UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-03235

FMI Common Stock Fund, Inc.
---------------------------

(Exact name of registrant as specified in charter)

100 East Wisconsin Avenue, Suite 2200
Milwaukee, WI 53202
--------------------

(Address of principal executive offices) (Zip code)

Ted D. Kellner
Fiduciary Management, Inc.
100 East Wisconsin Avenue, Suite 2200
Milwaukee, WI 53202
--------------------

(Name and address of agent for service)

(414) 226-4555
--------------

(Registrant's telephone number, including area code)

Date of fiscal year end: September 30

Date of reporting period: 03/31/2005

ITEM 1. REPORTS TO STOCKHOLDERS.
- --------------------------------

SEMIANNUAL REPORT
MARCH 31, 2005

FMI
Common Stock
Fund, Inc.

A NO-LOAD
MUTUAL FUND

FMI
Common Stock
Fund, Inc.

March 31, 2005

Dear Fellow Shareholders:

After a very strong December quarter, the March quarter was much more
difficult. The Fund was essentially flat for the quarter, at -0.04%, but given
the 5.34% pullback in the Russell 2000(1)<F1>, it was a "moral victory."
Financial and technology stocks performed poorly in the quarter, so our
underweight positions here helped.

The Fund experienced a nice boost from Medco's announced buyout of Accredo as
well as the continued strong performance of the energy stocks. Accredo Health,
Inc., you may recall, was a relatively recent addition to the portfolio, about
which we wrote in our letter dated September 30, 2004. This stock appreciated
approximately 65% in the short time during which we held it. On average, we
expect to hold our investments for about three to four years, but we don't mind
getting our money more quickly! Oil prices continued to rise in the March
quarter, driving energy stocks higher. Newfield Exploration Co. was up over 25%
in the quarter and St. Mary Land & Exploration Co. was up 20%. We believe the
fundamentals do not support oil prices in the mid $50's and took the opportunity
in the latter half of the quarter to reduce the energy weighting of the
portfolio. Stocks that detracted from the results in the quarter include Albany
International Corp., Global Imaging Systems, Inc., MPS Group, Inc. and Werner
Enterprises, Inc. In each of these equities we remain positive on the long-term
investment thesis.

In addition to selling Accredo after the deal was announced, we sold
Scholastic and Spartech. Scholastic is a company we have discussed frequently,
usually in frustration. The Company has an excellent educational franchise but
management has not been able to consistently bring the magic to the bottom line.
Spartech was sold due to our loss of confidence in the management team,
particularly with respect to driving a respectable long-term return on invested
capital (ROIC). Delphi was a good stock for us over the past few years and it
achieved our valuation target and was sold during the quarter. We think A.J.
Gallagher, a new addition discussed below, gives us exposure to the Property &
Casualty field with a superior business model.

Our view of the markets and the economy remains about the same as we
communicated three months ago. This letter, as well as those from previous
quarters, can be easily accessed at www.fmifunds.com.

A snapshot of FMI Common Stock Fund relative to the Russell 2000 at March 31,
2005, shows a weighted average trailing twelve months price-to-earnings (P/E)
ratio of 17.2 versus 27.8. The weighted average price-to-book ratio of our
portfolios is 2.2 compared to 3.6 for the Russell 2000. The debt-to-total
capital ratio is 21.8% versus 32.5% for the Russell 2000.

As is our custom for the March 31 letter, we'll review a few of our holdings,
as we introduce four new investments in the Fund.

- ----------

(1)<F1> The Russell 2000 Index measures the performance of the 2,000 smallest
companies in the Russell 3000 Index which comprises the 3,000 largest
U.S. companies based on total market capitalization.

ARTHUR J. GALLAGHER & CO.

DESCRIPTION
- -----------
A.J. Gallagher is the world's fourth largest insurance broker and risk
management firm, providing property and casualty products primarily to the
middle market. It also provides third-party claims management and employee
benefits consulting. Gallagher has a rich history, a strong selling culture and
an outstanding track record. Insiders own a significant stake in the Company.
Gallagher has been public since 1984.

GOOD BUSINESS
- -------------
o Insurance brokering, properly executed, is a high-margin business with
little capital investment required.

o Approximately 90% of the brokerage contracts are renewed annually.

o The claims management business is predominantly recurring in nature and
has 15-17% margins.

o Returns and free cash flow are excellent, and the balance sheet has net
cash of $500 million.

o The business is relatively easy to understand.

VALUATION
- ---------
o The P/E ratio of 14.4 is in the bottom third of its ten-year range of
11-30.

o Its relative valuation versus the stock market is near the bottom of the
long-term range.

o The yield (3.3%) is above average relative to the ten-year range of 1.6%
to 4.0%, and near the high end of the relative range.

MANAGEMENT
- ----------
o The Gallagher family has led the Company since its founding over 75 years
ago. Pat Gallagher, 52, is Chief Executive Officer. It appears that he
is honest, hard working, and motivated to grow the business.

o Jim Gault, 53, is President and Chief Operating Officer and runs the
brokerage business. He grew up through the internship program and has
been with Gallagher for thirty years.

o Other senior-level business leaders have long tenures with the Company.

