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SIGNATURE STEVE MEYER
TITLE CONTROLLER
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<PER-SHARE-NAV-END> 10.13
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<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000879638
<NAME> FMB FUNDS
<SERIES>
<NUMBER> 021
<NAME> FMB INTERMEDIATE GOVERNMENT INCOME FUND CONSUMER SERVICE CLA
<MULTIPLIER> 1,000
<S> <C>
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<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
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<DIVIDEND-INCOME> 0
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000879638
<NAME> FMB FUNDS
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<NUMBER> 030
<NAME> FMB MICHIGAN TAX FREE BOND FUND INSTITUTIONAL CLASS
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<S> <C>
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<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000879638
<NAME> FMB FUNDS
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<NAME> FMB MICHIGAN TAX FREE BOND FUND CONSUMER SERVICE CLASS
<MULTIPLIER> 1,000
<S> <C>
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<NET-INVESTMENT-INCOME> 1496
<REALIZED-GAINS-CURRENT> 13
<APPREC-INCREASE-CURRENT> (28)
<NET-CHANGE-FROM-OPS> 1481
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 484
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1348
<NUMBER-OF-SHARES-REDEEMED> 5237
<SHARES-REINVESTED> 373
<NET-CHANGE-IN-ASSETS> (3516)
<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000879638
<NAME> FMB FUNDS
<SERIES>
<NUMBER> 040
<NAME> FMB DIVERSIFIED EQUITY FUND INSTITUTIONAL CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
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<SENIOR-LONG-TERM-DEBT> 0
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37448
<SHARES-COMMON-STOCK> 3488
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2611
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24511
<NET-ASSETS> 69002
<DIVIDEND-INCOME> 1050
<INTEREST-INCOME> 304
<OTHER-INCOME> 0
<EXPENSES-NET> 898
<NET-INVESTMENT-INCOME> 456
<REALIZED-GAINS-CURRENT> 2842
<APPREC-INCREASE-CURRENT> 9761
<NET-CHANGE-FROM-OPS> 13059
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 448
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12641
<NUMBER-OF-SHARES-REDEEMED> 15397
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (2756)
<ACCUMULATED-NII-PRIOR> 99
<ACCUMULATED-GAINS-PRIOR> (231)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 3.16
<PER-SHARE-DIVIDEND> .13
<PER-SHARE-DISTRIBUTIONS> 0
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<EXPENSE-RATIO> 1.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
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<CIK> 0000879638
<NAME> FMB FUNDS
<SERIES>
<NUMBER> 041
<NAME> FMB DIVERSIFIED EQUITY FUND CONSUMER SERVICE CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 44415
<INVESTMENTS-AT-VALUE> 68926
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4368
<SHARES-COMMON-STOCK> 403
<SHARES-COMMON-PRIOR> 400
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2611
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24511
<NET-ASSETS> 69002
<DIVIDEND-INCOME> 1050
<INTEREST-INCOME> 304
<OTHER-INCOME> 0
<EXPENSES-NET> 898
<NET-INVESTMENT-INCOME> 456
<REALIZED-GAINS-CURRENT> 2842
<APPREC-INCREASE-CURRENT> 9761
<NET-CHANGE-FROM-OPS> 13059
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 44
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1547
<NUMBER-OF-SHARES-REDEEMED> 1548
<SHARES-REINVESTED> 33
<NET-CHANGE-IN-ASSETS> 32
<ACCUMULATED-NII-PRIOR> 99
<ACCUMULATED-GAINS-PRIOR> (231)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 909
<AVERAGE-NET-ASSETS> 6469
<PER-SHARE-NAV-BEGIN> 14.58
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 3.17
<PER-SHARE-DIVIDEND> .11
<PER-SHARE-DISTRIBUTIONS> 0
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<EXPENSE-RATIO> 1.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
January 20, 1997
Board of Directors of
FMB Funds, Inc.
In planning and performing our audits of the financial statements of
FMB Funds, Inc. (the "Funds") for the year ended November 30, 1996,
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, and not to provide
assurance on the internal control structure.
The management of the 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 structure 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
appropriately 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, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
Price Waterhouse LLP
