FMI FOCUS FUND
Supplement to the Prospectus
dated June 16, 1997
Effective October 1, 1997, Ted D. Kellner and Rick Lane will be
primarily responsible for the day-to-day management of the Fund's
portfolio. Mr. Kellner has held this responsibility since the Fund
commenced operations and Mr. Lane has been providing investment ideas for
the Fund since the Fund commenced operations. Mr. Lane has been employed
by the Adviser since 1994. Prior to that time, Mr. Lane was a Vice
President of Cleary Gull Reiland & McDevitt Inc., a securities broker-
dealer, since 1989.
The date of this Supplement is September 26, 1997.
