A., SLB Ltd., NOF Corp. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Commercial Services, Consumer Services, Retail Trade |
| ↓ | Positions: ICON PLC, B&M European Value Retail S.A., Booking Holdings Inc. |

---

FMI International Fund PAGE 1 TSR-SAR-302933304

------

**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.

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

![image](ts7280img003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%)** | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class**  | 5.38 | 5.40 | 6.32 |
| **MSCI EAFE® (LOC) Index**  | 17.38 | 9.88 | 9.35 |
| **MSCI EAFE® (LOC) Value Index**  | 25.84 | 14.34 | 10.38 |
| **MSCI EAFE® (USD) Index**  | 21.27 | 7.91 | 8.38 |
| **MSCI EAFE® (USD) Value Index**  | 30.05 | 12.19 | 9.34 |

---

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 March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $2025258524 | **Portfolio Turnover** | 7% |
| **Number of Holdings** | 43 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Booking Holdings, Inc.  | 6.4% |
|  Informa PLC  | 4.8% |
|  IMCD NV  | 4.7% |
|  Sunbelt Rentals Holdings, Inc.  | 4.4% |
|  Sodexo SA  | 4.2% |
|  NOF Corp.  | 4.0% |
|  Ryanair Holdings PLC  | 4.0% |
|  Techtronic Industries Co. Ltd.  | 4.0% |
|  Fluidra SA  | 3.8% |
|  Unilever PLC  | 3.8% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** |  |
|  Britain  | 28.5% |
|  United States  | 15.3% |
|  France  | 10.2% |
|  Netherlands  | 8.4% |
|  Japan  | 7.8% |
|  Switzerland  | 5.7% |
|  Germany  | 5.4% |
|  Ireland  | 4.0% |
|  Hong Kong  | 4.0% |
|  Other Countries  | 10.7% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Distribution Services  | 14.8% |
|  Consumer Non-Durables  | 11.9% |
|  Producer Manufacturing  | 11.3% |
|  Consumer Services  | 10.6% |
|  Consumer Durables  | 10.2% |
|  Finance  | 10.2% |
|  Health Technology  | 6.6% |
|  Technology Services  | 4.8% |
|  Process Industries  | 4.0% |
|  Cash & Other  | 15.6% |

---

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/.

FMI International Fund PAGE 2 TSR-SAR-302933304

------

**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 3 TSR-SAR-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) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171404_202410040751629.jpg) |

---

This semi-annual shareholder report contains important information about the FMI International Fund for the period of October 1, 2025, to March 31, 2026. 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 LAST SIX MONTHS?** (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 | $40 | 0.81% |

---

\* Annualized

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

Over the past 6 months ending March 31, 2026, the FMI International Fund Institutional Class ("The Fund") fell by 2.53%, compared with the MSCI EAFE<sup>®</sup> Index's gain of 6.29% in local currency and 3.56% in U.S. Dollars. The Fund's passive currency hedge was a tailwind, as the U.S. Dollar strengthened.

After a strong start to the period, international stock markets came under acute pressure in the wake of the Iran war (commenced on February 28, 2026). With energy prices soaring and the war ongoing, risk appetites have dampened. The most consequential development in the Iran war is the blockage of the Strait of Hormuz, where ~20% of the world's global oil and liquified natural gas (LNG) pass through. Oil eclipsed $100 per barrel both in the U.S. and overseas, with fears that it could spike significantly higher from here if the conflict drags on. With the average price of fuel at the pump increasing significantly across the globe, consumers are already starting to feel the pinch. Like tariffs, high energy prices act as a de facto tax on consumers. Meanwhile, businesses are also facing headwinds on profit margins due to rising input and transportation costs (some shipping lanes are being rerouted to avoid the region). Global central banks find themselves in a difficult situation, contending with rising inflation and interest rates, while employment and economic growth are weakening. A prolonged conflict could trigger a recession, or perhaps worse, stagflation.

Not surprisingly, energy and defense stocks outperformed over the period. FMI's portfolios have an underweight exposure to both given business quality and valuation considerations. FMI's overweight exposure to service segments (commercial and consumer), as well as durables exposed to housing and construction, have also hurt our relative performance. Within the service segment we added to Booking Holdings Inc., a perceived AI loser, that we feel has a defendable niche. We have also leaned into those exposed to the housing repair and remodel (R&R) market. We believe this segment has an attractive long-term set-up, yet many companies have been discounted on cyclical pressures (higher rates, affordability challenges). Quality underperformed during the semi-annual period, also weighing on the relative comparison.

As investors try to navigate heightened geopolitical and economic uncertainty, FMI takes comfort knowing that our portfolios are comprised of advantaged businesses with robust balance sheets, that trade at discounts to their respective benchmarks.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Distribution Services, Industrial Services, Process Industries |
| ↑ | Positions: Rexel S.A., SLB Ltd., NOF Corp. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Commercial Services, Consumer Services, Retail Trade |
| ↓ | Positions: ICON PLC, B&M European Value Retail S.A., Booking Holdings Inc. |

---

FMI International Fund PAGE 1 TSR-SAR-302933700

------

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

The $100,000 chart reflects a hypothetical $100,000 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 $100,000)

![image](ts7279img003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%)** | **1 Year** | **5 Year** | **Since Inception**<br>**(10/31/2016)** |
| **Institutional Class**  | 5.49 | 5.54 | 6.22 |
| **MSCI EAFE® (LOC) Index**  | 17.38 | 9.88 | 9.23 |
| **MSCI EAFE® (LOC) Value Index**  | 25.84 | 14.34 | 9.98 |
| **MSCI EAFE® (USD) Index**  | 21.27 | 7.91 | 8.61 |
| **MSCI EAFE® (USD) Value Index**  | 30.05 | 12.19 | 9.36 |

---

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 March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $2025258524 | **Portfolio Turnover** | 7% |
| **Number of Holdings** | 43 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Booking Holdings, Inc.  | 6.4% |
|  Informa PLC  | 4.8% |
|  IMCD NV  | 4.7% |
|  Sunbelt Rentals Holdings, Inc.  | 4.4% |
|  Sodexo SA  | 4.2% |
|  NOF Corp.  | 4.0% |
|  Ryanair Holdings PLC  | 4.0% |
|  Techtronic Industries Co. Ltd.  | 4.0% |
|  Fluidra SA  | 3.8% |
|  Unilever PLC  | 3.8% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** |  |
|  Britain  | 28.5% |
|  United States  | 15.3% |
|  France  | 10.2% |
|  Netherlands  | 8.4% |
|  Japan  | 7.8% |
|  Switzerland  | 5.7% |
|  Germany  | 5.4% |
|  Ireland  | 4.0% |
|  Hong Kong  | 4.0% |
|  Other Countries  | 10.7% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Distribution Services  | 14.8% |
|  Consumer Non-Durables  | 11.9% |
|  Producer Manufacturing  | 11.3% |
|  Consumer Services  | 10.6% |
|  Consumer Durables  | 10.2% |
|  Finance  | 10.2% |
|  Health Technology  | 6.6% |
|  Technology Services  | 4.8% |
|  Process Industries  | 4.0% |
|  Cash & Other  | 15.6% |

---

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/.

FMI International Fund PAGE 2 TSR-SAR-302933700

------

**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 3 TSR-SAR-302933700

------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171404_202410040751629.jpg) |

---

This semi-annual shareholder report contains important information about the FMI International Fund II - Currency Unhedged for the period of October 1, 2025, to March 31, 2026. 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 LAST SIX MONTHS?** (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 | $44 | 0.90% |

---

\* Annualized

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

Over the past 6 months ending March 31, 2026, the FMI International Fund II – Currency Unhedged Institutional Class ("The Fund") fell by 4.70%, compared with the MSCI EAFE<sup>®</sup> Index's gain of 3.56% in U.S. Dollars.

After a strong start to the period, international stock markets came under acute pressure in the wake of the Iran war (commenced on February 28, 2026). With energy prices soaring and the war ongoing, risk appetites have dampened. The most consequential development in the Iran war is the blockage of the Strait of Hormuz, where ~20% of the world's global oil and liquified natural gas (LNG) pass through. Oil eclipsed $100 per barrel both in the U.S. and overseas, with fears that it could spike significantly higher from here if the conflict drags on. With the average price of fuel at the pump increasing significantly across the globe, consumers are already starting to feel the pinch. Like tariffs, high energy prices act as a de facto tax on consumers. Meanwhile, businesses are also facing headwinds on profit margins due to rising input and transportation costs (some shipping lanes are being rerouted to avoid the region). Global central banks find themselves in a difficult situation, contending with rising inflation and interest rates, while employment and economic growth are weakening. A prolonged conflict could trigger a recession, or perhaps worse, stagflation.

Not surprisingly, energy and defense stocks outperformed over the period. FMI's portfolios have an underweight exposure to both given business quality and valuation considerations. FMI's overweight exposure to service segments (commercial and consumer), as well as durables exposed to housing and construction, have also hurt our relative performance. Within the service segment we added to Booking Holdings Inc., a perceived AI loser, that we feel has a defendable niche. We have also leaned into those exposed to the housing repair and remodel (R&R) market. We believe this segment has an attractive long-term set-up, yet many companies have been discounted on cyclical pressures (higher rates, affordability challenges). Quality underperformed during the semi-annual period, also weighing on the relative comparison.

As investors try to navigate heightened geopolitical and economic uncertainty, FMI takes comfort knowing that our portfolios are comprised of advantaged businesses with robust balance sheets, that trade at discounts to their respective benchmarks.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Distribution Services, Industrial Services, Process Industries |
| ↑ | Positions: SLB Ltd., Rexel S.A., Roche Holding Ltd. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Commercial Services, Consumer Services, Consumer Non-Durables |
| ↓ | Positions: ICON PLC, B&M European Value Retail S.A., Sony Group Corp. |

---

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

------

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

The $100,000 chart reflects a hypothetical $100,000 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 $100,000)

![image](ts7281img003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%)** | **1 Year** | **5 Year** | **Since Inception**<br>**(12/31/2019)** |
| **Institutional Class**  | 6.39 | 2.85 | 3.71 |
| **MSCI EAFE® (USD) Index**  | 21.27 | 7.91 | 8.16 |
| **MSCI EAFE® (USD) Value Index**  | 30.05 | 12.19 | 10.44 |

---

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 March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $52365055 | **Portfolio Turnover** | 9% |
| **Number of Holdings** | 31 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Booking Holdings, Inc.  | 6.5% |
|  IMCD NV  | 4.7% |
|  Informa PLC  | 4.7% |
|  Sunbelt Rentals Holdings, Inc.  | 4.3% |
|  Sodexo SA  | 4.1% |
|  NOF Corp.  | 4.0% |
|  Fluidra SA  | 4.0% |
|  Ryanair Holdings PLC  | 3.9% |
|  Techtronic Industries Co. Ltd.  | 3.9% |
|  Unilever PLC  | 3.7% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** |  |
|  Britain  | 28.0% |
|  United States  | 16.2% |
|  France  | 10.1% |
|  Netherlands  | 8.3% |
|  Japan  | 7.8% |
|  Switzerland  | 5.6% |
|  Germany  | 5.3% |
|  Spain  | 4.0% |
|  Ireland  | 3.9% |
|  Other Countries  | 10.8% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Distribution Services  | 14.6% |
|  Consumer Non-Durables  | 11.7% |
|  Producer Manufacturing  | 11.3% |
|  Consumer Services  | 10.5% |
|  Consumer Durables  | 10.2% |
|  Finance  | 9.9% |
|  Health Technology  | 6.5% |
|  Technology Services  | 4.7% |
|  Process Industries  | 4.0% |
|  Cash & Other  | 16.6% |

---

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/.

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

------

**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 3 TSR-SAR-302933809

------

---

| | | |
|:---|:---|:---|
| ![image](img367925_202504221940144.jpg) | **FMI Global Fund**  | ![image](img171404_202410040751629.jpg) |
| ![image](img367925_202504221940144.jpg) | Institutional Class \| FMIGX  | ![image](img171404_202410040751629.jpg) |
| ![image](img367925_202504221940144.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171404_202410040751629.jpg) |

---

This semi-annual shareholder report contains important information about the FMI Global Fund for the period of October 1, 2025, to March 31, 2026. 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 LAST SIX MONTHS?** (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 | $43 | 0.90% |

---

\* Annualized

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

Over the past 6 months ending March 31, 2026, FMI Global Fund Institutional Class ("The Fund") fell 7.22%, compared with the MSCI World<sup>®</sup> Index's decline of 0.57% in U.S. Dollars.

After a strong start to the period, global stock markets came under acute pressure in the wake of the Iran war (commenced on February 28, 2026). With energy prices soaring and the war ongoing, risk appetites have dampened. The most consequential development in the Iran war is the blockage of the Strait of Hormuz, where ~20% of the world's global oil and liquified natural gas (LNG) pass through. Oil eclipsed $100 per barrel both in the U.S. and overseas, with fears that it could spike significantly higher from here if the conflict drags on. With the average price of fuel at the pump increasing significantly across the globe, consumers are already starting to feel the pinch. Like tariffs, high energy prices act as a de facto tax on consumers. Meanwhile, businesses are also facing headwinds on profit margins due to rising input and transportation costs (some shipping lanes are being rerouted to avoid the region). Global central banks find themselves in a difficult situation, contending with rising inflation and interest rates, while employment and economic growth are weakening. A prolonged conflict could trigger a recession, or perhaps worse, stagflation.

Not surprisingly, energy and defense stocks outperformed over the period. FMI's portfolios have an underweight exposure to both given business quality and valuation considerations. FMI's overweight exposure to commercial services, as well as to manufacturing end-markets, specifically building products, have also hurt our relative performance. We have leaned into the latter segment over the last few years as cyclical pressure (higher rates, affordability challenges) has weighed on the stocks. We find the housing repair and remodel (R&R) market to have an attractive long-term set-up. FMI's underweight to artificial intelligence (AI) tailwinds also weighed during the period, as did our lack of exposure to Utilities and Non-Energy Minerals. Lastly, with many high multiple stocks driving the benchmark, FMI's focus on valuation detracted.

