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FMI International Fund to reopen to investors

497 1 fmiif-497e.htm FMI INTERNATIONAL FUND SUPPLEMENT 3-19-18
Filed pursuant to Rule 497(e)

1933 Act File No. 333-12745

1940 Act File No. 811-07831

FMI Funds, Inc.

FMI International Fund

Investor Class (Ticker Symbol: FMIJX)

Institutional Class (Ticker Symbol: FMIYX)

March 19, 2018

Supplement to the Summary Prospectuses and Prospectus

each dated January 31, 2018, as supplemented to date

FMI International Fund Re-Opening to All Investors

The FMI International Fund (the “Fund”) has been closed to new investors. The Board of Directors of the Fund recently voted to re-open the Fund to all investors. The Fund will re-open to all investors effective April 2, 2018. All references to the Fund being closed to new investors are hereby deleted from the Summary Prospectuses and the Prospectus effective as of April 2, 2018.

* * *

The date of this Supplement is March 19, 2018.

Please retain this Supplement for future reference.


  • I recently sold part of my FMIJX; I did not realize I was such a Big Macher who could move the market.
  • I hope this means they are starting to find value somewhere in the world and are buying stocks. Or, it could have been BenWP:)
  • Not sure this is a good sign?

    Anybody have insight into other funds that have reopened? GOOD ? BAD? WHY?
  • They're re-opening because they lost assets as investors headed for the exits after a "poor" 2017. First, FMI's performance wasn't exactly poor because essentially 100% of the underperformance vs the MSCI EAFE was due to the fund's currency hedge, which is not a bet, it's structural; the Fund actually outperformed the MSCI EAFE in local currency, albeit by 22 bps. Second, this is a prime example of how short-minded many investors are. Lastly, I'm not happy that they've re-opened; this is a smaller firm that does not need more assets. Keep your current clients happy and stick to your knitting. Investors that understand FMI will continue to stick with them regardless of a short-term performance.
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