http://www.sec.gov/Archives/edgar/data/1023391/000089706913000355/cg292.htm497 1 cg292.htm
Filed Pursuant to Rule 497(e)
1933 Act File No. 333-12745
1940 Act File No. 811-07831
FMI Funds, Inc.
September 4, 2013
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FMI Focus Fund
Supplement to the Prospectus
dated January 31, 2013
This Supplement to the Prospectus, dated September 3, 2013, for the FMI Focus Fund, a series of FMI Funds, Inc., updates the Prospectus to include the information described below.
On September 3, 2013, Broadview Advisors, LLC reached a definitive agreement to acquire certain assets of Fiduciary Management, Inc. that relate to the management of the FMI Focus Fund (the “Fund”). It is proposed that the Fund will reorganize into the to-be-formed new Broadview Opportunity Fund, for which Broadview Advisors, LLC will serve as the investment advisor (Broadview currently serves as the sub-advisor to the Fund, with Fiduciary Management serving as the investment advisor). The reorganization still must be approved by the Fund’s Board of Directors, and, if approved by the Board, the reorganization will then be presented to shareholders of the Fund in a proxy statement for their approval at a special meeting of the shareholders. If approved by the Board and shareholders of the Fund, the reorganization is anticipated to close in November 2013.
This Supplement is not a solicitation of a proxy from shareholders of the Fund. Shareholders are urged to read the definitive proxy statement when it becomes available because it will contain important information about the solicitation, including information regarding the participants in the solicitation and their direct or indirect interests in the solicitation. Shareholders may obtain a copy of the definitive proxy statement (when available), free of charge, by writing to the Fund at 100 East Wisconsin Avenue, Suite 2200, Milwaukee, Wisconsin 53202, or by calling the Fund toll-free at 1-800-811-5311.
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Investors Should Retain This Supplement for Future Reference
Comments
What can we read into the change? Possible change to a load fund or change NTF status? Closure of fund?
No 12b-1 fee and $1000.00 min. to purchase.
Art
FWIW, it appears to be the same management team except that the sub-advisor will become the investment advisor. If you are interested in the fund and if there any changes, you will be probably be grandfathered from the changes (examples of grandfathering funds are the Marketfield fund and Quaker Event Arbitrage Fund (Pennsylvania Avenue Event Drive Fund (PAEDX) investors were grandfathered from paying the front-end load of Quaker). I was one of the individuals that owned PAEDX prior to the reorganization. Also have to see how Provident Trust mutual fund (FMIRX changed to PROVX) changed once it was reorganized.
Will have to wait to November 2013 proxy statement for more information.
Keep it on your radar. It had been dawdling, has come to life now. Good timing. Besides FMI has been divesting outside managed funds like PROVX. And there was a time when FMIVX was also divested.
Broadview is being smart about timing this move. Small Cap fund, with good performance. Buyer Beware. My 2 cents. Wait patiently for it and/or market to tank. Then buy-hold for 10, 15, 20 years. That is only way people have made money investing in mutual funds IMHO.
Recently invested into FMI a couple months ago and when I received their statement (which was printed on nice paper, almost didnt wanna throw it away), was disappointed FMIOX was not included, as I was/am thinking about investing in it for lack of clear cut solid options in the small-cap space that suit my portfolio's needs.