INVESTMENT THESIS
- -----------------
A.J. Gallagher is positioned to continue to grow more rapidly than the
Property & Casualty industry through an active acquisition strategy. The
Company has demonstrated an ability to integrate and grow acquired businesses.
Due to turmoil in the insurance brokerage industry, Gallagher has a good
opportunity to increase its market share, although this might impact near-term
earnings per share (EPS). Company-specific issues and Property & Casualty
industry pricing issues do not appear to be long-term impediments to
performance. The valuation is attractive given the superior characteristics of
this business franchise.

FTI CONSULTING, INC.
DESCRIPTION
- -----------
FTI Consulting has three main divisions: Forensic and Litigation Consulting
(41% of revenues and 40% of earnings before interest, taxes, depreciation and
amortization [EBITDA]); Corporate Finance and Restructuring (38% of revenues and
47% of EBITDA), which is the largest independent domestic advisory practice; and
Economic Consulting (21% of revenues and 13% of EBITDA), which offers analysis
of anti-trust and competitive issues that typically arise out of Mergers &
Acquisitions activity. Thus, given the diverse revenues, the business should
perform well through all economic cycles. Based on revenues, roughly 40% of the
business is driven by a down-cycle, 30% from an up-cycle and 30% is non-
cyclical.

GOOD BUSINESS
- -------------
o The Corporate Finance and Restructuring practice is a durable, well-
recognized franchise in the turnaround and bankruptcy area. The value of
the other practices should increase as the Company continues its
successful track record of cross-selling services and deepening client
relationships.

o Unlike demand for traditional consulting services, which depends
primarily on companies' internal budgeting decisions, demand for FTI's
services is most often driven by non-discretionary engagements by
businesses facing critical situations. This leads to a relatively
inelastic price-demand relationship.

o Revenues are fairly recurrent as repeat clients and referrals generate
80% of the Company's sales.

o Over the last four years ROIC has averaged 15%. Furthermore, assuming
that profitability will ramp up due to new hires and/or an increase in
the restructuring business, incremental margins and ROIC are attractive.

o FTI has strong free cash flow and low debt. Debt to forecasted EBITDA is
approximately 1x.

VALUATION
- ---------
o Currently FTI trades more than 1.5 multiple points below its historical
three-year average price to forward earnings of 17.5x (range 10x to 32x),
in-line with the average enterprise value to EBITDA (EV/EBITDA) ratio of
8.8x (range 4x to 24x), and in-line with the average enterprise value to
sales multiple of 2.2x (range 1x to 7x).

o Given FTI's fundamentals of low debt, 15-18% ROIC, 18-19% return on
equity (ROE), consistent mid-single-digit top line growth, and 17%
pre-tax margin, a 3x sales multiple is warranted.

o The private market value for the Restructuring business alone is roughly
two-thirds of the market value.

MANAGEMENT
- ----------
o Jack Dunn, Chief Executive Officer and Chairman, has been with FTI for
thirteen years. He has served many important leading roles at the
Company including Chief Operating Officer, President, and Chief
Financial Officer.

o Both Dominic DiNapoli, Chief Operating Officer; and Ted Pincus, Chief
Financial Officer, have extensive industry experience, which is
consistent with many other top executives at the Company.

INVESTMENT THESIS
- -----------------
FTI will benefit from strong secular demand drivers including increased use
of outside independent auditors, increased public scrutiny of accounting and
fraud, and the large 114% increase in issuances of non-convertible high-yield
debt in 2003. We believe many of these companies will require restructuring or
bankruptcy consulting. An investment in FTI is somewhat of a hedge on the
economy. Higher interest rates, slowing economic growth and a difficult capital
market will actually benefit FTI.

VALSPAR CORP.
DESCRIPTION
- -----------
Valspar is a leading global paints and coatings manufacturer. The Company
has three reportable segments: Paints (32% of sales and 44% of earnings before
interest and taxes [EBIT]); Coatings (56% of sales and 63% of EBIT), and All
Other (13% of sales and -7% of EBIT). Valspar has three major business groups:
Industrial (40% of sales); Architectural, Auto & Specialty (30% of sales); and
Packaging (20-25% of sales). Industrial and Packaging fall mostly within
Coatings, while the majority of Architectural, Auto & Specialty falls within
Paints.

GOOD BUSINESS
- -------------
o Valspar is a low-cost producer and technology leader in its markets.

o While slower growth, Packaging, at 20-25% of sales, lends stability to
the revenue stream.

o The ROIC declined to 9-10% following the Lilly acquisition in fiscal 2001
and industrial recession. While the industrial recovery should have
improved returns into the low double-digits, Valspar has been hit by an
unprecedented increase in raw materials costs. Management is focused on
improving the ROIC to 12-13% within two to three years.

o Valspar has a solid balance sheet. Debt-to-capitalization is 35%; net
debt-to-EBITDA is 1.6x; and interest coverage is 7.8x. The Company's
senior debt is rated BBB by Standard & Poor's. Valspar generated $184
million in free cash in fiscal 2004, comfortably covering its annual
dividend requirement of $40 million.

VALUATION
- ---------
o The stock trades near the low-end of its five- and ten-year average
valuation range on every metric. The stock is near its 52-week low
following more than two years of relative underperformance.

o Valspar trades for 17.3x the fiscal 2005 (October) estimate. However,
earnings are under pressure due to higher raw materials costs, which is
masking the underlying earning power of the Company.

o The stock trades at an enterprise value to sales (EV/Sales) multiple of
only 1.15x, compared to an operating margin of around 11%. The latter is
in line with the five- and ten-year average, which has been remarkably
consistent.

