<PAGE> PAGE 1
000 A000000 03/31/98
000 C000000 0001023391
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FMI FUNDS, INC.
001 B000000 811-07831
001 C000000 4142264556
002 A000000 225 EAST MASON STREET
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 FMI FOCUS FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 FIDUCIARY MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-15164
008 D01AA01 MILWAUKEE
008 D02AA01 WI
008 D03AA01 53202
010 A00AA01 FIDUCIARY MANAGEMENT, INC.
010 B00AA01 801-15164
010 C01AA01 MILWAUKEE
010 C02AA01 WI
010 C03AA01 53202
012 A00AA01 FIRSTAR TRUST COMPANY
012 B00AA01 85-00410
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 PRICE WATERHOUSE LLP
<PAGE> PAGE 2
013 B01AA01 MILWAUKEE
013 B02AA01 WI
013 B03AA01 53202
015 A00AA01 FIRSTAR TRUST CO.
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI
015 C03AA01 53202
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 2
019 C00AA00 FIDUCIARYF
020 A000001 CLEARY, GULL, REILAND & MCDEVITT, INC.
020 B000001 39-1567700
020 C000001 39
020 A000002 ROBERT W. BAIRD & CO. INCORPORATED
020 B000002 39-6037917
020 C000002 11
020 A000003 NATIONSBANC MONTGOMERY SECURITIES
020 B000003 94-1701676
020 C000003 4
020 A000004 VECTOR SECURITIES INTERNATIONAL, INC.
020 B000004 36-3565040
020 C000004 3
020 A000005 HOWE BARNES INVESTMENTS, INC.
020 B000005 36-2643382
020 C000005 3
020 A000006 BEAR, STEARNS & CO., INC.
020 B000006 13-4946705
020 C000006 3
020 A000007 KEEFE, BRUYETTE & WOODS, INC.
020 B000007 13-1964616
020 C000007 1
020 A000008 FRIEDMAN BILLINGS RAMSEY & CO.
020 B000008 52-1630477
020 C000008 1
020 A000009 HOEFER & ARNETT, INC.
020 B000009 94-2831518
020 C000009 1
020 A000010 GS SQUARED SECURITIES
020 B000010 39-1464853
020 C000010 1
021 000000 71
022 A000001 FIRSTAR TRUST COMPANY
022 B000001 39-6039160
022 C000001 5960
022 D000001 5978
022 A000002 EQUITABLE SECURITIES CORP.
022 B000002 62-0871146
022 C000002 1287
<PAGE> PAGE 3
022 D000002 229
022 A000003 ROBERT W. BAIRD & CO. INCORPORATED
022 B000003 39-6037917
022 C000003 745
022 D000003 381
022 A000004 VECTOR SECURITIES INTERNATIONAL, INC.
022 B000004 36-3565040
022 C000004 485
022 D000004 581
022 A000005 HOWE BARNES INVESTMENTS, INC.
022 B000005 36-2643382
022 C000005 778
022 D000005 248
022 A000006 CLEARY, GULL, REILAND & MCDEVITT, INC.
022 B000006 39-1567700
022 C000006 398
022 D000006 627
022 A000007 HANIFIN, IMHOFF, INC.
022 B000007 84-0503513
022 C000007 862
022 D000007 79
022 A000008 NATIONSBANC MONTGOMERY SECURITIES
022 B000008 94-1701676
022 C000008 542
022 D000008 369
022 A000009 HOEFER & ARNETT, INC.
022 B000009 94-2831518
022 C000009 465
022 D000009 348
022 A000010 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
022 B000010 13-2741729
022 C000010 675
022 D000010 0
023 C000000 14631
023 D000000 9897
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
<PAGE> PAGE 4
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 N
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
<PAGE> PAGE 5
055 A00AA00 N
055 B00AA00 Y
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 N
060 B00AA00 N
061 00AA00 1000
077 A000000 Y
077 C000000 Y
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 B00AA00 0
084 B00AA00 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 2080
028 A020100 0
028 A030100 0
028 A040100 0
028 B010100 778
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 662
028 C020100 216
028 C030100 0
028 C040100 7
028 D010100 1245
028 D020100 0
028 D030100 0
028 D040100 157
028 E010100 1733
028 E020100 0
028 E030100 0
028 E040100 1
028 F010100 2683
028 F020100 0
<PAGE> PAGE 6
028 F030100 0
028 F040100 49
028 G010100 9181
028 G020100 216
028 G030100 0
028 G040100 214
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 1.250
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
<PAGE> PAGE 7
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 Y
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 Y
071 A000100 27799
071 B000100 19104
<PAGE> PAGE 8
071 C000100 10227
071 D000100 187
072 A000100 6
072 B000100 3
072 C000100 29
072 D000100 0
072 E000100 0
072 F000100 55
072 G000100 9
072 H000100 0
072 I000100 6
072 J000100 6
072 K000100 1
072 L000100 6
072 M000100 1
072 N000100 18
072 O000100 0
072 P000100 24
072 Q000100 0
072 R000100 9
072 S000100 22
072 T000100 0
072 U000100 3
072 V000100 0
072 W000100 3
072 X000100 163
072 Y000100 8
072 Z000100 -123
072AA000100 141
072BB000100 0
072CC010100 1915
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 279
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.4782
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 3
074 D000100 0
074 E000100 0
074 F000100 16218
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 328
074 K000100 0
074 L000100 8
<PAGE> PAGE 9
074 M000100 22
074 N000100 16579
074 O000100 159
074 P000100 41
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 385
074 S000100 0
074 T000100 15994
074 U010100 948
074 U020100 0
074 V010100 16.88
074 V020100 0.00
074 W000100 0.0000
074 X000100 426
074 Y000100 0
075 A000100 0
075 B000100 9595
076 000100 0.00
SIGNATURE DONALD S. WILSON
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001023391
<NAME> FMI FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> FMI FOCUS FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 13900
<INVESTMENTS-AT-VALUE> 16221
<RECEIVABLES> 336
<ASSETS-OTHER> 22
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16579
<PAYABLE-FOR-SECURITIES> 159
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 426
<TOTAL-LIABILITIES> 585
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13660
<SHARES-COMMON-STOCK> 948
<SHARES-COMMON-PRIOR> 350
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2321
<NET-ASSETS> 15994
<DIVIDEND-INCOME> 29
<INTEREST-INCOME> 3
<OTHER-INCOME> 0
<EXPENSES-NET> 155
<NET-INVESTMENT-INCOME> (123)
<REALIZED-GAINS-CURRENT> 141
<APPREC-INCREASE-CURRENT> 1915
<NET-CHANGE-FROM-OPS> 1933
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 279
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 597
<NUMBER-OF-SHARES-REDEEMED> 14
<SHARES-REINVESTED> 15
<NET-CHANGE-IN-ASSETS> 10838
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 151
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55
<INTEREST-EXPENSE> 24
<GROSS-EXPENSE> 163
<AVERAGE-NET-ASSETS> 9595
<PER-SHARE-NAV-BEGIN> 14.74
<PER-SHARE-NII> (0.09)
<PER-SHARE-GAIN-APPREC> 2.71
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.48
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.88
<EXPENSE-RATIO> 2.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>