<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE JOHN J. PILEGGI
TITLE TREASURER
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<TABLE> <S> <C>
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<SERIES>
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<NAME> FMB MONEY MARKET FUND CONSUMER SERVICE CLASS
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 499
<TOTAL-LIABILITIES> 499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104,727
<SHARES-COMMON-STOCK> 17,529,236
<SHARES-COMMON-PRIOR> 7,154,600
<ACCUMULATED-NII-CURRENT> 90
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (88)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 17,489
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,689
<OTHER-INCOME> 0
<EXPENSES-NET> 750
<NET-INVESTMENT-INCOME> 5,983
<REALIZED-GAINS-CURRENT> (88)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,850
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 555
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32,067,014
<NUMBER-OF-SHARES-REDEEMED> (22,236,404)
<SHARES-REINVESTED> 544,025
<NET-CHANGE-IN-ASSETS> (5,728)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 396
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 750
<AVERAGE-NET-ASSETS> 10,801
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.51
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.51)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> FMB INTERMEDEDIATE GOVERNMENT INCOME FUND INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 118,804
<INVESTMENTS-AT-VALUE> 121,428
<RECEIVABLES> 1,520
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 122,955
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 699
<TOTAL-LIABILITIES> 699
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,522
<SHARES-COMMON-STOCK> 11,198
<SHARES-COMMON-PRIOR> 11,949
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,801)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,624
<NET-ASSETS> 114,646
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,396
<OTHER-INCOME> 0
<EXPENSES-NET> 954
<NET-INVESTMENT-INCOME> 7,442
<REALIZED-GAINS-CURRENT> (1,372)
<APPREC-INCREASE-CURRENT> 8,393
<NET-CHANGE-FROM-OPS> 14,463
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,917)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,546,780
<NUMBER-OF-SHARES-REDEEMED> (4,297,423)
<SHARES-REINVESTED> 66
<NET-CHANGE-IN-ASSETS> (2,911)
<ACCUMULATED-NII-PRIOR> 100
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 550
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 954
<AVERAGE-NET-ASSETS> 113,577
<PER-SHARE-NAV-BEGIN> 9.66
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> 0.58
<PER-SHARE-DIVIDEND> (0.61)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.24
<EXPENSE-RATIO> 0.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> INTERMEDIATE GOVERNMENT INCOME CONSUMER SERVICE CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 118,804
<INVESTMENTS-AT-VALUE> 121,428
<RECEIVABLES> 1,520
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 122,955
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 699
<TOTAL-LIABILITIES> 699
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,522
<SHARES-COMMON-STOCK> 743,337
<SHARES-COMMON-PRIOR> 1,005,812
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,801)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,624
<NET-ASSETS> 7,610
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,396
<OTHER-INCOME> 0
<EXPENSES-NET> 954
<NET-INVESTMENT-INCOME> 7,442
<REALIZED-GAINS-CURRENT> (1,372)
<APPREC-INCREASE-CURRENT> 8,393
<NET-CHANGE-FROM-OPS> 14,463
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (555)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33,551
<NUMBER-OF-SHARES-REDEEMED> (339,113)
<SHARES-REINVESTED> 43,087
<NET-CHANGE-IN-ASSETS> (2,911)
<ACCUMULATED-NII-PRIOR> 100
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 550
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 954
<AVERAGE-NET-ASSETS> 8,577
<PER-SHARE-NAV-BEGIN> 9.66
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> 0.58
<PER-SHARE-DIVIDEND> (0.61)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.24
<EXPENSE-RATIO> 0.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> FMB MICHIGAN TAX-FREE BOND FUND INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 31,400
<INVESTMENTS-AT-VALUE> 32,733
<RECEIVABLES> 684
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33424
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 105
<TOTAL-LIABILITIES> 105
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32099
<SHARES-COMMON-STOCK> 1,919,291
<SHARES-COMMON-PRIOR> 1,554,412
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (115)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,333
<NET-ASSETS> 20,700
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,627
<OTHER-INCOME> 0
<EXPENSES-NET> 214
<NET-INVESTMENT-INCOME> 1,414
<REALIZED-GAINS-CURRENT> (12)
<APPREC-INCREASE-CURRENT> 2,368
<NET-CHANGE-FROM-OPS> 3,770
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (814)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 742,385
<NUMBER-OF-SHARES-REDEEMED> (377,678)