MANAGEMENT
- ----------
o Bill Mansfield, 56, recently succeeded Rich Rompala, 58, as President
and Chief Executive Officer. Mansfield previously served as Chief
Operating Officer. While he is viewed as a solid operating guy,
Mansfield's transition to CEO requires him to be less hands-on and
focused more on strategy.

o Paul Reyelts, 58, has been Chief Financial Officer since 1998. The
Company has a solid long-term financial record.

INVESTMENT THESIS
- -----------------
Management is focused on improving its ROIC, and appears to be on top of the
issue of foreign sourcing/competition. Furthermore, the balance sheet is solid,
and the Company is a cash-generating machine. Finally, the stock is
attractively valued. This is a quality company whose stock should outperform
once raw material price increases abate.

ACUITY BRANDS, INC.
DESCRIPTION
- -----------
Acuity is organized under two business segments consisting of the Acuity
Brands Lighting (75% of sales) and the Acuity Specialty Product Group (25% of
sales). Acuity Brands Lighting designs and manufactures a broad range of indoor
and outdoor lighting products and fixtures for commercial, industrial and
residential applications. It has the largest market share in North America.
Acuity Specialty Products produces a variety of specialty chemical products
(cleaners, sanitizers, polishes and pesticides) primarily for the industrial
cleaning and retail markets.

GOOD BUSINESS
- -------------
o Acuity has several strong brands, including Lithonia, Holophane, Gotham
and Hydrel.

o The Company's specialty products are generally consumable and are less
economically sensitive than the lighting products.

o Management is focused on cost-reduction, which could increase operating
margins by 300 basis points in the next three to four years.

o Acuity offers a wide breadth of lighting products, which allows it to
compete favorably when a large project is being designed and engineered.

o ROIC is approximately 9%, about in-line with the Company's cost of
capital. This metric should improve as the Company's overall profit
margins improve.

o Acuity generates strong free cash flow, about in-line with net income.
The Company also pays $0.60 per share in an annual dividend, implying a
yield of 2%.

o Financial leverage has been reduced through cash flow and working capital
management.

VALUATION
- ---------
o Acuity shares currently trade at approximately 19x and 13.8x fiscal year
(August) 2005 and 2006 EPS and 0.6x revenue. In the Company's limited
trading history, it has traded between 10x and 22x EPS and 0.3x to 0.6x
revenue. The current fiscal year P/E is inflated by highly depressed
earnings.

o More profitable competitors trade at over 20x EPS and 1x revenue.

MANAGEMENT
- ----------
Mr. Vernon Nagel was named the Company's Chairman and Chief Executive Officer
in September after serving as Chief Financial Officer for three years. Prior to
joining the Company's predecessor, Mr. Nagel was a principal of Wolverine
Capital, a private investment firm. He appears to be aggressively addressing
Acuity's cost structure.

INVESTMENT THESIS
- -----------------
As one of the leading companies within the lighting fixtures industry, Acuity
should benefit from a cyclical upturn in commercial development and office
turnover. New leadership appears to be driven to increase profitability. Near-
term earnings difficulties are largely the result of higher raw material prices.
The CEO recently announced plans to accelerate the cost-cutting initiatives. We
believe these actions will ultimately result in earning power of approximately
$2.50 to $2.75 per share. As the Company begins to deliver acceptable margins,
we believe the stock will trade for at least 1x revenue.

Thank you for your continued confidence in FMI Common Stock Fund, Inc.

Sincerely,

/s/Ted D. Kellner /s/Donald S. Wilson /s/Patrick J. English
Ted D. Kellner, CFA Donald S. Wilson, CFA Patrick J. English, CFA
President and Vice President Vice President and
Portfolio Manager Portfolio Manager

100 E. Wisconsin Ave., Suite 2200 o Milwaukee, WI 53202 o 414-226-4555
www.fmifunds.com

COST DISCUSSION

As a shareholder of the Fund you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, reinvested
dividends, or other distributions; redemption fees; and exchange fees; and (2)
ongoing costs, including management fees and other Fund expenses. This example
is intended to help you understand your ongoing costs (in dollars) of investing
in FMI Common Stock Fund and to compare these costs with the ongoing costs of
investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period from September 30, 2004 through March 31,
2005.

INDUSTRY SECTORS AS OF MARCH 31, 2005

Consumer Discretionary 16.2%
Materials & Processing 15.6%
Producer Durables 9.5%
Technology 9.2%
Distribution 8.4%
Commercial Services 7.9%
Financial Services 7.4%
Healthcare 6.5%
Energy 3.6%
Transportation 3.4%
Consumer Staples 2.5%
Cash 9.8%

ACTUAL EXPENSES

The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.

In addition to the costs highlighted and described below, the only Fund
transaction costs you might currently incur would be wire fees ($15 per wire),
if you choose to have proceeds from a redemption wired to your bank account
instead of receiving a check. Additionally, U.S. Bank charges an annual
processing fee ($15) if you maintain an IRA account with the Fund. To determine
your total costs of investing in the Fund, you would need to add any applicable
wire or IRA processing fees you've incurred during the period to the costs
provided in the example at the end of this article.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.

Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads), redemption or exchange fees. Therefore, the second line of the
table is useful in comparing ongoing costs only, and will not help you determine
the relative total costs of owning different funds. In addition, if these
transactional costs were included, your costs would have been higher.