As investors try to navigate heightened geopolitical and economic uncertainty, FMI takes comfort knowing that our portfolios are comprised of advantaged businesses with robust balance sheets, that trade at discounts to their respective benchmarks.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sectors: Distribution Services, Industrial Services, Process Industries |
| ↑ | Positions: Alphabet Inc. Cl. A, SLB Ltd., Rexel S.A. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sectors: Commercial Services, Retail Trade, Consumer Services |
| ↓ | Positions: ICON PLC, Booking Holdings Inc., B&M European Value Retail S.A. |

---

FMI Global Fund PAGE 1 TSR-SAR-302933874

------

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

The $100,000 chart reflects a hypothetical $100,000 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 $100,000)

![image](ts7282img003.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN (%)** | **1 Year** | **Since Inception**<br>**(12/31/2024)** |
| **Institutional Class**  | -2.12 | -1.70 |
| **MSCI World® (USD) Index**  | 18.90 | 13.24 |
| **MSCI ACWI® (USD) Index**  | 20.01 | 14.53 |

---

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 March 31, 2026)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $10612502 | **Portfolio Turnover** | 19% |
| **Number of Holdings** | 33 |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of March 31, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Booking Holdings, Inc.  | 6.1% |
|  Charles Schwab Corp.  | 5.0% |
|  Accenture PLC  | 4.2% |
|  Informa PLC  | 4.1% |
|  Ferguson Enterprises, Inc.  | 4.1% |
|  Sunbelt Rentals Holdings, Inc.  | 4.0% |
|  Ryanair Holdings PLC  | 4.0% |
|  Avery Dennison Corp.  | 3.9% |
|  Coca-Cola Europacific Partners PLC  | 3.8% |
|  Becton Dickinson & Co.  | 3.7% |

---

---

| | |
|:---|:---|
| **Geographic Breakdown** |  |
|  United States  | 53.1% |
|  Britain  | 17.8% |
|  France  | 8.4% |
|  Ireland  | 8.1% |
|  Netherlands  | 6.2% |
|  Germany  | 2.5% |
|  Bermuda  | 2.2% |
|  Jersey  | 1.7% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** |  |
|  Finance  | 17.2% |
|  Technology Services  | 13.3% |
|  Distribution Services  | 12.6% |
|  Consumer Services  | 11.7% |
|  Consumer Non-Durables  | 10.1% |
|  Producer Manufacturing  | 9.7% |
|  Health Technology  | 6.7% |
|  Health Services  | 4.5% |
|  Transportation  | 4.0% |
|  Cash & Other  | 10.2% |

---

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-SAR-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-SAR-302933874

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

**<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** 

**March 31, 2026**

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](#fmi_01)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#soi1) | [1](#soi1) |
| [FMI Large Cap Fund](#fmi_02)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#soi2) | [5](#soi2) |
| [FMI International Fund](#fmi_03)<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) | [12](#sfcc) |
| [FMI International Fund II – Currency Unhedged](#fmi_04)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#soi4) | [14](#soi4) |
| [FMI Global Fund](#fmi_05)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#soi5) | [18](#soi5) |
| [Financial Statements](#fmi_06)<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#sal) | [22](#sal) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#sop) | [24](#sop) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#scna) | [26](#scna) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#fihi) | [31](#fihi) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#notes) | [39](#notes) |
| [ADDITIONAL INFORMATION](#addl) | [52](#addl) |
|  [Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies](#item8) | [53](#item8) |
| [Item 9. Proxy Disclosures for Open-End Investment Companies](#item9) | [54](#item9) |
|  [Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies](#item10) | [55](#item10) |
| [Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract](#item11) | [56](#item11) |

---

------

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

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

FMI Common Stock Fund

SCHEDULE OF INVESTMENTS

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.8%**<br>|  |  |
| **<u>COMMERCIAL SERVICES SECTOR — 8.4%</u>**<br>|  |  |
| **Miscellaneous Commercial Services — 7.2%**<br>|  |  |
| FTI Consulting Inc.<sup>(a)</sup> | 392000 | $69293840  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 446000 | 56860540  |
|  |  | 126154380  |
| **Personnel Services — 1.2%**<br>|  |  |
| Robert Half, Inc. | 810000 | 20574000  |
| **Total Commercial Services Sector** |  | 146728380  |
| **<u>CONSUMER DURABLES SECTOR — 10.1%</u>**<br>|  |  |
| **Homebuilding — 3.7%**<br>|  |  |
| Cavco Industries, Inc.<sup>(a)</sup> | 132000 | 63926280  |
| **Other Consumer Specialties — 3.1%**<br>|  |  |
| MSA Safety, Inc. | 335000 | 54923250  |
| **Recreational Products — 3.3%**<br>|  |  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 4345000 | 58136100  |
| **Total Consumer Durables Sector** |  | 176985630  |
| **<u>CONSUMER SERVICES SECTOR — 10.1%</u>**<br>|  |  |
| **Other Consumer Services — 4.4%**<br>|  |  |
| Valvoline, Inc.<sup>(a)</sup> | 2305000 | 77632400  |
| **Restaurants — 5.7%**<br>|  |  |
| Aramark | 2465000 | 99931100  |
| **Total Consumer Services Sector** |  | 177563500  |
| **<u>DISTRIBUTION SERVICES SECTOR — 13.0%</u>**<br>|  |  |
| **Electronics Distributors — 4.1%**<br>|  |  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 500000 | 71705000  |
| **Medical Distributors — 3.9%**<br>|  |  |
| Henry Schein, Inc.<sup>(a)</sup> | 940000 | 69278000  |
| **Wholesale Distributors — 5.0%**<br>|  |  |
| Applied Industrial Technologies, Inc. | 100000 | 26532000  |
| Core & Main, Inc. - Class A<sup>(a)</sup> | 1225000 | 60515000  |
|  |  | 87047000  |
| **Total Distribution Services Sector** |  | 228030000  |
| **<u>ELECTRONIC TECHNOLOGY SECTOR — 1.4%</u>**<br>|  |  |
| **Electronic Production Equipment — 1.4%**<br>|  |  |
| CTS Corp. | 510000 | 24357600 |

---

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)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.8% (Continued)**  | **COMMON STOCKS — 98.8% (Continued)**  | **COMMON STOCKS — 98.8% (Continued)**  |
| **<u>FINANCE SECTOR — 26.1%</u><sup><u>(b)</u></sup>**<br>|  |  |
| **Finance/Rental/Leasing — 8.6%**<br>|  |  |
| FirstCash Holdings, Inc. | 440000 | $82720000  |
| OneMain Holdings, Inc. | 1275000 | 68199750  |
|  |  | 150919750  |
| **Investment Banks/Brokers — 3.1%**<br>|  |  |
| Houlihan Lokey, Inc. - Class A | 380000 | 54575600  |
| **Life/Health Insurance — 4.8%**<br>|  |  |
| Primerica, Inc. | 335000 | 83910800  |
| **Major Banks — 4.6%**<br>|  |  |
| Zions Bancorp NA | 1385000 | 79803700  |
| **Multi-Line Insurance — 5.0%**<br>|  |  |
| White Mountains Insurance Group Ltd. | 40000 | 87878400  |
| **Total Finance Sector** |  | 457088250  |
| **<u>NON-ENERGY MINERALS SECTOR — 2.5%</u>**<br>|  |  |
| **Forest Products — 2.5%**<br>|  |  |
| Louisiana-Pacific Corp. | 598000 | 43504500  |
| **<u>PROCESS INDUSTRIES SECTOR — 4.3%</u>**<br>|  |  |
| **Containers/Packaging — 4.3%**<br>|  |  |
| AptarGroup, Inc. | 600000 | 75612000  |
| **<u>PRODUCER MANUFACTURING SECTOR — 17.7%</u>**<br>|  |  |
| **Auto Parts: OEM — 3.3%**<br>|  |  |
| Donaldson Co., Inc. | 675000 | 57287250  |
| **Building Products — 7.0%**<br>|  |  |
| Carlisle Cos., Inc. | 135000 | 45038700  |
| Fortune Brands Innovations, Inc. | 1030000 | 40139100  |
| Simpson Manufacturing Co., Inc. | 215000 | 36898300  |
|  |  | 122076100  |
| **Industrial Machinery — 7.4%**<br>|  |  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 3230000 | 73030300  |
| Mueller Water Products, Inc. - Class A | 2060000 | 56629400  |
|  |  | 129659700  |
| **Total Producer Manufacturing Sector** |  | 309023050  |
| **<u>RETAIL TRADE SECTOR — 1.8%</u>**<br>|  |  |
| **Specialty Stores — 1.8%**<br>|  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 325000 | 31986500  |

---

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)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.8% (Continued)** | **COMMON STOCKS — 98.8% (Continued)** | **COMMON STOCKS — 98.8% (Continued)** |
| **<u>TECHNOLOGY SERVICES SECTOR — 3.4%</u>**<br>|  |  |
| **Information Technology Services — 3.4%**<br>|  |  |
| Insight Enterprises, Inc.<sup>(a)</sup> | 895000 | $59973950  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,407,357,068)** |  | 1730853360  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds — 1.4%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.59%<sup>(c)</sup> | 24940234 | 24940234  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $24,940,234)** |  | 24940234  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.2%**<br>**(Cost $1,432,297,302)** |  | 1755793594  |
| Liabilities in Excess of Other Assets — (0.2)% |  | (3264354)  |
| **TOTAL NET ASSETS — 100.0%** |  | $1752529240 |

---

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) To the extent that the Fund invests more heavily
 in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect
 those industries or sectors.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents the 7-day annualized yield
 as of March 31, 2026.

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)

March 31, 2026 (Unaudited)

**Summary of Fair Value Disclosure as of March 31, 2026** 

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 period, 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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1730853360 | $— | $— | $1730853360  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 24940234 |  |  | 24940234  |
| Total Investments | $1755793594 | $— | $— | $1755793594 |

---

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

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

— 4 —<br>

------

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

FMI Large Cap Fund

SCHEDULE OF INVESTMENTS

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.7%**<br>|  |  |
| **<u>CONSUMER DURABLES SECTOR — 3.6%</u>**<br>|  |  |
| **Tools & Hardware — 3.6%**<br>|  |  |
| Allegion PLC | &nbsp;&nbsp; 272000 | $39518880  |
| **<u>CONSUMER NON-DURABLES SECTOR — 3.2%</u>**<br>|  |  |
| **Household/Personal Care — 3.2%**<br>|  |  |
| Unilever PLC - ADR | &nbsp;&nbsp; 620000 | 35321400  |
| **<u>CONSUMER SERVICES SECTOR — 11.8%</u>**<br>|  |  |
| **Other Consumer Services — 6.3%**<br>|  |  |
| Booking Holdings, Inc. | &nbsp;&nbsp; 16500 | 69470280  |
| **Restaurants — 5.5%**<br>|  |  |
| Aramark | &nbsp;&nbsp; 1510000 | 61215400  |
| **Total Consumer Services Sector** |  | 130685680  |
| **<u>DISTRIBUTION SERVICES SECTOR — 9.0%</u>**<br>|  |  |
| **Food Distributors — 3.2%**<br>|  |  |
| Sysco Corp. | &nbsp;&nbsp; 505000 | 36021650  |
| **Wholesale Distributors — 5.8%**<br>|  |  |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp; 275000 | 64146500  |
| **Total Distribution Services Sector** |  | 100168150  |
| **<u>FINANCE SECTOR — 26.0%</u><sup><u>(a)</u></sup>**<br>|  |  |
| **Finance/Rental/Leasing — 5.5%**<br>|  |  |
| Capital One Financial Corp. | &nbsp;&nbsp; 160000 | 29188800  |
| Sunbelt Rentals Holdings, Inc. | &nbsp;&nbsp; 495000 | 32219550  |
|  |  | 61408350  |
| **Investment Banks/Brokers — 7.9%**<br>|  |  |
| Charles Schwab Corp. | &nbsp;&nbsp; 925000 | 86931500  |
| **Major Banks — 3.1%**<br>|  |  |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp; 167000 | 34751030  |
| **Multi-Line Insurance — 6.0%**<br>|  |  |
| Arch Capital Group Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 385000 | 36956150  |
| Progressive Corp. | &nbsp;&nbsp; 150000 | 29736000  |
|  |  | 66692150  |
| **Property/Casualty Insurance — 3.5%**<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(b)</sup> | &nbsp;&nbsp; 80000 | 38336000  |
| **Total Finance Sector** |  | 288119030  |

---

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)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 98.7% (Continued)**  | **COMMON STOCKS — 98.7% (Continued)**  | **COMMON STOCKS — 98.7% (Continued)**  |
| **<u>HEALTH SERVICES SECTOR — 8.2%</u>**<br>|  |  |
| **Managed Health Care — 2.4%**<br>|  |  |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 100000 | $27059000  |
| **Medical/Nursing Services — 2.5%**<br>|  |  |
| Fresenius Medical Care AG - ADR | &nbsp;&nbsp; 1210000 | 27297600  |
| **Services to the Health Industry — 3.3%**<br>|  |  |
| Quest Diagnostics Inc. | &nbsp;&nbsp; 190000 | 37236200  |
| **Total Health Services Sector** |  | 91592800  |
| **<u>HEALTH TECHNOLOGY SECTOR — 7.8%</u>**<br>|  |  |
| **Medical Specialties — 7.8%**<br>|  |  |
| Becton Dickinson & Co. | &nbsp;&nbsp; 325000 | 51099750  |
| Koninklijke Philips NV | &nbsp;&nbsp; 1300000 | 35620000  |
| **Total Health Technology Sector** |  | 86719750  |
| **<u>PROCESS INDUSTRIES SECTOR — 5.3%</u>**<br>|  |  |
| **Pulp & Paper — 5.3%**<br>|  |  |
| Avery Dennison Corp. | &nbsp;&nbsp; 340000 | 58711200  |
| **<u>PRODUCER MANUFACTURING SECTOR — 10.1%</u>**<br>|  |  |
| **Building Products — 5.3%**<br>|  |  |
| Carlisle Cos., Inc. | &nbsp;&nbsp; 60000 | 20017200  |
| Masco Corp. | &nbsp;&nbsp; 640000 | 38636800  |
|  |  | 58654000  |
| **Industrial Machinery — 4.8%**<br>|  |  |
| Carrier Global Corp. | &nbsp;&nbsp; 950000 | 53494500  |
| **Total Producer Manufacturing Sector** |  | 112148500  |
| **<u>RETAIL TRADE SECTOR — 2.9%</u>**<br>|  |  |
| **Discount Stores — 2.9%**<br>|  |  |
| Dollar Tree, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 290000 | 31757900  |
| **<u>TECHNOLOGY SERVICES SECTOR — 10.8%</u>**<br>|  |  |
| **Information Technology Services — 8.6%**<br>|  |  |
| Accenture PLC - Class A | &nbsp;&nbsp; 250000 | 49572500  |
| CDW Corp. | &nbsp;&nbsp; 379000 | 45866580  |
|  |  | 95439080  |
| **Internet Software/Services — 2.2%**<br>|  |  |
| Alphabet, Inc. - Class A | &nbsp;&nbsp; 85000 | 24442600  |
| **Total Technology Services Sector** |  | 119881680  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $847,823,300)** |  | 1094624970  |

---

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)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS — 1.3%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.59%<sup>(c)</sup> | &nbsp;&nbsp; 14548414 | $14548414  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $14,548,414)** |  | 14548414  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.0%**<br>**(Cost $862,371,714)** |  | 1109173384  |
| Other Assets in Excess of Liabilities — 0.0%<sup>(d)</sup> |  | 511694  |
| **TOTAL NET ASSETS — 100.0%** |  | $1109685078 |

---

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 more heavily
 in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect
 those industries or sectors.