<SHARES-REINVESTED> 172
<NET-CHANGE-IN-ASSETS> 5,574
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 169
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 361
<AVERAGE-NET-ASSETS> 20,623
<PER-SHARE-NAV-BEGIN> 9.97
<PER-SHARE-NII> 0.49
<PER-SHARE-GAIN-APPREC> 0.82
<PER-SHARE-DIVIDEND> (0.49)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.79
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> FMB MICHIGAN TAX-FREE BOMD FUND CONSUMER SERVICE CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 31,400
<INVESTMENTS-AT-VALUE> 32,733
<RECEIVABLES> 684
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,424
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 105
<TOTAL-LIABILITIES> 105
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,099
<SHARES-COMMON-STOCK> 1,169,923
<SHARES-COMMON-PRIOR> 1,228,786
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (115)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,333
<NET-ASSETS> 12,619
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,627
<OTHER-INCOME> 0
<EXPENSES-NET> 214
<NET-INVESTMENT-INCOME> 1,414
<REALIZED-GAINS-CURRENT> (12)
<APPREC-INCREASE-CURRENT> 2,368
<NET-CHANGE-FROM-OPS> 3,770
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (600)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 173,587
<NUMBER-OF-SHARES-REDEEMED> (280,866)
<SHARES-REINVESTED> 48,416
<NET-CHANGE-IN-ASSETS> 5,575
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 169
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 361
<AVERAGE-NET-ASSETS> 13,005
<PER-SHARE-NAV-BEGIN> 9.97
<PER-SHARE-NII> 0.49
<PER-SHARE-GAIN-APPREC> 0.82
<PER-SHARE-DIVIDEND> (0.49)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.79
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> FMB DIVERSIFIED EQUITY FUND INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 44,491
<INVESTMENTS-AT-VALUE> 59,241
<RECEIVABLES> 118
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59,366
<PAYABLE-FOR-SECURITIES> 92
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 115
<TOTAL-LIABILITIES> 207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,536
<SHARES-COMMON-STOCK> 3,656,968
<SHARES-COMMON-PRIOR> 3,692,396
<ACCUMULATED-NII-CURRENT> 99
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (231)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,750
<NET-ASSETS> 53,325
<DIVIDEND-INCOME> 1,025
<INTEREST-INCOME> 255
<OTHER-INCOME> 0
<EXPENSES-NET> 793
<NET-INVESTMENT-INCOME> 487
<REALIZED-GAINS-CURRENT> 539
<APPREC-INCREASE-CURRENT> 12,412
<NET-CHANGE-FROM-OPS> 13,439
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (406)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 878,764
<NUMBER-OF-SHARES-REDEEMED> (914,223)
<SHARES-REINVESTED> 31
<NET-CHANGE-IN-ASSETS> 11,945
<ACCUMULATED-NII-PRIOR> 63
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 532
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 793
<AVERAGE-NET-ASSETS> 48,051
<PER-SHARE-NAV-BEGIN> 11.44
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 3.13
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.58
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> DIVERSFIED EQUITY CONSUMER SERVICE CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 44,491
<INVESTMENTS-AT-VALUE> 59,241
<RECEIVABLES> 118
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59366
<PAYABLE-FOR-SECURITIES> 92
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 115
<TOTAL-LIABILITIES> 207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,536
<SHARES-COMMON-STOCK> 399,960
<SHARES-COMMON-PRIOR> 436,020
<ACCUMULATED-NII-CURRENT> 99
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (231)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,750
<NET-ASSETS> 5,833
<DIVIDEND-INCOME> 1,025
<INTEREST-INCOME> 255
<OTHER-INCOME> 0
<EXPENSES-NET> 793
<NET-INVESTMENT-INCOME> 487
<REALIZED-GAINS-CURRENT> 539
<APPREC-INCREASE-CURRENT> 12,412
<NET-CHANGE-FROM-OPS> 13,439
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (406)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 62,2818
<NUMBER-OF-SHARES-REDEEMED> (101,728)
<SHARES-REINVESTED> 3,387
<NET-CHANGE-IN-ASSETS> 11,995
<ACCUMULATED-NII-PRIOR> 63
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 532
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 793
<AVERAGE-NET-ASSETS> 5,203
<PER-SHARE-NAV-BEGIN> 11.44
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 3.13
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.58
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
[Price Waterhause LLP Letterhead]
January 18, 1996
To the Board of Directors of
FMB Funds, Inc.:
In planning and performing our audit of the financial statements of FMB Funds,
Inc. (the "Funds") for the year ended November 30, 1995, we considered its
internal control structure, including procedures for safeguarding securities,
in order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of Funds is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against
loss from unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
November 30, 1995.
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
PAGE