Beginning Ending Expenses Paid
Account Account During Period*<F2>
Value 9/30/04 Value 3/31/05 9/30/04-3/31/05
------------- ------------ ---------------

FMICommon Stock Fund Actual $1,000 $1,000.00 $1,098.20 $6.28
Hypothetical (5% return before expenses) $1,000.00 $1,025.00 $6.06

*<F2> Expenses are equal to the Fund's annualized expense ratio of 1.20%,
multiplied by the average account value over the period, multiplied by
182/365 (to reflect the one-half year period between September 30,
2004 and March 31, 2005).

ADVISORY AGREEMENT

On December 17, 2004, the Board of Directors of FMI Common Stock Fund, Inc.
approved the continuation of the Fund's investment advisory agreement with
Fiduciary Management, Inc. Prior to approving the continuation of the
investment advisory agreement, the Board considered:

o the nature, extent and quality of the services provided by Fiduciary
Management, Inc.

o the investment performance of the Fund

o the cost of the services to be provided and profits to be realized by
Fiduciary Management, Inc. from its relationship with the Fund

o the extent to which economies of scale would be realized as the Fund
grew and whether fee levels reflect these economies of scale

o the expense ratios of the Fund

o the manner in which portfolio transactions for the Fund are conducted,
including the use of soft dollars

In considering the nature, extent and quality of the services provided by
Fiduciary Management, Inc., the Board of Directors reviewed a report describing
the portfolio management, shareholder communication and servicing, prospective
shareholder assistance and regulatory compliance services provided by Fiduciary
Management, Inc. to the Fund. The Board concluded that Fiduciary Management,
Inc. was providing essential services to the Fund. In particular, the Board
concluded that Fiduciary Management, Inc. was preparing reports to shareholders
in addition to those required by law, and was providing services to the Fund
that was in addition to the services Fiduciary Management, Inc. provided its
non-mutual fund clients.

The Directors compared the performance of the Fund to benchmark indices over
various periods of time and concluded that the performance of the Fund warranted
the continuation of the advisory agreement.

In concluding that the advisory fees payable by the Fund were reasonable, the
Directors reviewed a report of the costs of services provided by, and the
profits realized by Fiduciary Management, Inc., from its relationship with the
Fund and concluded that such profits were reasonable and not excessive when
compared to the profitability of publicly traded investment advisory firms. The
Directors also reviewed reports comparing the Fund's expense ratio and advisory
fees paid by the Fund to those of other comparable mutual funds and concluded
that the advisory fee paid by the Fund and the Fund's expense ratio were within
the range of comparable mutual funds. The Directors noted that the investment
advisory fee was not adjusted if economies of scale were realized as the Fund
grew, but did not consider that factor to be significant in light of the other
factors considered, and that the Fund was closed to new investors.

Finally, the Board reviewed reports discussing the manner in which portfolio
transactions for the Fund were conducted, including the use of soft dollars.
Based on these reports, the Board concluded that the research obtained by
Fiduciary Management, Inc. was beneficial to the Fund and that Fiduciary
Management, Inc. was executing the Fund's portfolio transactions in a manner
designed to obtain best execution for the Fund.

STATEMENT OF NET ASSETS

March 31, 2005 (Unaudited)

SHARES COST VALUE
- ------ ---- -----

COMMON STOCKS -- 90.2% (A)<F4>
COMMERCIAL SERVICES SECTOR -- 7.9%
- ----------------------------------
BUSINESS SERVICES -- 5.3%
224,300 ABM Industries Inc. $ 3,382,970 $ 4,313,289
203,100 G & K Services, Inc. 5,958,607 8,182,899
375,000 Watson Wyatt & Company Holdings 8,812,855 10,200,000
------------ ------------
18,154,432 22,696,188

INDUSTRIAL SERVICES -- 2.6%
340,000 Republic Services, Inc. 6,226,890 11,383,200

CONSUMER DISCRETIONARY SECTOR -- 16.2%
- --------------------------------------
ADVERTISING SERVICES -- 1.6%
179,000 ADVO, Inc. 6,437,863 6,703,550

CONSUMER DURABLES -- 2.6%
355,300 Snap-on Inc. 11,144,257 11,294,987

PUBLISHING-MISCELLANEOUS -- 1.0%
254,200 Journal Communications, Inc. 4,180,040 4,207,010

RESTAURANTS -- 2.2%
313,400 Darden Restaurants, Inc. 6,406,778 9,615,112

RETAIL TRADE -- 3.4%
551,200 Casey's General Stores, Inc. 6,804,096 9,905,064
133,200 Michaels Stores, Inc. 2,823,365 4,835,160
------------ ------------
9,627,461 14,740,224

TEXTILE-APPAREL MANUFACTURERS -- 5.4%
345,000 Liz Claiborne, Inc. 10,636,791 13,844,850
445,000 Paxar Corp.*<F3> 5,364,686 9,496,300
------------ ------------
16,001,477 23,341,150

CONSUMER STAPLES SECTOR -- 2.5%
- -------------------------------
FOODS & BEVERAGES -- 2.5%
152,000 Lancaster Colony Corp. 6,025,170 6,467,600
181,800 Ruddick Corp. 3,454,524 4,208,670
------------ ------------
9,479,694 10,676,270

DISTRIBUTION SECTOR -- 8.4%
- ---------------------------
EDUCATION SERVICES -- 1.1%
117,000 School Specialty, Inc.*<F3> 4,246,687 4,581,720