&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 March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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)

March 31, 2026 (Unaudited)

**Summary of Fair Value Disclosure as of March 31, 2026** 

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 period, 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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1094624970 | $— | $— | $1094624970  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 14548414 |  |  | 14548414  |
| Total Investments | $1109173384 | $— | $— | $1109173384 |

---

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

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

— 8 —<br>

------

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

FMI International Fund

SCHEDULE OF INVESTMENTS

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 97.7%**<br>|  |  |
| **<u>BRITAIN — 28.1%</u><sup><u>(a)</u></sup>**<br>|  |  |
| **Beverages: Alcoholic - 1.8%**<br>|  |  |
| Diageo PLC | &nbsp;&nbsp; 1950000 | $36264340  |
| **Beverages: Non-Alcoholic — 3.5%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp; 775000 | 70269250  |
| **Electrical Products — 3.1%**<br>|  |  |
| Smiths Group PLC | &nbsp;&nbsp; 2050000 | 62557851  |
| **Electronics/Appliances — 2.4%**<br>|  |  |
| Howden Joinery Group PLC | &nbsp;&nbsp; 4625000 | 48986666  |
| **Food: Specialty/Candy — 2.8%**<br>|  |  |
| Greggs PLC | &nbsp;&nbsp; 2775000 | 56402364  |
| **Household/Personal Care — 3.7%**<br>|  |  |
| Unilever PLC | &nbsp;&nbsp; 1380000 | 75760683  |
| **Internet Software/Services — 4.7%**<br>|  |  |
| Informa PLC | &nbsp;&nbsp; 9450000 | 94912524  |
| **Major Banks — 2.8%**<br>|  |  |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 46000000 | 57013649  |
| **Trucks/Construction/Farm Machinery — 3.3%**<br>|  |  |
| Weir Group PLC | &nbsp;&nbsp; 1775000 | 66566924  |
| **Total Britain** |  | 568734251  |
| **<u>FRANCE — 10.1%</u>**<br>|  |  |
| **Miscellaneous Commercial Services — 2.3%**<br>|  |  |
| Edenred SE | &nbsp;&nbsp; 2300000 | 45813729  |
| **Restaurants — 4.1%**<br>|  |  |
| Sodexo SA | &nbsp;&nbsp; 1625000 | 83415005  |
| **Wholesale Distributors — 3.7%**<br>|  |  |
| Rexel SA | &nbsp;&nbsp; 1900000 | 75289808  |
| **Total France** |  | 204518542  |
| **<u>GERMANY — 5.3%</u>**<br>|  |  |
| **Industrial Machinery — 2.9%**<br>|  |  |
| Siemens AG | &nbsp;&nbsp; 240000 | 58472463  |
| **Medical/Nursing Services — 2.4%**<br>|  |  |
| Fresenius Medical Care AG | &nbsp;&nbsp; 1095000 | 49622945  |
| **Total Germany** |  | 108095408  |
| **<u>HONG KONG — 3.9%</u>**<br>|  |  |
| **Tools & Hardware — 3.9%**<br>|  |  |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 5950000 | 79017403 |

---

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

— 9 —<br>

------

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

FMI International Fund

SCHEDULE OF INVESTMENTS(Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 97.7% (Continued)**  | **COMMON STOCKS — 97.7% (Continued)**  | **COMMON STOCKS — 97.7% (Continued)**  |
| **<u>IRELAND — 3.9%</u>**<br>|  |  |
| **Airlines — 3.9%**<br>|  |  |
| Ryanair Holdings PLC - ADR | &nbsp;&nbsp; 1380000 | $79764000  |
| **<u>JAPAN — 7.7%</u>**<br>|  |  |
| **Chemicals: Specialty — 4.0%**<br>|  |  |
| NOF Corp. | &nbsp;&nbsp; 4030000 | 80446108  |
| **Computer Processing Hardware — 1.9%**<br>|  |  |
| Sony Group Corp. | &nbsp;&nbsp; 1850000 | 38559063  |
| **Electronic Equipment/Instruments — 1.8%**<br>|  |  |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 1165000 | 36002886  |
| **Total Japan** |  | 155008057  |
| **<u>JERSEY — 2.1%</u>**<br>|  |  |
| **Discount Stores — 2.1%**<br>|  |  |
| B&M European Value Retail PLC | &nbsp;&nbsp; 19000000 | 42665150  |
| **<u>NETHERLANDS — 8.3%</u>**<br>|  |  |
| **Medical Specialties — 3.7%**<br>|  |  |
| Koninklijke Philips NV | &nbsp;&nbsp; 2700000 | 73851392  |
| **Wholesale Distributors — 4.6%**<br>|  |  |
| IMCD NV | &nbsp;&nbsp; 891000 | 93239991  |
| **Total Netherlands** |  | 167091383  |
| **<u>SINGAPORE — 2.8%</u>**<br>|  |  |
| **Major Banks — 2.8%**<br>|  |  |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 1285000 | 57182665  |
| **<u>SPAIN — 3.8%</u>**<br>|  |  |
| **Recreational Products — 3.8%**<br>|  |  |
| Fluidra SA | &nbsp;&nbsp; 3300000 | 76547634  |
| **<u>SWEDEN — 1.9%</u>**<br>|  |  |
| **Trucks/Construction/Farm Machinery — 1.9%**<br>|  |  |
| Epiroc AB | &nbsp;&nbsp; 1569000 | 38623833  |
| **<u>SWITZERLAND — 5.6%</u>**<br>|  |  |
| **Medical Distributors — 2.8%**<br>|  |  |
| DKSH Holding AG | &nbsp;&nbsp; 765000 | 56293986  |
| **Pharmaceuticals: Major — 2.8%**<br>|  |  |
| Roche Holding AG | &nbsp;&nbsp; 145000 | 57868172  |
| **Total Switzerland** |  | 114162158 |

---

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

— 10 —<br>

------

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

FMI International Fund

SCHEDULE OF INVESTMENTS(Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 97.7% (Continued)**  | **COMMON STOCKS — 97.7% (Continued)**  | **COMMON STOCKS — 97.7% (Continued)**  |
| **<u>UNITED STATES — 14.2%</u>**<br>|  |  |
| **Finance/Rental/Leasing — 4.4%**<br>|  |  |
| Sunbelt Rentals Holdings, Inc. | &nbsp;&nbsp; 1390000 | $88669428  |
| **Other Consumer Services — 6.3%**<br>|  |  |
| Booking Holdings, Inc. | &nbsp;&nbsp; 30500 | 128414760  |
| **Wholesale Distributors — 3.5%**<br>|  |  |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp; 300000 | 69978000  |
| **Total United States** |  | 287062188  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,566,774,180)** |  | 1978472672  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS — 1.0%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.59%<sup>(b)</sup> | &nbsp;&nbsp; 19594189 | 19594189  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $19,594,189)** |  | 19594189  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 98.7%** <br>**(Cost $1,586,368,369)** |  | 1998066861  |
| Money Market Deposit Account — 0.0%<sup>(c)(d)</sup> |  | 339864  |
| Other Assets in Excess of Liabilities — 1.3% |  | 26851799  |
| **TOTAL NET ASSETS — 100.0%** |  | $2025258524 |

---

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) The rate shown represents the 7-day annualized yield
 as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 March 31, 2026 was 3.36%. This MMDA is held
 as collateral for certain forward currency contracts.

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

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

— 11 —<br>

------

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

FMI International Fund

Schedule of Forward Currency Contracts

March 31, 2026 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency <u>Purchased</u>** | **Currency <u>Purchased</u>** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| BNY Mellon Capital Markets LLC | 04/24/2026 | USD | 632237940 | EUR | 540000000 | $7324734  |
| BNY Mellon Capital Markets LLC | 04/24/2026 | USD | 188040018 | JPY | 29500000000 | 1721661  |
| J.P. Morgan Securities, Inc. | 04/24/2026 | USD | 72003034 | HKD | 560000000 | 483421  |
| J.P. Morgan Securities, Inc. | 04/24/2026 | USD | 47644864 | SEK | 435000000 | 1633257  |
| J.P. Morgan Securities, Inc. | 04/24/2026 | USD | 54760228 | SGD | 70000000 | 215739  |
| State Street Bank & Trust Co. | 04/24/2026 | USD | 113706713 | CHF | 90000000 | 833452  |
| State Street Bank & Trust Co. | 04/24/2026 | USD | 658993650 | GBP | 490000000 | 10451819  |
| BNY Mellon Capital Markets LLC | 04/24/2026 | EUR | 40000000 | USD | 46299080 | (9213)  |
| BNY Mellon Capital Markets LLC | 04/24/2026 | JPY | 4500000000 | USD | 28597448 | (176004)  |
| J.P. Morgan Securities, Inc. | 04/24/2026 | SEK | 100000000 | USD | 10750168 | (172787)  |
| State Street Bank & Trust Co. | 04/24/2026 | CHF | 5000000 | USD | 6345975 | (75238)  |
| State Street Bank & Trust Co. | 04/24/2026 | GBP | 40000000 | USD | 53619440 | (677250)  |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  | $21553591 |

---

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.

— 12 —<br>

------

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

FMI International Fund

Schedule of Investments

March 31, 2026 (Unaudited)

**Summary of Fair Value Disclosure as of March 31, 2026** 

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 period, 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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $348426010 | $1630046662 | $— | $1978472672  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 19594189 |  |  | 19594189  |
| Total Investments | $368020199 | $1630046662 | $— | $1998066861  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts \* | $—– | $22664083 | $— | $22664083  |
| Total Other Financial Instruments | $— | $22664083 | $— | $22664083  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Currency Contracts \* | $— | $(1110492) | $— | $(1110492)  |
| Total Other Financial Instruments | $— | $(1110492) | $— | $(1110492) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of March 31, 2026.

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

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

— 13 —<br>

------

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

FMI International Fund II — Currency Unhedged

Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 97.7%**<br>|  |  |
| **<u>BRITAIN — 27.9%</u><sup><u>(a)</u></sup>**<br>|  |  |
| **Beverages: Alcoholic — 1.8%**<br>|  |  |
| Diageo PLC | &nbsp;&nbsp;&nbsp; 50200 | $933574  |
| **Beverages: Non-Alcoholic — 3.5%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp; 20000 | 1813400  |
| **Electrical Products — 3.0%**<br>|  |  |
| Smiths Group PLC | &nbsp;&nbsp;&nbsp; 52500 | 1602091  |
| **Electronics/Appliances — 2.4%**<br>|  |  |
| Howden Joinery Group PLC | &nbsp;&nbsp;&nbsp; 118000 | 1249822  |
| **Food: Specialty/Candy — 2.7%**<br>|  |  |
| Greggs PLC | &nbsp;&nbsp;&nbsp; 70500 | 1432925  |
| **Household/Personal Care — 3.7%**<br>|  |  |
| Unilever PLC | &nbsp;&nbsp;&nbsp; 35500 | 1948916  |
| **Internet Software/Services — 4.7%**<br>|  |  |
| Informa PLC | &nbsp;&nbsp;&nbsp; 243000 | 2440608  |
| **Major Banks — 2.8%**<br>|  |  |
| Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp; 1180000 | 1462524  |
| **Trucks/Construction/Farm Machinery — 3.3%**<br>|  |  |
| Weir Group PLC | &nbsp;&nbsp;&nbsp; 46500 | 1743866  |
| **Total Britain** |  | 14627726  |
| **<u>FRANCE — 10.1%</u>**<br>|  |  |
| **Miscellaneous Commercial Services — 2.3%**<br>|  |  |
| Edenred SE | &nbsp;&nbsp;&nbsp; 61500 | 1225019  |
| **Restaurants — 4.1%**<br>|  |  |
| Sodexo SA | &nbsp;&nbsp;&nbsp; 41500 | 2130291  |
| **Wholesale Distributors — 3.7%**<br>|  |  |
| Rexel SA | &nbsp;&nbsp;&nbsp; 49000 | 1941685  |
| **Total France** |  | 5296995  |
| **<u>GERMANY — 5.3%</u>**<br>|  |  |
| **Industrial Machinery — 2.9%**<br>|  |  |
| Siemens AG | &nbsp;&nbsp;&nbsp; 6200 | 1510539  |
| **Medical/Nursing Services — 2.4%**<br>|  |  |
| Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp; 28000 | 1268897  |
| **Total Germany** |  | 2779436  |
| **<u>HONG KONG — 3.9%</u>**<br>|  |  |
| **Tools & Hardware — 3.9%**<br>|  |  |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp;&nbsp; 153230 | 2034930 |