HEALTHCARE -- 1.4%
545,900 PSS World Medical, Inc.*<F3> 5,985,987 6,206,883

OFFICE PRODUCTS -- 2.9%
276,000 United Stationers Inc.*<F3> 11,707,445 12,489,000

TECHNOLOGY COMPONENTS -- 3.0%
515,400 Arrow Electronics, Inc.*<F3> 8,937,698 13,065,390

ENERGY SECTOR -- 3.6%
- ---------------------
OIL & GAS PRODUCERS -- 3.6%
96,900 Newfield Exploration Co.*<F3> 3,867,736 7,195,794
168,800 St. Mary Land & Exploration Co. 5,694,237 8,448,440
------------ ------------
9,561,973 15,644,234

FINANCIAL SERVICES SECTOR -- 7.4%
- ---------------------------------
LIFE INSURANCE -- 3.0%
325,000 Protective Life Corp. 10,221,438 12,772,500

MULTI-LINE INSURANCE -- 4.4%
291,000 Arthur J. Gallagher & Co. 8,677,201 8,380,800
465,000 Old Republic International Corp. 8,942,810 10,829,850
------------ ------------
17,620,011 19,210,650

HEALTHCARE SECTOR -- 6.5%
- -------------------------
DENTAL -- 4.0%
482,900 Sybron Dental
Specialties, Inc.*<F3> 11,081,972 17,336,110

HEALTHCARE SERVICES -- 2.5%
277,500 Renal Care Group, Inc.*<F3> 6,084,058 10,528,350

MATERIALS & PROCESSING SECTOR -- 15.6%
- --------------------------------------
CHEMICALS -- 8.7%
330,500 Albemarle Corp. 9,538,935 12,016,980
425,900 Engelhard Corp. 11,626,332 12,789,777
62,000 Minerals Technologies Inc. 2,497,726 4,078,360
184,900 Valspar Corp. 8,613,414 8,605,246
------------ ------------
32,276,407 37,490,363

CONTAINERS & PACKING _
PAPER & PLASTIC -- 6.9%
306,000 AptarGroup, Inc. 10,236,012 15,905,880
454,000 Bemis Company, Inc. 12,326,886 14,128,480
------------ ------------
22,562,898 30,034,360

PRODUCER DURABLES SECTOR -- 9.5%
- --------------------------------
BUSINESS EQUIPMENT -- 2.1%
263,000 Global Imaging Systems, Inc.*<F3> 6,652,708 9,325,980

MANUFACTURING -- 7.4%
239,800 Acuity Brands, Inc. 6,615,316 6,474,600
280,000 Albany International Corp. 8,522,249 8,646,400
119,900 IDEX Corp. 2,231,602 4,837,965
304,100 York International Corp. 11,791,535 11,914,638
------------ ------------
29,160,702 31,873,603

TECHNOLOGY SECTOR -- 9.2%
- -------------------------
COMPUTER SERVICES SOFTWARE &
SYSTEMS -- 9.2%
703,700 The BISYS Group, Inc.*<F3> 10,296,060 11,034,016
193,200 eFunds Corp.*<F3> 3,070,635 4,312,224
209,300 FTI Consulting, Inc.*<F3> 4,252,451 4,319,952
376,700 Imation Corp. 13,314,971 13,090,325
664,200 MPS Group, Inc.*<F3> 5,745,487 6,980,742
------------ ------------
36,679,604 39,737,259

TRANSPORTATION SECTOR -- 3.4%
- -----------------------------
TRUCKING -- 3.4%
180,600 Pacer International, Inc.*<F3> 2,955,925 4,314,534
540,300 Werner Enterprises, Inc. 10,427,044 10,498,029
------------ ------------
13,382,969 14,812,563
------------ ------------
Total common stocks 313,821,449 389,766,656

Principal Amount
- ----------------

SHORT-TERM INVESTMENTS -- 8.8% (A)<F4>

COMMERCIAL PAPER -- 1.4%
$6,000,000 General Electric Capital Corp.,
2.66%, due 4/05/05 5,998,670 5,998,670

VARIABLE RATE DEMAND NOTES -- 7.4%
4,000,000 American Family Financial
Services, 2.47% 4,000,000 4,000,000
18,114,682 U.S. Bank, N.A., 2.60% 18,114,682 18,114,682
10,130,000 Wisconsin Corporate Central
Credit Union, 2.52% 10,130,000 10,130,000
------------ ------------
Total variable rate
demand notes 32,244,682 32,244,682
------------ ------------
Total short-term
investments 38,243,352 38,243,352
------------ ------------
Total investments $352,064,801 428,010,008
------------
------------
Cash and receivables, less
liabilities -- 1.0% (A)<F4> 4,167,943
------------
NET ASSETS $432,177,951
------------
------------
Net Asset Value Per Share
($0.01 par value, indefinite
shares authorized), offering
and redemption price
($432,177,951 / 17,192,766
shares outstanding) $25.14
------
------

*<F3> Non-income producing security.

(a)<F4> Percentages for the various classifications relate to net assets.

The accompanying notes to financial statements are an integral part of this
statement.