---

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(Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 97.7% (Continued)**  | **COMMON STOCKS — 97.7% (Continued)**  | **COMMON STOCKS — 97.7% (Continued)**  |
| **<u>IRELAND — 3.9%</u>**<br>|  |  |
| **Airlines — 3.9%**<br>|  |  |
| Ryanair Holdings PLC - ADR | &nbsp;&nbsp;&nbsp; 35500 | $2051900  |
| **<u>JAPAN — 7.7%</u>**<br>|  |  |
| **Chemicals: Specialty — 4.0%**<br>|  |  |
| NOF Corp. | &nbsp;&nbsp;&nbsp; 104005 | 2076129  |
| **Computer Processing Hardware — 1.9%**<br>|  |  |
| Sony Group Corp. | &nbsp;&nbsp;&nbsp; 48000 | 1000451  |
| **Electronic Equipment/Instruments — 1.8%**<br>|  |  |
| Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp; 31515 | 973932  |
| **Total Japan** |  | 4050512  |
| **<u>JERSEY — 2.1%</u>**<br>|  |  |
| **Discount Stores — 2.1%**<br>|  |  |
| B&M European Value Retail PLC | &nbsp;&nbsp;&nbsp; 484000 | 1086838  |
| **<u>NETHERLANDS — 8.3%</u>**<br>|  |  |
| **Medical Specialties — 3.6%**<br>|  |  |
| Koninklijke Philips NV | &nbsp;&nbsp;&nbsp; 69400 | 1898254  |
| **Wholesale Distributors — 4.7%**<br>|  |  |
| IMCD NV | &nbsp;&nbsp;&nbsp; 23500 | 2459192  |
| **Total Netherlands** |  | 4357446  |
| **<u>SINGAPORE — 2.8%</u>**<br>|  |  |
| **Major Banks — 2.8%**<br>|  |  |
| DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp; 32575 | 1449592  |
| **<u>SPAIN —</u> <u>3.9%</u>**<br>|  |  |
| **Recreational Products — 3.9%**<br>|  |  |
| Fluidra SA | &nbsp;&nbsp;&nbsp; 89000 | 2064467  |
| **<u>SWEDEN — 2.0%</u>**<br>|  |  |
| **Trucks/Construction/Farm Machinery — 2.0%**<br>|  |  |
| Epiroc AB | &nbsp;&nbsp;&nbsp; 42000 | 1033908  |
| **<u>SWITZERLAND — 5.6%</u>**<br>|  |  |
| **Medical Distributors — 2.8%**<br>|  |  |
| DKSH Holding AG | &nbsp;&nbsp;&nbsp; 19500 | 1434945  |
| **Pharmaceuticals: Major — 2.8%**<br>|  |  |
| Roche Holding AG | &nbsp;&nbsp;&nbsp; 3700 | 1476636  |
| **Total Switzerland** |  | 2911581 |

---

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)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 97.7% (Continued)**  | **COMMON STOCKS — 97.7% (Continued)**  | **COMMON STOCKS — 97.7% (Continued)**  |
| **<u>UNITED STATES — 14.2%</u>**<br>|  |  |
| **Finance/Rental/Leasing — 4.3%**<br>|  |  |
| Sunbelt Rentals Holdings, Inc. | &nbsp;&nbsp;&nbsp; 35500 | $2264579  |
| **Other Consumer Services — 6.5%**<br>|  |  |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp; 800 | 3368256  |
| **Wholesale Distributors — 3.4%**<br>|  |  |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp; 7700 | 1796102  |
| **Total United States** |  | 7428937  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $43,043,110)** |  | 51174268  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS — 2.0%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.59%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1037102 | 1037102  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,037,102)** |  | 1037102  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.7%** <br>**(Cost $44,080,212)** |  | 52211370  |
| Other Assets in Excess of Liabilities — 0.3% |  | 153685  |
| **TOTAL NET ASSETS — 100.0%** |  | $52365055 |

---

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) The rate shown represents the 7-day annualized yield
 as of March 31, 2026.

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)

March 31, 2026 (Unaudited)

**Summary of Fair Value Disclosure as of March 31, 2026** 

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 period, 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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $9029659 | $42144609 | $— | $51174268  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1037102 |  |  | 1037102  |
| Total Investments | $10066761 | $42144609 | $— | $52211370 |

---

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

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

— 17 —<br>

------

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

FMI Global Fund

Schedule of Investments

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 99.2%**<br>|  |  |
| **<u>BERMUDA — 2.2%</u>**<br>|  |  |
| **Multi-Line Insurance — 2.2%**<br>|  |  |
| Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | $230376  |
| **<u>BRITAIN — 17.8%</u>**<br>|  |  |
| **Beverages: Alcoholic — 1.7%**<br>|  |  |
| Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp; 9575 | 178067  |
| **Beverages: Non-Alcoholic — 3.8%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp; 4425 | 401215  |
| **Food: Specialty/Candy — 1.8%**<br>|  |  |
| Greggs PLC | &nbsp;&nbsp;&nbsp;&nbsp; 9400 | 191056  |
| **Household/Personal Care — 2.9%**<br>|  |  |
| Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp; 5550 | 304690  |
| **Internet Software/Services — 4.1%**<br>|  |  |
| Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp; 43600 | 437903  |
| **Trucks/Construction/Farm Machinery — 3.5%**<br>|  |  |
| Weir Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 9900 | 371275  |
| **Total Britain** |  | 1884206  |
| **<u>FRANCE — 8.4%</u>**<br>|  |  |
| **Miscellaneous Commercial Services — 2.2%**<br>|  |  |
| Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp; 11870 | 236439  |
| **Restaurants — 3.2%**<br>|  |  |
| Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp; 6640 | 340846  |
| **Wholesale Distributors — 3.0%**<br>|  |  |
| Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp; 7935 | 314434  |
| **Total France** |  | 891719  |
| **<u>GERMANY — 2.5%</u>**<br>|  |  |
| **Medical/Nursing Services — 2.5%**<br>|  |  |
| Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp; 5940 | 269187  |
| **<u>IRELAND — 8.1%</u>**<br>|  |  |
| **Airlines — 4.0%**<br>|  |  |
| Ryanair Holdings PLC - ADR | &nbsp;&nbsp;&nbsp;&nbsp; 7315 | 422807  |
| **Information Technology Services — 4.1%**<br>|  |  |
| Accenture PLC - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2230 | 442187  |
| **Total Ireland** |  | 864994  |
| **<u>JERSEY — 1.7%</u>**<br>|  |  |
| **Discount Stores — 1.7%**<br>|  |  |
| B&M European Value Retail PLC | &nbsp;&nbsp;&nbsp;&nbsp; 78985 | 177364 |

---

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

— 18 —<br>

------

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

FMI Global Fund

Schedule of Investments(Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 99.2% (Continued)**  | **COMMON STOCKS — 99.2% (Continued)**  | **COMMON STOCKS — 99.2% (Continued)**  |
| **<u>NETHERLANDS - 6.2%</u>**<br>|  |  |
| **Medical Specialties — 2.9%**<br>|  |  |
| Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp; 11500 | $314552  |
| **Wholesale Distributors — 3.3%**<br>|  |  |
| IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp; 3320 | 347426  |
| **Total Netherlands** |  | 661978  |
| **<u>UNITED STATES — 52.3%</u><sup><u>(b)</u></sup>**<br>|  |  |
| **Building Products — 2.5%**<br>|  |  |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4415 | 266534  |
| **Discount Stores — 1.6%**<br>|  |  |
| Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | 169741  |
| **Finance/Rental/Leasing — 4.0%**<br>|  |  |
| Sunbelt Rentals Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6690 | 426761  |
| **Food Distributors — 2.3%**<br>|  |  |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3385 | 241452  |
| **Industrial Machinery — 3.7%**<br>|  |  |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 6980 | 393044  |
| **Information Technology Services — 3.1%**<br>|  |  |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2730 | 330385  |
| **Internet Software/Services — 1.9%**<br>|  |  |
| Alphabet, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 690 | 198416  |
| **Investment Banks/Brokers — 5.0%**<br>|  |  |
| Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5695 | 535216  |
| **Major Banks — 2.7%**<br>|  |  |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | 280922  |
| **Managed Health Care — 2.0%**<br>|  |  |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 790 | 213766  |
| **Medical Specialties — 3.7%**<br>|  |  |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2525 | 397006  |
| **Other Consumer Services — 8.5%**<br>|  |  |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 155 | 652600  |
| Valvoline, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7475 | 251758  |
|  |  | 904358  |
| **Property/Casualty Insurance — 3.3%**<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 730 | 349816  |
| **Pulp & Paper — 3.9%**<br>|  |  |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2405 | 415295 |

---

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

— 19 —<br>

------

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

FMI Global Fund

Schedule of Investments(Continued)

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 99.2% (Continued)** | **COMMON STOCKS — 99.2% (Continued)** | **COMMON STOCKS — 99.2% (Continued)** |
| **<u>UNITED STATES — 52.3%</u><sup><u>(b)</u></sup> <u>(Continued)</u>**<br>|  |  |
| **Wholesale Distributors — 4.1%**<br>|  |  |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1855 | $432697  |
| **Total United States** |  | 5555409  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $11,025,950)** |  | 10535233  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS — 0.8%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.59%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 80988 | 80988  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $80,988)** |  | 80988  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $11,106,938)** |  | 10616221  |
| Liabilities in Excess of Other Assets — (0.0)%<sup>(d)</sup> |  | (3719)  |
| **TOTAL NET ASSETS — 100.0%** |  | $10612502 |

---

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 March 31, 2026.

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

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

— 20 —<br>

------

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

FMI Global Fund

Schedule of Investments(Continued)

March 31, 2026 (Unaudited)

**Summary of Fair Value Disclosure as of March 31, 2026** 

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 period, 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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $6625233 | $3910000 | $— | $10535233  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 80988 |  |  | 80988  |
| Total Investments | $6706221 | $3910000 | $— | $10616221 |

---

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

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

— 21 —<br>

------

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

FMI Funds, Inc.

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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> | $1755793594 | $1109173384 | $1998066861 | &nbsp;&nbsp; $52211370 | $10616221  |
| &nbsp;&nbsp;&nbsp; Collateral for forward currency contracts |  |  | 339864 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from shareholders <br>for purchases | 600431 | 34928 | 277743 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Dividends receivable | 83938 | 2004892 | 9908000 | &nbsp;&nbsp; 210584 | 12979  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward currency <br>contracts |  |  | 22664083 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Receivable from Adviser, net (Note 3) |  |  |  | &nbsp;&nbsp; — | 11173  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 52571 | 35908 | 51745 | &nbsp;&nbsp; 14341 | 10572  |
| &nbsp;&nbsp;&nbsp; Total assets | $1756530534 | $1111249112 | $2031308296 | &nbsp;&nbsp; $52436295 | $10650945  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable to shareholders for redemptions | $2678410 | $831859 | $3168534 | &nbsp;&nbsp; $5933 | $—  |
| &nbsp;&nbsp;&nbsp; Payable to Adviser for management fees, net (Note 3) | 1061403 | 480460 | 1084197 | &nbsp;&nbsp; 17192 | —  |
| &nbsp;&nbsp;&nbsp; Payable for shareholder servicing fees (Investor Class) | 91525 | 103969 | 211301 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Payable for printing and mailing fees | 35710 | 26281 | 154454 | &nbsp;&nbsp; 1530 | 2201  |
| &nbsp;&nbsp;&nbsp; Payable for administration and accounting fees | 79743 | 55942 | 159702 | &nbsp;&nbsp; 5386 | 3511  |
| &nbsp;&nbsp;&nbsp; Payable for board of Directors fees | 7911 | 7911 | 7911 | &nbsp;&nbsp; 7911 | 7911  |
| &nbsp;&nbsp;&nbsp; Payable for custody fees | 12320 | 29337 | 100446 | &nbsp;&nbsp; 4326 | 2332  |
| &nbsp;&nbsp;&nbsp; Payable for professional fees | 19072 | 18044 | 18633 | &nbsp;&nbsp; 18161 | 17943  |
| &nbsp;&nbsp;&nbsp; Payable for transfer agent fees | 14715 | 10102 | 16180 | &nbsp;&nbsp; 3322 | 3409  |
| &nbsp;&nbsp;&nbsp; Payable for line of credit interest (Note 5) | 485 |  |  | &nbsp;&nbsp; 6590 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward currency <br>contracts |  |  | 1110492 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Other liabilities |  | 129 | 17922 | &nbsp;&nbsp; 889 | 1136  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4001294 | 1564034 | 6049772 | &nbsp;&nbsp; 71240 | 38443  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1752529240 | $1109685078 | $2025258524 | &nbsp;&nbsp; $52365055 | $10612502  |

---

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

— 22 —<br>

------

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

FMI Funds, Inc.

STATEMENTS OF ASSETS AND LIABILITIES(Continued)

March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $1293947204 | $804450244 | $1491088164 | &nbsp;&nbsp; $43669357 | $11308933  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated deficit) | 458582036 | 305234834 | 534170360 | &nbsp;&nbsp; 8695698 | (696431)  |
| &nbsp;&nbsp;&nbsp; Net assets | $1752529240  | $1109685078 | $2025258524 | &nbsp;&nbsp; $52365055 | $10612502  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investor Class Shares:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $572695430 | $635547141 | $846240788 | &nbsp;&nbsp; $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding | 17056208 | 50313954 | 25317228 | &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 | $33.58 | $12.63 | $33.43 | &nbsp;&nbsp; $— | $—  |
| &nbsp;&nbsp;&nbsp; **Institutional Class Shares:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $1179833810 | $474137937 | $1179017736 | &nbsp;&nbsp; $52365055 | $10612502  |
| &nbsp;&nbsp;&nbsp; Shares outstanding | 35089161 | 37696645 | 35044358 | &nbsp;&nbsp; 2458810 | 550738  |
| &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 | $33.62 | $12.58 | $33.64 | &nbsp;&nbsp; $21.30 | $19.27  |
| <sup>(1)</sup>Identified cost of investments  | $1432297302 | $862371714 | $1586368369 | &nbsp;&nbsp; $44080212 | $11106938 |

---

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

— 23 —<br>

------

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

FMI Funds, Inc.