STATEMENT OF OPERATIONS

For the Six Month Period Ending March 31, 2005 (Unaudited)

INCOME:
Dividends $ 1,804,718
Interest 328,641
-----------
Total income 2,133,359
-----------
EXPENSES:
Management fees 2,109,194
Transfer agent fees 163,905
Administrative services 112,939
Printing and postage expense 46,353
Custodian fees 37,685
Professional fees 22,434
Registration fees 20,233
Board of Directors fees 5,443
Other expenses 13,347
-----------
Total expenses 2,531,533
-----------
NET INVESTMENT LOSS (398,174)
-----------
NET REALIZED GAIN ON INVESTMENTS 17,667,587
NET INCREASE IN UNREALIZED APPRECIATION ON INVESTMENTS 21,571,458
-----------
NET GAIN ON INVESTMENTS 39,239,045
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $38,840,871
-----------
-----------

The accompanying notes to financial statements are an integral part of this
statement.

STATEMENTS OF CHANGES INNET ASSETS

For the Six Month Period Ending March 31, 2005 (Unaudited) and for the Year
Ended September 30, 2004

2005 2004
------------ ------------
OPERATIONS:
Net investment loss $ (398,174) $ (1,176,639)
Net realized gain on investments 17,667,587 22,007,079
Net increase in unrealized appreciation
on investments 21,571,458 36,044,266
------------ ------------
Net increase in net assets resulting
from operations 38,840,871 56,874,706
------------ ------------

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions from net realized gains
($1.2121 and $0.48428 per share,
respectively) (20,047,301) (5,724,994)*<F5>
------------ ------------

FUND SHARE ACTIVITIES:
Proceeds from shares issued
(1,392,845 and 8,487,388 shares,
respectively) 34,431,227 189,927,760
Net asset value of shares issued in
distributions reinvested
(832,834 and 259,919 shares,
respectively) 19,454,999 5,514,081
Cost of shares redeemed (1,679,072 and
2,942,275 shares, respectively) (41,365,532) (67,646,756)
------------ ------------
Net increase in net assets derived
from Fund share activities 12,520,694 127,795,085
------------ ------------
TOTAL INCREASE 31,314,264 178,944,797
NET ASSETS AT THE BEGINNING OF THE PERIOD 400,863,687 221,918,890
------------ ------------
NET ASSETS AT THE END OF THE PERIOD $432,177,951 $400,863,687
------------ ------------
------------ ------------

*<F5> See Note 7

The accompanying notes to financial statements are an integral part of these
statements.

FINANCIAL HIGHLIGHTS

(Selected data for each share of the Fund outstanding throughout each period)

(UNAUDITED)
FOR THE SIX MONTH
PERIOD ENDING YEARS ENDED SEPTEMBER 30,
MARCH 31, --------------------------------------------------------------
2005 2004 2003 2002 2001 2000
---- ---- ---- ---- ---- ----

PER SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period $24.08 $20.47 $17.38 $19.60 $18.77 $16.32
Income from investment operations:
Net investment (loss) income (0.02)*<F8> (0.08)*<F8> (0.09)*<F8> (0.01)*<F8> 0.00 (0.03)
Net realized and unrealized
gains on investments 2.29 4.17 3.18 0.47**<F9> 1.90 2.91
------ ------ ------ ------ ------ ------
Total from investment operations 2.27 4.09 3.09 0.46 1.90 2.88
Less distributions:
Dividend from net investment income -- -- -- -- -- --
Distributions from net realized gains (1.21) (0.48) -- (2.68) (1.07) (0.43)
------ ------ ------ ------ ------ ----
Total from distributions (1.21) (0.48) -- (2.68) (1.07) (0.43)
------ ------ ------ ------ ------ ------
Net asset value, end of period $25.14 $24.08 $20.47 $17.38 $19.60 $18.77
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
TOTAL RETURN 9.82%(1)<F6> 20.33% 17.78% 2.18% 10.99% 18.35%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's $) 432,178 400,864 221,919 93,336 52,049 47,015
Ratio of expenses to average net assets 1.20%(2)<F7> 1.23% 1.25% 1.14% 1.23% 1.25%
Ratio of net investment (loss) income
to average net assets (0.19%)(2)<F7> (0.33%) (0.46%) (0.03%) 0.00% (0.20%)
Portfolio turnover rate 17.3% 39.4% 34.0% 28.8% 46.8% 46.7%

(1)<F6> Not Annualized.

(2)<F7> Annualized.

*<F8> In 2005, 2004, 2003 and 2002, net investment loss per share is
calculated using average shares outstanding.

**<F9> The amount shown may not correlate with the aggregate gains and losses
of portfolio securities due to the timing of subscriptions and
redemptions of Fund shares.

The accompanying notes to financial statements are an integral part of this
statement.

NOTES TO FINANCIAL STATEMENTS

March 31, 2005 (Unaudited)

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES --
The following is a summary of significant accounting policies of the
FMI Common Stock Fund, Inc. (the "Fund"), which is registered as a
diversified, open-end management investment company under the Investment
Company Act of 1940, as amended. The Fund was incorporated under the laws
of Wisconsin on July 29, 1981. Effective April 15, 2004, the Fund closed
to new investors. The investment objective of the Fund is to produce long-
term capital appreciation principally through investing in common stocks.