STATEMENTS OF OPERATIONS

For the Six Month Period Ended March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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**  |
| **INCOME:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends<sup>(1)</sup> | $11924155 | $9941906 | $24117838 | &nbsp;&nbsp;&nbsp; $716939 | $92869  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 11924155 | 9941906 | 24117838 | &nbsp;&nbsp;&nbsp; 716939 | 92869  |
| **EXPENSES:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Management fees (Note 3) | 7953791 | 4110181 | 9102540 | &nbsp;&nbsp;&nbsp; 266892 | 38716  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees <br>(Investor Class) | 389519 | 515581 | 756303 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Administration and accounting services | 230656 | 153153 | 309818 | &nbsp;&nbsp;&nbsp; 16104 | 10140  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 39181 | 31815 | 183625 | &nbsp;&nbsp;&nbsp; 12468 | 5373  |
| &nbsp;&nbsp;&nbsp; Board of Directors fees | 32411 | 32411 | 32411 | &nbsp;&nbsp;&nbsp; 32411 | 32411  |
| &nbsp;&nbsp;&nbsp; Compliance fees | 43944 | 31400 | 50863 | &nbsp;&nbsp;&nbsp; 11201 | 10192  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 48277 | 32814 | 46493 | &nbsp;&nbsp;&nbsp; 9327 | 9036  |
| &nbsp;&nbsp;&nbsp; Registration fees | 47055 | 29746 | 36807 | &nbsp;&nbsp;&nbsp; 14140 | 9144  |
| &nbsp;&nbsp;&nbsp; Printing and postage expense | 37172 | 22145 | 48945 | &nbsp;&nbsp;&nbsp; 2114 | 859  |
| &nbsp;&nbsp;&nbsp; Professional fees | 18585 | 20969 | 20296 | &nbsp;&nbsp;&nbsp; 19262 | 21061  |
| &nbsp;&nbsp;&nbsp; Interest expense (Note 5) | 10695 |  | 22936 | &nbsp;&nbsp;&nbsp; 6590 | —  |
| &nbsp;&nbsp;&nbsp; Other expenses | 18785 | 12794 | 44411 | &nbsp;&nbsp;&nbsp; 4535 | 3100  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reimbursement | 8870071 | 4993009 | 10655448 | &nbsp;&nbsp;&nbsp; 395044 | 140032  |
| &nbsp;&nbsp;&nbsp; Less expenses reimbursed by Adviser (Note 3) |  |  |  | &nbsp;&nbsp;&nbsp; (74774) | (90255)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 8870071 | 4993009 | 10655448 | &nbsp;&nbsp;&nbsp; 320270 | 49777  |
| **NET INVESTMENT INCOME (LOSS)** | $3054084 | $4948897 | $13462390 | &nbsp;&nbsp;&nbsp; $396669 | $43092  |

---

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

— 24 —<br>

------

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

FMI Funds, Inc.

STATEMENTS OF OPERATIONS(Continued)

For the Six Month Period Ended March 31, 2026 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 REALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities | $154841918 | $88980582 | $141435555 | &nbsp;&nbsp;&nbsp; $1084539 | $(244555)  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  |  | 14028219 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | 4536683 | &nbsp;&nbsp;&nbsp; (41717) | (921)  |
|  **NET REALIZED GAIN (LOSS) ON INVESTMENTS** | 154841918 | 88980582 | 160000457 | &nbsp;&nbsp;&nbsp; 1042822 | (245476)  |
|  **NET CHANGE IN UNREALIZED APPRECIATION/DEPRECIATION ON INVESTMENTS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities | (178265239) | (157663885) | (249309010) | &nbsp;&nbsp;&nbsp; (4253029) | (650795)  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  |  | 33589422 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | (88791) | &nbsp;&nbsp;&nbsp; (3019) | (161)  |
|  **NET CHANGE IN UNREALIZED APPRECIATION/DEPRECIATION ON INVESTMENTS** | (178265239) | (157663885) | (215808379) | &nbsp;&nbsp;&nbsp; (4256048) | (650956)  |
| &nbsp;&nbsp;&nbsp; **NET GAIN (LOSS) ON** <br>**INVESTMENTS** | (23423321) | (68683303) | (55807922) | &nbsp;&nbsp;&nbsp; (3213226) | (896432)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(20369237) | $(63734406) | $(42345532) | &nbsp;&nbsp;&nbsp; $(2816557) | $(853340)  |
| <sup>(1)</sup> Net withholding taxes | $— | $(34017) | $(2294551) | &nbsp;&nbsp;&nbsp; $(65074) | $(3835) |

---

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

— 25 —<br>

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

FMI Common Stock Fund

STATEMENTS OF CHANGES IN NET ASSETS

For the Six Month Period Ended March 31, 2026 (Unaudited) and For the Year Ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3054084 | $9320252  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 154841918 | 239613619  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (178265239) | (180419415)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | (20369237) | 68514456  |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | (74624682) | (14938086)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (160950572) | (30352538)  |
| &nbsp;&nbsp;&nbsp; Total distributions (Note 7) | (235575254) | (45290624)  |
| **FUND SHARE ACTIVITIES:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from Fund share activities (Note 8) | (225512100) | 18001924  |
| &nbsp;&nbsp;&nbsp; TOTAL INCREASE (DECREASE) | (481456591) | 41225756  |
| NET ASSETS AT THE BEGINNING OF THE PERIOD | 2233985831 | 2192760075  |
| NET ASSETS AT THE END OF THE PERIOD | $1752529240 | $2233985831  |
| **FUND SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding (Note 8) | (5845813) | 359262 |

---

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

— 26 —<br>

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

FMI Large Cap Fund

STATEMENTS OF CHANGES IN NET ASSETS

For the Six Month Period Ended March 31, 2026 (Unaudited) and For the Year Ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $4948897 | $12900206  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 88980582 | 189380446  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (157663885) | (177671116)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | (63734406) | 24609536  |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | (99037363) | (102399147)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (76266222) | (77969199)  |
| &nbsp;&nbsp;&nbsp; Total distributions (Note 7) | (175303585) | (180368346)  |
| **FUND SHARE ACTIVITIES:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from Fund share activities (Note 8) | (40111661) | (122527558)  |
| &nbsp;&nbsp;&nbsp; TOTAL INCREASE (DECREASE) | (279149652) | (278286368)  |
| NET ASSETS AT THE BEGINNING OF THE PERIOD | 1388834730 | 1667121098  |
| NET ASSETS AT THE END OF THE PERIOD | $1109685078 | $1388834730  |
| **FUND SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding (Note 8) | (1844600) | (7343436) |

---

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

— 27 —<br>

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

FMI International Fund

STATEMENTS OF CHANGES IN NET ASSETS

For the Six Month Period Ended March 31, 2026 (Unaudited) and For the Year Ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $13462390 | $82682428  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 160000457 | 465355146  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (215808379) | (426103222)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | (42345532) | 121934352  |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | (118422704) | —  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (167946861) | —  |
| &nbsp;&nbsp;&nbsp; Total distributions (Note 7) | (286369565) | —  |
| **FUND SHARE ACTIVITIES:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from Fund share activities (Note 8) | (379558299) | (2379455140)  |
| &nbsp;&nbsp;&nbsp; TOTAL INCREASE (DECREASE) | (708273396) | (2257520788)  |
| NET ASSETS AT THE BEGINNING OF THE PERIOD | 2733531920 | 4991052708  |
| NET ASSETS AT THE END OF THE PERIOD | $2025258524 | $2733531920  |
| **FUND SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding (Note 8) | (9849191) | (63248167) |

---

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

— 28 —<br>

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

FMI International Fund II - Currency Unhedged

STATEMENTS OF CHANGES IN NET ASSETS

For the Six Month Period Ended March 31, 2026 (Unaudited) and For the Year Ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $396669 | $1338401  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 1042822 | 4692968  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (4256048) | (3137309)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | (2816557) | 2894060  |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (4178750) | (1502349)  |
| &nbsp;&nbsp;&nbsp; Total distributions (Note 7) | (4178750) | (1502349)  |
| **FUND SHARE ACTIVITIES:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from Fund share activities (Note 8) | (13001515) | (1739703)  |
| &nbsp;&nbsp;&nbsp; TOTAL INCREASE (DECREASE) | (19996822) | (347992)  |
| NET ASSETS AT THE BEGINNING OF THE PERIOD | 72361877 | 72709869  |
| NET ASSETS AT THE END OF THE PERIOD | $52365055 | $72361877  |
| **FUND SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding (Note 8) | (594754) | (74718) |

---

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

— 29 —<br>

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

FMI Global Fund

STATEMENTS OF CHANGES IN NET ASSETS

For the Six Month Period Ended March 31, 2026 (Unaudited) and For the Period from December 31, 2024 (Inception date) to September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **2026** | **For the Period from** <br>**December 31, 2024<sup>(1)</sup>**<br>**to September 30, <u>2025</u>** |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $43092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $117832  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (245476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48967  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (650956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160445  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | (853340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327244  |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (170335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Total distributions (Note 7) | (170335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **FUND SHARE ACTIVITIES:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets derived from Fund share activities (Note 8) | 1194592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10114341  |
| &nbsp;&nbsp;&nbsp; TOTAL INCREASE (DECREASE) | 170917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10441585  |
| NET ASSETS AT THE BEGINNING OF THE PERIOD | 10441585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| NET ASSETS AT THE END OF THE PERIOD | $10612502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10441585  |
| **FUND SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding (Note 8) | 55889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494849 |

---

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

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

— 30 —<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 period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | (Unaudited) For <br>**the Six Month** <br>**Period Ended** <br>**March 31, 2026** | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  |
|  | (Unaudited) For <br>**the Six Month** <br>**Period Ended** <br>**March 31, 2026** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE OPERATING PERFORMANCE:**  | **PER SHARE OPERATING PERFORMANCE:**  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $38.46 | $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> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.13 | 0.09 | 0.11 | 0.03 | 0.08  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.50) | 1.08 | 7.56 | 6.35 | (2.57) | 11.11  |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (0.46) | 1.21 | 7.65 | 6.46 | (2.54) | 11.19  |
| Less distributions:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp; (0.12) | (0.08) | (0.09) | (0.04) | (0.11) | (0.21)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp; (4.30) | (0.66) | (0.88) | (1.83) | (3.86) | —  |
| Total from distributions | &nbsp;&nbsp;&nbsp; (4.42) | (0.74) | (0.97) | (1.87) | (3.97) | (0.21)  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $33.58 | $38.46 | $37.99 | $31.31 | $26.72 | $33.23  |
| **TOTAL RETURN** | &nbsp;&nbsp;&nbsp; (1.34)%<sup>(2)</sup> | 3.26% | 24.71% | 25.08% | (9.10)% | 50.49%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of period (in 000's $) | &nbsp;&nbsp;&nbsp; 572695 | 708283 | 759371 | 531535 | 357946 | 423286  |
|  Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp; 0.96%<sup>(3)</sup> | 0.95% | 0.97% | 0.99% | 1.00% | 1.01%  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp; 0.22%<sup>(3)</sup> | 0.34% | 0.27% | 0.35% | 0.09% | 0.28%  |
| Portfolio turnover rate <sup>(4)</sup> | &nbsp;&nbsp;&nbsp; 15%<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> Not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

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

— 31 —<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 period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** |  |  |  |  |  |  |
|  | (Unaudited) For <br>**the Six Month** <br>**Period Ended** <br>**March 31, 2026** | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  |
|  | (Unaudited) For <br>**the Six Month** <br>**Period Ended** <br>**March 31, 2026** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE OPERATING PERFORMANCE:**  | **PER SHARE OPERATING PERFORMANCE:**  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $38.55 | $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> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.17 | 0.14 | 0.15 | 0.07 | 0.12  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; (0.51) | 1.09 | 7.57 | 6.35 | (2.58) | 11.12  |
| Total from investment operations | &nbsp;&nbsp; (0.45) | 1.26 | 7.71 | 6.50 | (2.51) | 11.24  |
| Less distributions:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp; (0.18) | (0.13) | (0.12) | (0.07) | (0.15) | (0.23)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp; (4.30) | (0.66) | (0.88) | (1.83) | (3.86) | —  |
| Total from distributions | &nbsp;&nbsp; (4.48) | (0.79) | (1.00) | (1.90) | (4.01) | (0.23)  |
| Net asset value, end of period | &nbsp;&nbsp; $33.62 | $38.55 | $38.08 | $31.37 | $26.77 | $33.29  |
| **TOTAL RETURN** | &nbsp;&nbsp; (1.30)%<sup>(2)</sup> | 3.39% | 24.87% | 25.22% | (8.99)% | 50.68%  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's $) | &nbsp;&nbsp; 1179834 | 1525702 | 1433389 | 924846 | 588996 | 516985  |
|  Ratio of expenses to average net assets | &nbsp;&nbsp; 0.84%<sup>(3)</sup> | 0.83% | 0.84% | 0.87% | 0.89% | 0.90%  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 0.34%<sup>(3)</sup> | 0.46% | 0.40% | 0.48% | 0.22% | 0.39%  |
| Portfolio turnover rate<sup>(4)</sup> | &nbsp;&nbsp; 15%<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> Not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

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

— 32 —<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 period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** |  |  |  |  |  |  |
|  | (Unaudited) For <br>**the Six Month** <br>**Period Ended** <br>**March 31, 2026** | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  |
|  | (Unaudited) For <br>**the Six Month** <br>**Period Ended** <br>**March 31, 2026** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE OPERATING PERFORMANCE:**  | **PER SHARE OPERATING PERFORMANCE:**  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $15.48 | $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> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.13 | 0.09 | 0.09 | 0.11 | 0.15  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.79) | 0.10 | 4.03 | 2.64 | (2.73) | 4.25  |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (0.74) | 0.23 | 4.12 | 2.73 | (2.62) | 4.40  |
| Less distributions:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp; (0.12) | (0.09) | (0.14) | (0.11) | (0.16) | (0.30)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp; (1.99) | (1.83) | (1.43) | (2.98) | (3.20) | (1.95)  |
| Total from distributions | &nbsp;&nbsp;&nbsp; (2.11) | (1.92) | (1.57) | (3.09) | (3.36) | (2.25)  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $12.63 | $15.48 | $17.17 | $14.62 | $14.98 | $20.96  |
| **TOTAL RETURN** | &nbsp;&nbsp;&nbsp; (5.55)%<sup>(2)</sup> | 1.98% | 30.02% | 19.95% | (15.86)% | 24.48%  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's $) | &nbsp;&nbsp;&nbsp; 635547 | 787790 | 955178 | 919253 | 1001682 | 1422451  |
|  Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp; 0.85%<sup>(3)</sup> | 0.84% | 0.84% | 0.84% | 0.83% | 0.82%  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp; 0.72%<sup>(3)</sup> | 0.81% | 0.57% | 0.63% | 0.60% | 0.72%  |
| Portfolio turnover rate<sup>(4)</sup> | &nbsp;&nbsp;&nbsp; 19%<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> Not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</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 Large Cap Fund

Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** |  |  |  |  |  |  |
|  | (Unaudited) For <br>**the Six Month** <br>**Period Ended** <br>**March 31, 2026** | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  |
|  | (Unaudited) For <br>**the Six Month** <br>**Period Ended** <br>**March 31, 2026** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE OPERATING PERFORMANCE:**  | **PER SHARE OPERATING PERFORMANCE:**  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $15.43 | $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> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.15 | 0.11 | 0.11 | 0.14 | 0.18  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.77) | 0.09 | 4.02 | 2.63 | (2.73) | 4.24  |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (0.71) | 0.24 | 4.13 | 2.74 | (2.59) | 4.42  |
| Less distributions:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp; (0.15) | (0.11) | (0.16) | (0.13) | (0.19) | (0.33)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp; (1.99) | (1.83) | (1.43) | (2.98) | (3.20) | (1.95)  |
| Total from distributions | &nbsp;&nbsp;&nbsp; (2.14) | (1.94) | (1.59) | (3.11) | (3.39) | (2.28)  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $12.58 | $15.43 | $17.13 | $14.59 | $14.96 | $20.94  |
| **TOTAL RETURN** | &nbsp;&nbsp;&nbsp; (5.42)%<sup>(2)</sup> | 2.10% | 30.19% | 20.07% | (15.73)% | 24.63%  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in 000's $) | &nbsp;&nbsp;&nbsp; 474138 | 601044 | 711943 | 699152 | 1070491 | 1788717  |
|  Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp; 0.71%<sup>(3)</sup> | 0.71% | 0.70% | 0.71% | 0.69% | 0.68%  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp; 0.86%<sup>(3)</sup> | 0.95% | 0.71% | 0.77% | 0.73% | 0.85%  |
| Portfolio turnover rate<sup>(4)</sup> | &nbsp;&nbsp;&nbsp; 19%<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> Not annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</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 International Fund

Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** |  |  |  |  |  |  |
|  | (Unaudited) For <br>**the Six Month** <br>**Period Ended** <br>**March 31, 2026** | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  |
|  | (Unaudited) For <br>**the Six Month** <br>**Period Ended** <br>**March 31, 2026** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE OPERATING PERFORMANCE:**  | **PER SHARE OPERATING PERFORMANCE:**  |  |  |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $38.78 | $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> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.70 | 0.72 | 0.54 | 0.41 | 1.10  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments <sup>(6)</sup> | &nbsp;&nbsp;&nbsp; (0.98) | 0.83 | 4.63 | 7.35 | (6.29) | 6.57  |
|  Total from investment operations | &nbsp;&nbsp;&nbsp; (0.79) | 1.53 | 5.35 | 7.89 | (5.88) | 7.67  |
| Less distributions:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp; (1.60) |  |  | (4.24) | (1.23) | —  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp; (2.96) |  |  |  |  | —  |
| Total from distributions | &nbsp;&nbsp;&nbsp; (4.56) |  |  | (4.24) | (1.23) | —  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $33.43 | $38.78 | $37.25 | $31.90 | $28.25 | $35.36  |
| **TOTAL RETURN** | &nbsp;&nbsp;&nbsp; (2.58)%<sup>(3)</sup> | 4.11%<sup>(2)</sup> | 16.77% | 30.14% | (17.24)% | 27.70%  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in 000's $) | &nbsp;&nbsp;&nbsp; 846241 | 1074875 | 1236164 | 1028428 | 792421 | 1066600  |
|  Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp; 0.97%<sup>(4)</sup> | 0.95% | 0.93% | 0.94% | 0.94% | 0.94%  |
|  Ratio of interest expense to average net assets | &nbsp;&nbsp;&nbsp; 0.00%<sup>(4)(7)</sup> | 0.01% | 0.00% | 0.00% | 0.00% | 0.00%<sup>(7)</sup>  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp; 1.02%<sup>(4)</sup> | 1.90% | 2.07% | 1.73% | 1.22% | 3.29%  |
| Portfolio turnover rate<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 7%<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> Not annualized.

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

<sup>(5)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

<sup>(6)</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 period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. 

<sup>(7)</sup> Amount is less than 0.005%. 

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

— 35 —<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 period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** |  |  |  |  |  |  |
|  | (Unaudited) For <br>**the Six Month** <br>**Period Ended** <br>**March 31, 2026** | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  |
|  | (Unaudited) For <br>**the Six Month** <br>**Period Ended** <br>**March 31, 2026** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE OPERATING PERFORMANCE:**  | **PER SHARE OPERATING PERFORMANCE:**  |  |  |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp; $39.04 | $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> | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 0.75 | 0.77 | 0.59 | 0.45 | 1.18  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments <sup>(6)</sup> | &nbsp;&nbsp; (1.00) | 0.84 | 4.65 | 7.36 | (6.29) | 6.55  |
|  Total from investment operations | &nbsp;&nbsp; (0.78) | 1.59 | 5.42 | 7.95 | (5.84) | 7.73  |
| Less distributions:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp; (1.66) |  |  | (4.27) | (1.27) | —  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp; (2.96) |  |  |  |  | —  |
| Total from distributions | &nbsp;&nbsp; (4.62) |  |  | (4.27) | (1.27) | —  |
| Net asset value, end of period | &nbsp;&nbsp; $33.64 | $39.04 | $37.45 | $32.03 | $28.35 | $35.46  |
| **TOTAL RETURN** | &nbsp;&nbsp; (2.53)%<sup>(3)</sup> | 4.25%<sup>(2)</sup> | 16.92% | 30.30% | (17.10)% | 27.88%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in 000's $) | &nbsp;&nbsp; 1179018 | 1658657 | 3754889 | 3057141 | 2178340 | 2351096  |
|  Ratio of expenses to average net assets | &nbsp;&nbsp; 0.81%<sup>(4)</sup> | 0.80% | 0.79% | 0.80% | 0.81% | 0.80%  |
|  Ratio of interest expense to average net assets | &nbsp;&nbsp; 0.00%<sup>(4)(7)</sup> | 0.01% | 0.00% | 0.00% | 0.00% | 0.00%<sup>(7)</sup>  |
|  Ratio of net investment income (loss) to average net assets  | &nbsp;&nbsp; 1.17%<sup>(4)</sup> | 2.02% | 2.22% | 1.88% | 1.37% | 3.48%  |
| Portfolio turnover rate <sup>(5)</sup> | &nbsp;&nbsp; 7%<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> Not annualized.

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

<sup>(5)</sup> Portfolio turnover rate is disclosed for the Fund as a whole.

<sup>(6)</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 period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. 

<sup>(7)</sup> Amount is less than 0.005%. 

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

— 36 —<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 period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** |  |  |  |  |  |  |
|  | (Unaudited) For <br>**the Six Month** <br>**Period Ended** <br>**March 31, 2026** | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  | **Years Ended September 30,**  |
|  | (Unaudited) For <br>**the Six Month** <br>**Period Ended** <br>**March 31, 2026** | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE OPERATING PERFORMANCE:**  | **PER SHARE OPERATING PERFORMANCE:**  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $23.70 | $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> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 0.43 | 0.44 | 0.34 | 0.26 | 0.77  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1.16) | 0.51 | 3.61 | 4.63 | (6.22) | 3.87  |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; (1.03) | 0.94 | 4.05 | 4.97 | (5.96) | 4.64  |
| Less distributions:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | (0.48) | (0.32) | (0.25) | (0.66) | (0.18)  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.89) |  |  |  | (0.29) | —  |
| Total from distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.37) | (0.48) | (0.32) | (0.25) | (0.95) | (0.18)  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $21.30 | $23.70 | $23.24 | $19.51 | $14.79 | $21.70  |
| **TOTAL RETURN** | &nbsp;&nbsp;&nbsp;&nbsp; (4.70)%<sup>(3)</sup> | 4.33%<sup>(2)</sup> | 20.96% | 33.78% | (28.71)% | 26.96%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets, end of period (in 000's $) | &nbsp;&nbsp;&nbsp;&nbsp; 52365 | 72362 | 72710 | 71188 | 48986 | 71997  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 1.11%<sup>(4)</sup> | 1.16% | 1.12% | 1.14% | 1.15% | 1.16%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<sup>(4)</sup> | 0.90% | 0.90% | 0.90% | 0.90% | 0.90%  |
|  Ratio of interest expense to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.02%<sup>(4)</sup> | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | 0.00% | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup>  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<sup>(4)</sup> | 1.69% | 1.85% | 1.54% | 1.07% | 3.35%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 1.11%<sup>(4)</sup> | 1.95% | 2.07% | 1.78% | 1.32% | 3.61%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 9%<sup>(3)</sup> | 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%. 

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

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

<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 Global Fund

Financial Highlights

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

---

| | | |
|:---|:---|:---|
| **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | (Unaudited) For <br>**the Six Month** <br>**Period Ended** <br>**March 31, 2026** | **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; $21.10 | &nbsp;&nbsp;&nbsp; $20.00  |
| Income from investment operations:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.28  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1.58) | &nbsp;&nbsp;&nbsp;&nbsp;0.82  |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; (1.50) | &nbsp;&nbsp;&nbsp;&nbsp;1.10  |
| Less distributions:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; —  |
| Total from distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; —  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $19.27 | &nbsp;&nbsp;&nbsp; $21.10  |
| **TOTAL RETURN** | &nbsp;&nbsp;&nbsp;&nbsp; (7.22)%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 5.50%<sup>(3)</sup>  |
| **RATIOS/SUPPLEMENTAL DATA:**<br>|  |  |
| Net assets, end of period (in 000's $) | &nbsp;&nbsp;&nbsp;&nbsp; 10613 | &nbsp;&nbsp;&nbsp; 10442  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 2.53%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp; 3.47%<sup>(4)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<sup>(4)</sup> | &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; (0.85)%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp; (0.79)%<sup>(4)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp; 0.78%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp; 1.79%<sup>(4)</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 19%<sup>(3)</sup> | &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.

— 38 —<br>

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

FMI Funds, Inc.

Notes to Financial Statements

March 31, 2026 (Unaudited)

&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.

— 39 —<br>

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

FMI Funds, Inc.

Notes to Financial Statements(Continued)

March 31, 2026 (Unaudited)

(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 closing price, or, if there is no closing price, 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. If used, options purchased or written by the International Fund, International Currency Unhedged Fund, and Global Fund only, 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

— 40 —<br>

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

FMI Funds, Inc.

Notes to Financial Statements(Continued)

March 31, 2026 (Unaudited)

(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

— 41 —<br>

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

FMI Funds, Inc.

Notes to Financial Statements(Continued)

March 31, 2026 (Unaudited)

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

currency risk by hedging their foreign currency exposure back into the U.S. dollar 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 six month period ended March 31, 2026 were:

---

| | |
|:---|:---|
| **FMI International Fund** | **Average** <br>**Notional <u>Amount</u>**  |
| Forward Currency Contracts - Long | $65833482  |
| Forward Currency Contracts - Short | 1986905945 |

---

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 March 31, 2026, 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 <u>Contracts</u>** | **Location** | **Fair Value of** <br>**Liability Forward** <br>**Currency <u>Contracts</u>**  |
| Forward currency <br>contracts | Unrealized<br>appreciation on<br>forward currency<br>contracts | $22664083 | Unrealized<br>depreciation on<br>forward currency<br>contracts | $1110492 |

---

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

FMI Funds, Inc.

Notes to Financial Statements(Continued)

March 31, 2026 (Unaudited)

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

Realized and unrealized gains and losses on forward currency contracts entered into during the six month period ended March 31, 2026 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 | $14028219  | Net change <br>in unrealized appreciation/ <br>depreciation on <br>forward currency <br>contracts | $33589422 |

---

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 March 31, 2026.

&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 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 years that remain subject to examination by taxing authorities. As of
 September 30, 2025, the Funds' open federal tax years generally included the prior four fiscal years. 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.

— 43 —<br>

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

FMI Funds, Inc.

Notes to Financial Statements(Continued)

March 31, 2026 (Unaudited)

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

On December 19, 2025, the following distributions were declared and paid to shareholders of record within the respective Funds on December 18, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common** <br>**Stock <u>Fund</u>**  | **Large Cap** <br>**Fund**  | **International** <br>**Fund**  | **International** <br>**Currency** <br>**Unhedged <u>Fund</u>**  | **Global** <br>**Fund**  |
|  Net Investment Income (Investor Class)  | $1968636  | $5759253  | $41292351  | N/A  | N/A  |
| &nbsp;&nbsp;&nbsp; Per Share Amount <br>(Investor Class)  | $0.11660616  | $0.12279906  | $1.59728895  | N/A  | N/A  |
|  Net Investment Income (Institutional Class)  | $6474794  | $5252833  | $60360721  | $1468952  | $112913  |
|  Per Share Amount (Institutional Class)  | $0.18038210  | $0.14711669  | $1.66141847  | $0.47977606  | $0.21907309  |
|  Short-Term Realized Gain (Investor Class)  | $8101369  | $1241438  | $3655622  | N/A  | N/A  |
| &nbsp;&nbsp;&nbsp; Per Share Amount <br>(Investor Class)  | $0.47986  | $0.02647  | $0.14072  | N/A  | N/A  |
|  Short-Term Realized Gain (Institutional Class)  | $17224518  | $945117  | $5112475  | $53489  | $57422  |
|  Per Share Amount (Institutional Class)  | $0.47986  | $0.02647  | $0.14072  | $0.01747  | $0.11141  |
|  Long-Term Realized Gain (Investor Class)  | $64554677  | $92036672  | $73272731  | N/A  | N/A  |
| &nbsp;&nbsp;&nbsp; Per Share Amount <br>(Investor Class)  | $3.82370  | $1.96241  | $2.82057  | N/A  | N/A  |
|  Long-Term Realized Gain (Institutional Class)  | $137251260  | $70068272  | $102473665  | $2656309  | $—  |
|  Per Share Amount (Institutional Class)  | $3.82370  | $1.96241  | $2.82057  | $0.86758  | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(k) Common expenses of the Company are typically
 allocated among the Funds on an equal basis or by another equitable method, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;(l) *Segment Reporting* – Management evaluated the impact of adopting ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* with respect to the financial statements and disclosures and determined there is no material
 impact for the Funds. Each Fund operates as a single operating segment. 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;(m) *New Regulatory and Accounting Pronouncements* – The Funds adopted the FASB Accounting Standards Update 2023-09, *Income Taxes (Topic 740) Improvements to Income Tax Disclosures*. Adoption of the new standard by the Funds impacted financial statement
 disclosures only and did not affect the Funds' financial position or results of operations. A disaggregation of income taxes paid
 by jurisdiction is presented annually when significant income taxes are paid.