(a) Each security, excluding short-term investments, is valued at the last
sale price reported by the principal security exchange on which the
issue is traded. Securities that are traded on the Nasdaq National
Market or the Nasdaq SmallCap Market are valued at the Nasdaq Official
Closing Price or if no sale is reported, the latest bid price.
Securities which are traded over-the-counter are valued at the latest
bid price. Securities for which quotations are not readily available
are valued at fair value as determined by the investment adviser under
the supervision of the Board of Directors. The fair value of a
security is the amount which the Fund might reasonably expect to
receive upon a current sale. The fair value of a security may differ
from the last quoted price and the Fund may not be able to sell a
security at the fair value. Market quotations may not be available,
for example, if trading in particular securities was halted during the
day and not resumed prior to the close of trading on the New York
Stock Exchange. Short-term investments with maturities of 60 days or
less are valued at amortized cost, which approximates value. For
financial reporting purposes, investment transactions are recorded on
the trade date.

(b) Net realized gains and losses on sales of securities are computed on
the identified cost basis.

(d) The Fund has investments in short-term variable rate demand notes,
which are unsecured instruments. The Fund may be susceptible to
credit risk with respect to these notes to the extent the issuer
defaults on its payment obligation. The Fund's policy is to monitor
the creditworthiness of the issuer and nonperformance by these
counterparties is not anticipated.

(e) Accounting principles generally accepted in the United States of
America ("GAAP") require that permanent differences between income for
financial reporting and tax purposes be reclassified in the capital
accounts.

(f) The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from these
estimates.

(g) No provision has been made for Federal income taxes since the Fund has
elected to be taxed as a "regulated investment company" and intends to
distribute substantially all net investment company taxable income and
net capital gains to its shareholders and otherwise comply with the
provisions of the Internal Revenue Code applicable to regulated
investment companies.

(2) INVESTMENT ADVISER AND MANAGEMENT AGREEMENT AND TRANSACTIONS WITH RELATED
PARTIES --
The Fund has a management agreement with Fiduciary Management, Inc.
("FMI"), with whom certain officers and directors of the Fund are
affiliated, to serve as investment adviser and manager. Under the terms of
the agreement, the Fund will pay FMIa monthly management fee at the annual
rate of 1% of the daily net assets of the Fund. The Fund has an
administrative agreement with FMI to supervise all aspects of the Fund's
operations except those performed by FMI pursuant to the management
agreement. Under the terms of the agreement, the Fund will pay FMI a
monthly administrative fee at the annual rate of 0.1% of the daily net
assets up to and including $30,000,000 and 0.05% of the daily net assets of
the Fund in excess of $30,000,000.

Under the management agreement, FMI will reimburse the Fund for expenses
over 1.3% of the daily net assets of the Fund. No such reimbursements were
required for the six month period ending March 31, 2005.

Each Director who is not affiliated with the Fund receives an annual fee
for service as a Director and is eligible to participate in a deferred
compensation plan with respect to these fees. Participants in the plan may
designate their deferred Director's fees as if invested in the Fund. The
value of each Director's deferred compensation account will increase or
decrease as if it were invested in shares of the Fund. The Fund maintains
its proportionate share of the liability for deferred fees.

In the normal course of business the Fund enters into contracts with
service providers that contain general indemnification clauses. The Fund's
maximum exposure under these arrangements is unknown as this would involve
future claims that may be made against the Fund that have not yet occurred.
However, based on experience, the Fund expects the risk of loss to be
remote.

(3) DISTRIBUTION TO SHAREHOLDERS --
Net investment income and net realized gains, if any, are distributed to
shareholders at least annually.

(4) INVESTMENT TRANSACTIONS --
For the six month period ending March 31, 2005, purchases and proceeds of
sales of investment securities (excluding short-term investments) were
$67,851,934 and $83,665,326, respectively.

(5) ACCOUNTS PAYABLE AND ACCRUED LIABILITIES --
As of March 31, 2005, liabilities of the Fund included the following:

Payable to FMI for management and administrative fees $ 347,585
Payable to brokers for investments purchased 3,246,781
Payable to shareholders for redemptions 14,043
Deferred compensation plan for Directors 10,420
Other liabilities 55,224

(6) SOURCES OF NET ASSETS --
As of March 31, 2005, the sources of net assets were as follows:

Fund shares issued and outstanding $339,046,510
Net unrealized appreciation on investments 75,945,207
Undistributed net realized gains on investments 17,196,654
Accumulated net investment loss (10,420)
------------
$432,177,951
------------
------------
(7) INCOME TAX INFORMATION --
The following information for the Fund is presented on an income tax
basis as of March 31, 2005:

GROSS GROSS NET UNREALIZED
COST OF UNREALIZED UNREALIZED APPRECIATION
INVESTMENTS APPRECIATION DEPRECIATION ON INVESTMENTS
----------- ------------ ------------ --------------
$352,064,801 $77,934,704 $1,989,497 $75,945,207

The following information for the Fund is presented on an income tax
basis as of September 30, 2004:

GROSS GROSS NET UNREALIZED DISTRIBUTABLE DISTRIBUTABLE
COST OF UNREALIZED UNREALIZED APPRECIATION ORDINARY LONG-TERM
INVESTMENTS APPRECIATION DEPRECIATION ON INVESTMENTS INCOME CAPITAL GAINS
----------- ------------ ------------ -------------- ------------- -------------

$344,254,689 $62,064,292 $7,768,677 $54,295,615 $11,746,212 $8,301,019

The difference between the cost amount for financial statement and
federal income tax purposes is due primarily to timing differences in
recognizing certain gains and losses on security transactions.