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

FMI Funds, Inc.

Notes to Financial Statements(Continued)

March 31, 2026 (Unaudited)

&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.

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 <u>Cap</u>** | **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% |

---

— 45 —<br>

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

FMI Funds, Inc.

Notes to Financial Statements(Continued)

March 31, 2026 (Unaudited)

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

For the six month period ended March 31, 2026, there were no contractual or voluntary reimbursements required for the Common Stock Fund, Large Cap Fund or International Fund. For the six month period ended March 31, 2026, for the International Currency Unhedged Fund and the Global Fund, there were contractual and voluntary reimbursements as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Contractual Reimbursements**  | **For the Six Month** <br>**Period Ended** <br>**March 31, 2026** <br>(Unaudited)  | **Fiscal Year Ended <u>September 30,</u>**  | **Fiscal Year Ended <u>September 30,</u>**  | **Fiscal Year Ended <u>September 30,</u>**  |
| Recoverable amounts reimbursed during:  | &nbsp;&nbsp;&nbsp;&nbsp; **2026**  | &nbsp;&nbsp; **2025**  | &nbsp;&nbsp; **2024**  | &nbsp;&nbsp; **2023**  |
| Subject to recovery on or before:  | &nbsp;&nbsp;&nbsp;&nbsp; **2029**  | &nbsp;&nbsp; **2028**  | &nbsp;&nbsp; **2027**  | &nbsp;&nbsp; **2026**  |
| **<u>Fund</u>** <br>|  |  |  |  |
| Global Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $48773  | &nbsp;&nbsp; $120139  | &nbsp;&nbsp; —  | &nbsp;&nbsp; — |

---

---

| | | |
|:---|:---|:---|
| **Voluntary Reimbursements**  | **For the Six Month** <br>**Period Ended** <br>**March 31, 2026** <br>(Unaudited)  | **Fiscal Year Ended** <br>**September 30,**  |
| Recoverable amounts reimbursed during:  | &nbsp;&nbsp;&nbsp;&nbsp; **2026**  | &nbsp;&nbsp;&nbsp;&nbsp; **2025**  |
| Subject to recovery on or before:  | &nbsp;&nbsp;&nbsp;&nbsp; **2027**  | &nbsp;&nbsp;&nbsp;&nbsp; **2026**  |
| **<u>Fund</u>** <br>|  |  |
| International Currency Unhedged Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $74774  | &nbsp;&nbsp;&nbsp;&nbsp; $86285  |
| Global Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 41482  | &nbsp;&nbsp;&nbsp;&nbsp; 49442 |

---

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, 2027, 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 the International Currency Unhedged Fund and the Global Fund. The Adviser does not currently intend to recoup any such contractual or voluntary 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 six month period ended March 31, 2026, 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

— 46 —<br>

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

FMI Funds, Inc.

Notes to Financial Statements(Continued)

March 31, 2026 (Unaudited)

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

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 March 31, 2026, 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 72.36% of the Institutional Class shares of the Global Fund as of March 31, 2026 (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 six month period ended March 31, 2026, 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 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 six month period ended March 31, 2026, the Common Stock Fund, 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>**March 31, <u>2026</u>** | **Weighted** <br>**Average**<br>**Interest** <br>**Rate**  | **Interest** <br>**Expense** | **Maximum** <br>**Borrowing** | **Maximum** <br>**Borrowing** <br>**Date**  |
| Common Stock Fund  | $31931500 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 5.76%  | $10695 | $62409000  | 12/22/2025 |
| International Fund | 15592333  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; 5.89%  | 22936  | 39175000  | 11/18/2025  |
|  International Currency Unhedged Fund | 5894429  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; 5.75%  | 6590  | 10472000  | 3/13/2026 |

---

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

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

FMI Funds, Inc.

Notes to Financial Statements(Continued)

March 31, 2026 (Unaudited)

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

For the six month period ended March 31, 2026, purchases and sales of investment securities (excluding short-term investments) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** <br>**Fund** | **Large Cap** <br>**Fund** | **International** <br>**Fund** | **International** <br>**Currency** <br>**Unhedged <u>Fund</u>**  | **Global** <br>**Fund** |
| Purchases | $288857395  | $240211391  | $168644822  | &nbsp;&nbsp; $5747292  | $3365855  |
| Sales | 707423085  | 443685656  | 816323862  | &nbsp;&nbsp; 21260858  | 2044569 |

---

&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. 

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 |

---

During the year ended September 30, 2025, the International Fund and International Currency Unhedged Fund utilized prior year capital loss carryovers of $359,113,427 and $1,814,115, respectively.

At September 30, 2025, no Funds had remaining capital loss carryovers.

— 48 —<br>

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

FMI Funds, Inc.

Notes to Financial Statements(Continued)

March 31, 2026 (Unaudited)

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

The tax components of dividends paid during the six month period ended March 31, 2026 (Unaudited) and the year ended September 30, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **September 30, 2025**  | **September 30, 2025**  | **September 30, 2025**  |
|  | **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 | $33769317  | $201805937  | $235575254  | &nbsp;&nbsp; $7534704  | $37755920  | $45290624  |
| Large Cap Fund | $13198641  | $162104944  | 175303585  | &nbsp;&nbsp; 13925446  | 166442900  | 180368346  |
| International Fund | $110623169  | $175746396  | 286369565  | &nbsp;&nbsp; —  | —  | —  |
|  International Currency Unhedged Fund | 1522441  | 2656309  | 4178750  | &nbsp;&nbsp; 1502349  | —  | 1502349  |
| Global Fund | 170335  | —  | 170335  | &nbsp;&nbsp; —  | —  |  |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Month Period Ended** <br>**March 31, 2026 (Unaudited)**  | **For the Six Month Period Ended** <br>**March 31, 2026 (Unaudited)**  | **Year Ended** <br>**September 30, 2025**  | **Year Ended** <br>**September 30, 2025**  |
| **Common Stock Fund**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Sales** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | 772616  | $27948526  | 4567696  | $172286829  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 3223230  | 115338791  | 8134402  | 307156469  |
|  **Reinvestment of dividends and distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | 2078544  | 70691287  | 392077  | 14569572  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 4616127  | 157179138  | 803378  | 29901742  |
| **Redemptions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | (4210082) | (151510109) | (6533998) | (244251439)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (12326248) | (445159733) | (7004293) | (261661249)  |
| Total Investor Class  | (1358922) | (52870296) | (1574225) | (57395038)  |
| Total Institutional Class  | (4486891) | (172641804) | 1933487  | 75396962  |
| **Net increase (decrease)** | (5845813) | $(225512100) | 359262  | $18001924 |

---

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

FMI Funds, Inc.

Notes to Financial Statements(Continued)

March 31, 2026 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Month Period Ended** <br>**March 31, 2026 (Unaudited)**  | **For the Six Month Period Ended** <br>**March 31, 2026 (Unaudited)**  | **Year Ended** <br>**September 30, 2025**  | **Year Ended** <br>**September 30, 2025**  |
| **Large Cap Fund**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Sales**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class  | 784275  | $10814744  | 1340296  | $20281365  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | 1758596  | 24551724  | 3317458  | 51007316  |
|  **Reinvestment of dividends and distributions**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class  | 7378599  | 98873226  | 6976011  | 102198567  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | 5689471  | 75897541  | 5312404  | 77507970  |
| **Redemptions**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class  | (8755682)  | (126243199)  | (13048884)  | (201289680)  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (8699859)  | (124005697)  | (11240721)  | (172233096)  |
| Total Investor Class  | (592808)  | (16555229)  | (4732577)  | (78809748)  |
| Total Institutional Class  | (1251792)  | (23556432)  | (2610859)  | (43717810)  |
| **Net increase (decrease)**  | (1844600)  | $(40111661)  | (7343436)  | $(122527558) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Month Period Ended** <br>**March 31, 2026 (Unaudited)**  | **For the Six Month Period Ended** <br>**March 31, 2026 (Unaudited)**  | **Year Ended** <br>**September 30, 2025**  | **Year Ended** <br>**September 30, 2025**  |
| **International Fund**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Sales**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class  | 604164  | $22171095  | 2601482  | $95796872  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | 1620884  | 60033647  | 14842123  | 549035982  |
|  **Reinvestment of dividends and distributions**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class  | 3367814  | 118008186  | —  | —  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | 4291813  | 151286390  | —  | —  |
| **Redemptions**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class  | (6374502)  | (233283796)  | (8066836)  | (299985891)  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (13359364)  | (497773821)  | (72624936)  | (2724302103)  |
| Total Investor Class  | (2402524)  | (93104515)  | (5465354)  | (204189019)  |
| Total Institutional Class  | (7446667)  | (286453784)  | (57782813)  | (2175266121)  |
| **Net increase (decrease)**  | (9849191)  | $(379558299)  | (63248167)  | $(2379455140) |

---

— 50 —<br>

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FMI Funds, Inc.

Notes to Financial Statements(Continued)

March 31, 2026 (Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Month Period Ended** <br>**March 31, 2026 (Unaudited)**  | **For the Six Month Period Ended** <br>**March 31, 2026 (Unaudited)**  | **Year Ended** <br>**September 30, 2025**  | **Year Ended** <br>**September 30, 2025**  |
| **International Currency** <br>**Unhedged Fund**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Sales**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | 47308  | $1100442  | 154940  | $3355379  |
|  **Reinvestment of dividends and distributions**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | 184900  | 4178750  | 71312  | 1496844  |
| **Redemptions**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (826962)  | (18280707)  | (300970)  | (6591926)  |
| Total Institutional Class  | (594754)  | (13001515)  | (74718)  | (1739703)  |
| **Net increase (decrease)**  | (594754)  | $(13001515)  | (74718)  | $(1739703) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Month Period Ended** <br>**March 31, 2026 (Unaudited)**  | **For the Six Month Period Ended** <br>**March 31, 2026 (Unaudited)**  | **For the Period** <br>**December 31, 2024<sup>(1)</sup>** <br>**to September 30, 2025**  | **For the Period** <br>**December 31, 2024<sup>(1)</sup>** <br>**to September 30, 2025**  |
| **Global Fund**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| **Sales**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | 57975  | $1224772  | 503420  | $10287228  |
|  **Reinvestment of dividends and distributions**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | 8197  | 170335  | —  | —  |
| **Redemptions**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (10283)  | (200515)  | (8571)  | (172887)  |
| Total Institutional Class  | 55889  | 1194592  | 494849  | 10114341  |
| **Net increase (decrease)**  | 55889  | $1194592  | 494849  | $10114341 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(9) **Subsequent Events —** 

Management has evaluated related events and transactions that occurred subsequent to March 31, 2026, through the date of issuance of the Funds' financial statements and has determined there were no other subsequent events or transactions.

— 51 —<br>

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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.

— 52 —<br>

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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.

— 53 —<br>

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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.

— 54 —<br>

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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.

— 55 —<br>

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

**Renewal of Advisory Agreements for FMI Common Stock Fund, FMI Large Cap Fund, FMI International Fund and FMI International Fund II – Currency Unhedged** 

On December 19, 2025, the Directors of FMI Funds, Inc. approved the continuation of the investment advisory agreements for 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") and the FMI International Fund II – Currency Unhedged (the "International Fund II"). (The Common Stock Fund, the Large Cap Fund, the International Fund and the International Fund II are sometimes referred to herein as a "Fund" and, collectively, as the "Funds"). The

investment advisory agreement for the FMI Global Fund was not up for continuation in

December 2025, but will be up for continuation in 2026.

In advance of approving the continuation of the investment advisory agreements, the Directors who are not "interested persons" (as that term is defined by the Investment Company Act of 1940) of the Funds (the "Independent Directors") met with their independent legal counsel. They discussed with their independent legal counsel, in executive session, a memorandum describing their fiduciary duties with respect to approving the continuation of the investment advisory agreements and the relevant factors for their consideration of the investment advisory agreements. As part of the discussion regarding the fiduciary duties of the Directors, the Independent Directors confirmed their understanding of the need to have asked about, and received answers to, any matters that they believe are relevant to determining whether to approve the continuation of the investment advisory agreements.

The Independent Directors also reviewed and discussed with their independent legal counsel, in executive session, all of the materials that the Funds' investment adviser, Fiduciary Management, Inc. (the "Adviser"), had provided to the Independent Directors to assist them in their consideration of the investment advisory agreement (collectively, the "15(c) Material"). Following this review, they concluded that the 15(c) Material addressed all of the relevant matters that they wanted to consider in assessing the performance of the Funds and the performance of the Adviser under the investment advisory agreements, and that the 15(c) Material provided them with an understanding of the investment advisory agreements and the services that the Adviser provides the Funds.

The Independent Directors then met in general session to discuss the 15(c) Material with the other Directors and management of the Funds. In discussing the 15(c) Material with management of the Funds, management highlighted various sections of the 15(c) Material and addressed the questions and comments of the Directors to their satisfaction. The Directors confirmed that in considering the investment advisory agreements, they focused on the following items, among others:

&nbsp;&nbsp;&nbsp;&nbsp;• The
 nature and quality of the investment advisory services provided by the Adviser, including the Adviser's organization and operations,
 financial condition and stability and ownership structure; and the terms of the investment advisory agreements and how the services performed
 by the Adviser under the investment advisory agreements differ from those performed for other accounts managed by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• A
 comparison of the fees and expenses of the Funds to other similar funds, including a comparison of the Funds' total expenses and
 the total expense ratios.

&nbsp;&nbsp;&nbsp;&nbsp;• A
 comparison of the fee structures of other accounts managed by the Adviser.

— 56 —<br>

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

&nbsp;&nbsp;&nbsp;&nbsp;• Whether
 economies of scale are recognized by the Funds, and whether existing breakpoints are appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 costs and profitability of the Funds to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 independence, expertise, care, and conscientiousness of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;• Short-term
 and long-term investment performance of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 other benefits to the Adviser from serving as investment adviser to the Funds (in addition to the advisory fee under the investment advisory
 agreements).

All of the factors discussed by the Directors were considered as a whole, and were considered separately by the Independent Directors, meeting in executive session both before and after their general session with the other Directors and management of the Funds. The factors were viewed in their totality by the Directors, with no single factor being the principal or determinative factor in the Directors' determination of whether to approve the continuation of the investment advisory agreements. The Directors recognized that the management and fee arrangements for the Funds are the result of years of review and discussion between the Independent Directors and the Adviser, that certain aspects of such arrangements may receive greater scrutiny in some years than in others and that the Directors' conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.

The material considerations and determinations of the Directors, including all of the Independent Directors, are described below:

**<u>Nature and Quality of Investment Advisory Services</u>** 

The Adviser supervises the investment portfolios of the FMI Large Cap Fund, the FMI Common Stock Fund, the FMI International Fund and the FMI International Fund II – Currency Unhedged, directing the day-to-day management of the Funds' portfolios, including the purchase and sale of investment securities. All investment decisions are made by a Portfolio Management Committee ("PMC"). The Directors noted that the investment process employed by the PMC is team-based and highly research-intensive, utilizing primarily in-house, fundamental research. In employing the Adviser's strategy, the Adviser conducts extensive research on target companies, including interviews with management, competitors, analysts and others, and considers a variety of economic and market factors.

Noting the Adviser's research-intensive process, the Directors considered the background and experience of the Adviser's senior management and the expertise of, and the level of attention given to, the Funds by the Adviser's investment personnel, and determined that the personnel servicing the Funds are well qualified. In addition, the Directors deliberated on the quality of the material service providers to the Funds, who provide administrative and distribution-related services on behalf of the Funds and are overseen by the Adviser, and on the overall reputation and capabilities of the Adviser, noting that they believe the service providers are respected in the industry and provide valuable services to the Funds.

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

The Directors concluded, based on the well-qualified personnel serving the Funds and their review of the performance of the Funds, adjusted for risk, as discussed herein, that the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser are good.

The Directors then assessed the risk management of the Funds, and the operation of the Funds' compliance programs, as reported to them in discussions with the Chief Compliance Officer (CCO) of the Funds. They noted that the Funds had not experienced material breaches of the compliance program, and that the CCO's annual and quarterly reports have reflected that the compliance program is reasonably designed to prevent material violations of the federal securities laws and is operating effectively. Based on the Directors' assessment of the Funds' compliance program, the Directors determined that the nature and extent of the services provided by the Adviser are appropriate to help assure that the Funds' operations are conducted in compliance with applicable laws, rules and regulations.

**<u>Comparative Fees and Expenses</u>** 

Management discussed with the Directors the fact that several variables in addition to the management fee, such as service, administrative and transaction fees, can have an impact on costs to the shareholders of the Funds. The Directors noted that the Adviser again engaged Broadridge Financial Solutions 15(c) Services to provide peer group comparative fee, expense and performance analysis for each Fund (the "15(c) Report") to assist the Directors with their analysis of whether to continue the investment advisory agreements for those Funds. They discussed the Morningstar fee-level methodology used in the 15(c) Report, as well as the custom 15(c) categories and peer groups created explicitly for the 15(c) Report, and determined that the methodology remains reasonable.

The Directors noted that the peer-grouping methodology in the 15(c) Report considers three factors in selecting potential peers: investment style, share-class characteristics and assets. While it would be ideal if each peer matched closely with the applicable Fund on all three dimensions,the Directors noted that in practice it is often necessary to relax one of the peer-grouping factors to identify an appropriate number of peers. They concluded that they were comfortable with the peer-group methodology in the 15(c) Report.

The Directors then reviewed the expense analysis contained in the 15(c) Report. After assessing the expense information discussed above, the Directors concluded that the expense ratios of the Funds are within the range of comparable mutual funds and that the Funds' advisory fees and total expenses are reasonable in light of the services provided.

**<u>Comparison of Fee Structures of Other Accounts</u>** 

The Directors believe that management of a mutual fund involves more comprehensive and substantive duties than the management of institutional separate accounts or sub-advised funds. Mutual funds require considerable compliance, third-party oversight and shareholder services that institutional accounts do not, due to the more retail nature of the fund shareholder base and the legal and regulatory burdens associated with managing a mutual fund family. For instance, the Adviser provides tailored investment advisory services to the Funds to accommodate the cash-flow volatility presented by shareholder purchases and redemptions. Moreover, the Adviser

— 58 —<br>

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

attempts to serve the needs of thousands of accounts, ranging from direct accounts holding a few thousand dollars to the large omnibus accounts of intermediaries who in turn service thousands of large and small accounts.

The Adviser has implemented robust shareholder communication efforts to reach potential shareholders through direct contact, through intermediaries, and via the financial press. The Adviser does not engage in equivalent efforts for its separate account clients.

With regard to compliance, the Adviser coordinates with the Funds' CCO and other service providers to help ensure compliance with regulatory regimens imposed by the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, FINRA, the Internal Revenue Code and the numerous other laws and regulations confronting mutual funds, such as, but not limited to, the Sarbanes-Oxley Act, the Dodd-Frank Act and the Bank Secrecy Act. Additionally, complex regulatory filings, liquidity risk management programs and monitoring, highly regulated shareholder services, shareholder and public communications, fund accounting, valuation, website development and maintenance, and Board governance are all intrinsic to the Funds, requiring significant resources, expertise and oversight by the Adviser.

The Directors reviewed the Revenue and Fee Analysis summarizing the Adviser's gross billed revenues and average gross fee (in basis points) for each Adviser product for the 12-month period from October 1, 2024 to September 30, 2025. They also reviewed a comparison of the management fee for each of the Funds with the fee charged by the Adviser to the 10 largest institutional clients with a similar investment strategy. The Directors noted that the large institutional separate accounts and the sub-advised funds generally pay a lower fee than the Funds, and that some substantial accounts have fees that are somewhat lower. However, the Directors believe that the differential between the fee paid by the Funds and the institutional accounts is justified in view of the items discussed above and the intermediary service fees that are paid by the Adviser, as discussed below.

Separate accounts or sub-advised funds engage the Adviser for investment management services and client service only. The Directors also noted that sub-advised funds have a layer of investment management fees, in addition to sub-advisory fees. The adviser to those sub-advised funds assumes some of the cash-flow management duties, board maintenance, and most operational and compliance obligations and third-party oversight.

The mutual fund industry has increasingly moved to brokerage platforms (intermediaries) as the transaction vehicle of choice for investors seeking to buy and sell shares of mutual funds that are offered to the general public. Fewer investors are going directly to the Funds' transfer agent to effect share transactions. Regarding the intermediaries, the Adviser absorbs all costs in excess of the fees paid by the Funds for sub-transfer agent services performed by the intermediaries. Thus, the cost of obtaining, retaining and servicing shareholders for the Funds is significantly higher than the costs for separately managed accounts. None of the Funds utilize 12b-1 plans to fund distribution costs, with the Adviser absorbing all such costs.

Based on the materials and information discussed above, the Directors concluded that the differential in advisory fees between the Funds and the separate accounts and sub-advised funds managed by the Adviser is reasonable, and that the fee rates charged to the Funds in comparison to those charged to the Adviser's other clients are reasonable.

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

**<u>Performance</u>** 

The Directors then reviewed the performance and risk analysis of the Funds contained in the 15(c) Report prepared by Broadridge for periods ended September 30, 2025. They considered each Fund's performance against its primary benchmark and against its custom 15(c) peer group over the one-, three-, five- and, where applicable, ten-year periods since inception, as well as performance relative to value-oriented proxy indexes where appropriate.

In doing so, the Directors noted, among other points highlighted in the 15(c) Report and the Adviser's memorandum, that:

&nbsp;&nbsp;&nbsp;&nbsp;• The
 FMI Large Cap Fund has underperformed the S&P 500 Index over most measured periods, reflecting the Fund's value-oriented discipline
 in a market environment that has favored growth and large technology-oriented issuers, but has compared more favorably against the iShares
 Russell 1000 Value ETF and its value-oriented peers over longer-term periods.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 FMI Common Stock Fund has outperformed the Russell 2000 and Russell 2000 Value indexes over longer-term periods since inception, while
 experiencing shorter-term periods of relative underperformance in certain market environments.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 international-focused Funds (the FMI International Fund and the FMI International Fund II – Currency Unhedged) have had more mixed
 relative performance, including weaker recent relative performance versus certain MSCI EAFE-based benchmarks and value-oriented indexes,
 but have demonstrated more favorable results versus some benchmarks and peers over longer time horizons and in light of the Adviser's
 valuation discipline and geographic exposures.

Based on the information and materials discussed by the Directors, as reflected in the Board Materials, the Directors concluded that the performance of the Funds, adjusting for risk and viewed over appropriate time periods and market cycles, has been acceptable on both a relative and an absolute basis.

**<u>Costs and Profitability</u>** 

The Adviser uses a team-oriented approach so no one individual is assigned to any one of the Adviser's clients from a portfolio management, research, trading, operations or administrative perspective. Instead, every teammate is working on behalf of all the Adviser's clients, including each Fund. Accordingly, in determining the Adviser's costs relative to the services performed on behalf of all the Adviser's clients, the Adviser has determined to allocate its overall costs proportionately to each Adviser client based upon the percentage of that client's assets under the Adviser's management. The Directors believe this method of allocation is appropriate.

In assessing and evaluating the information regarding costs and profitability, the Directors recognized that it is difficult to make comparisons of profitability from investment advisory contracts. This is because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the type of clients it advises, its business mix, and numerous assumptions regarding allocations and the adviser's capital structure and cost of capital. Taking this into account, and following their discussion of the material presented, the Directors concluded that the level of profitability realized by the Adviser

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

from its provision of services to the Funds is reasonable, and that the overall expense ratios and investment advisory fees are fair and within the range of industry averages.

**<u>Economies of Scale</u>** 

The Directors discussed with management whether economies of scale are recognized by the Funds. They noted that as Fund assets grow, certain fixed costs are spread over the larger asset base, which may lead to some economies of scale. However, the Directors also noted that many of the Funds' expenses are subject to diseconomies of scale; for example, intermediary servicing fees generally increase as the Funds' assets grow. The Directors assessed the current breakpoints for the Funds and the Adviser's efforts to keep overall expenses low. The Directors noted that they are pleased with the Adviser's efforts to control and reduce overall expenses, including through renegotiation of third-party contracts and the use of fee breakpoints, and they determined that the current fee schedules are reasonable.

**<u>Fall-Out Benefits</u>** 

The Directors reviewed the Adviser's Procedure for Selection and Approval of Brokers, the Procedure for Selection, Approval and Administration of Soft-Dollar Services, the Domestic Commission Summary, the International Commission Summary and the Commission Purpose Reports for each Fund and the aggregate non-directed separate accounts for each Adviser strategy. While the research, analytical, statistical and other information and services provided by brokers have substantial value, they are considered supplemental to the Adviser's own efforts in the performance of its duties under the investment advisory agreements.

Research services furnished by brokers through whom the Adviser effects security transactions may be used in servicing all of the Adviser's accounts and these services may not be used solely in connection with the accounts which paid commissions to the broker providing such services. Other clients of the Adviser may benefit from the availability of these services to the Adviser, and a Fund may benefit from services available to the Adviser as a result of transactions for other clients. Accordingly, the Adviser has determined to allocate Soft-Dollar/Research Targets proportionately to the Adviser's clients generally based upon the percentage of a client's assets under management. The Directors believe this allocation methodology is appropriate.

After discussing and evaluating the materials presented, the Directors concluded that the other benefits realized by the Adviser from its relationship with the Funds, including research and trading-related benefits, are reasonable and do not alter their conclusions regarding the overall fairness of the advisory arrangements.

**<u>Conclusion</u>** 

After the Independent Directors conducted an executive session, and after reviewing the material provided for the meeting, management's presentation, as well as other information regularly provided at the Board's quarterly meetings throughout the year regarding the quality of services provided by the Adviser, the performance of the Funds, expense information, regulatory compliance issues, trading information and related matters and other factors deemed relevant by the Board, the Directors, including all of the Independent Directors, concluded that the investment advisory arrangements between the Funds and the Adviser were fair and reasonable and that approval of the continuation of the investment advisory agreements would be in the best interest of the Funds and their shareholders.

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

Accordingly, the Directors, including the Independent Directors voting separately, approved the continuation of the investment advisory agreements for the FMI Large Cap Fund, the FMI Common Stock Fund, the FMI International Fund and the FMI International Fund II – Currency Unhedged.

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

---

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| | |
|:---|:---|
| 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** |

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| | |
|:---|:---|
| **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.* Not Applicable.

&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.](fmif-efp24201_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.](fmif-efp24201_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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) FMI Funds, Inc.

---

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

---

Date <u>5/26/2026</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>5/26/2026</u>

---

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

---

Date <u>5/26/2026</u>

## 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: | 5/26/2026 | /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: | 5/26/2026 | /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 period ended March 31, 2026 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 | Jonathan T. Bloom |
| Principal Executive Officer, FMI Funds, Inc. | Principal Financial Officer, FMI Funds, Inc. |

---

Dated: <u>5/26/2026</u> Dated: <u>5/26/2026</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.