The tax components of dividends paid during the years ended September 30,
2004 and 2003, capital loss carryovers, which may be used to offset future
capital gains, subject to Internal Revenue Code limitations, as of
September 30, 2004, and tax basis post-October losses as of September 30,
2004, which are not recognized for tax purposes until the first day of the
following fiscal year are:

SEPTEMBER 30, 2004 SEPTEMBER 30, 2003
-------------------------------------------------------------------------- ---------------------------------
ORDINARY LONG-TERM NET CAPITAL ORDINARY LONG-TERM
INCOME CAPITAL GAINS LOSS POST-OCTOBER INCOME CAPITAL GAINS
DISTRIBUTIONS DISTRIBUTIONS CARRYOVERS LOSSES DISTRIBUTIONS DISTRIBUTIONS
------------- ------------- ---------- ------------ ------------- -------------

$938,273 $4,786,721 $-- $-- $-- $--

For corporate shareholders in the Fund, the percentage of dividend income
distributed for the year ended September 30, 2004 which is designated as
qualifying for the dividends received deduction is 90% (unaudited).

For shareholders in the Fund, the percentage of dividend income
distributed for the year ended September 30, 2004 which is designated as
qualified dividend income under the Jobs and Growth Tax Relief Act of 2003,
is 90% (unaudited).

ADDITIONAL INFORMATION

For additional information about the Directors and Officers or for a description
of the policies and procedures that the Fund uses to determine how to vote
proxies relating to portfolio securities, please call (800) 811-5311 and request
a Statement of Additional Information. One will be mailed to you free of
charge. The Statement of Additional Information is also available on the
website of the Securities and Exchange Commission (the "Commission") at
http://www.sec.gov. Information on how the Fund voted proxies relating to
portfolio securities during the twelve month period ending June 30, 2004 is
available on the Fund's website at http://www.fmifunds.com or the website of the
Commission. The Fund files its complete schedule of portfolio holdings with the
Commission for the first and third quarter of each fiscal year on Form N-Q; (ii)
the Fund's Form N-Q is available on the Commission's website; and (iii) the
Fund's Form N-Q may be reviewed and copied at the Commission's Public Reference
Room in Washington, D.C., and that information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.

FMI COMMON STOCK FUND, INC.
100 East Wisconsin Avenue, Suite 2200
Milwaukee, Wisconsin 53202
www.fmifunds.com
414-226-4555

BOARD OF DIRECTORS
BARRY K. ALLEN
GEORGE D. DALTON
PATRICK J. ENGLISH
GORDON H. GUNNLAUGSSON
TED D. KELLNER
PAUL S. SHAIN
DONALD S. WILSON

INVESTMENT ADVISER AND ADMINISTRATOR
FIDUCIARY MANAGEMENT, INC.
100 East Wisconsin Avenue, Suite 2200
Milwaukee, Wisconsin 53202

TRANSFER AGENT AND DIVIDEND DISBURSING AGENT
U.S. BANCORP FUND SERVICES, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
800-811-5311
or
414-765-4124

CUSTODIAN
U.S. BANK, N.A.
425 Walnut Street
Cincinnati, Ohio 45202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PRICEWATERHOUSECOOPERS LLP
100 East Wisconsin Avenue, Suite 1500
Milwaukee, Wisconsin 53202

LEGAL COUNSEL
FOLEY & LARDNER LLP
777 East Wisconsin Avenue
Milwaukee, Wisconsin 53202

This report is not authorized for use as an offer of sale or a solicitation of
an offer to buy shares of FMI Common Stock Fund unless accompanied or preceded
by the Fund's current prospectus. Performance data quoted represents past
---------------------------------------
performance; past performance does not guarantee future results. The investment
- ----------------------------------------------------------------
return and principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Current performance of the Fund may be lower or higher than the performance
quoted. Performance data current to the most recent month end may be obtained by
visiting www.fmifunds.com.

ITEM 2. CODE OF ETHICS.
- -----------------------

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
- -----------------------------------------

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
- -----------------------------------------------

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
- ----------------------------------------------

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.
- --------------------------------

Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
- -------------------------------------------------------------------------
MANAGEMENT INVESTMENT COMPANIES.
- --------------------------------

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
- -------------------------------------------------------------------------

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
- ---------------------------------------------------------------------------
COMPANY AND AFFILIATED PURCHASERS.
- ----------------------------------

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
- -------------------------------------------------------------

None.

ITEM 11. CONTROLS AND PROCEDURES.
- ---------------------------------

(a) The disclosure controls and procedures of the FMI Common Stock Fund, Inc.
are periodically evaluated. As of April 18, 2005, the date of the last
evaluation, we concluded that our disclosure controls and procedures are
adequate.

(b) The internal controls of the FMI Common Stock Fund, Inc. are periodically
evaluated. Since, April 18, 2005, the date of the last evaluation, there
have been no significant changes in the FMI Common Stock Fund's internal
controls or in other factors that could have had a significant effect on
such controls. There have also been no significant deficiencies or
material weaknesses identified since the last evaluation that required any
corrective action.

ITEM 12. EXHIBITS.
- ------------------

(a) Any code of ethics or amendment thereto. Not applicable.

(b) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

FMI Common Stock Fund, Inc.
---------------------------
Registrant

By /s/Ted D. Kellner
-----------------
Ted D. Kellner, Principal Executive Officer

Date 5/19/05
-------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

FMI Common Stock Fund, Inc.
---------------------------
Registrant

By /s/Ted D. Kellner
-----------------
Ted D. Kellner, Principal Financial Officer

Date 5/19/05
-------