FIDUCIARY MANAGEMENT ASSOCIATES
NSAR-B, 1997-11-26
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<PAGE>      PAGE  1
000 B000000 09/30/97
000 C000000 0000035429
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
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000 J000000 A
001 A000000 FIDUCIARY MANAGEMENT ASSOCIATES, INC.
001 B000000 811-01897
001 C000000 2013194190
002 A000000 500 PLAZA DRIVE
002 B000000 SECAUCUS
002 C000000 NJ
002 D010000 07094
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
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008 A000001 ALLIANCE CAPITAL MANAGEMENT L.P.
008 B000001 A
008 C000001 801-32361
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10105
010 A000001 ALLIANCE CAPITAL MANAGEMENT L.P.
010 B000001 801-32361
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10105
011 A000001 ALLIANCE FUND DISTRIBUTORS, INC.
011 B000001 8-30851
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10105
012 A000001 ALLIANCE FUND SERVICES, INC.
012 B000001 84-001187
012 C010001 SECAUCUS
012 C020001 NJ
012 C030001 07096
013 A000001 ERNST & YOUNG, LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10019
014 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
014 B000001 8-00017574
014 A000002 PERSHING
014 B000002 8-00017574
<PAGE>      PAGE  2
014 A000003 AUTRANET
014 B000003 8-00017574
015 A000001 STATE STREET BANK AND TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000   52
019 C000000 ALLIANCECA
020 A000001 SALOMON BROTHERS INC.
020 B000001 13-3082694
020 C000001     94
020 A000002 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000002 13-5674085
020 C000002     78
020 A000003 MONTGOMERY SECURITIES
020 B000003 94-1701676
020 C000003     67
020 A000004 SMITH BARNEY INC.
020 B000004 13-1912900
020 C000004     66
020 A000005 CITATION GROUP
020 C000005     53
020 A000006 ALEX BROWN & SONS, INC.
020 B000006 52-1319768
020 C000006     48
020 A000007 MORGAN STANLEY AND CO., INC.
020 B000007 13-2655998
020 C000007     43
020 A000008 C.J. LAWRENCE INC.
020 C000008     40
020 A000009 CS FIRST BOSTON CORP.
020 B000009 13-5659485
020 C000009     37
020 A000010 PAINE WEBBER INC.
020 B000010 13-2638166
020 C000010     36
021  000000      941
022 A000001 AUBREY LANSTON & CO. INC.
022 B000001 13-5552129
022 C000001    782296
022 D000001      9195
022 A000002 CHEMICAL SECURITIES, INC.
022 B000002 13-3379014
022 C000002    316667
022 D000002      8285
022 A000003 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000003 13-5674085
<PAGE>      PAGE  3
022 C000003     14354
022 D000003     17269
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004     13844
022 D000004     11592
022 A000005 STATE STREET BANK & TRUST CO.
022 B000005 04-1867445
022 C000005     22889
022 D000005         0
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022 B000006 13-1955436
022 C000006      2113
022 D000006     18012
022 A000007 SMITH BARNEY INC.
022 B000007 13-1912900
022 C000007      6856
022 D000007     11521
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022 B000008 13-2655998
022 C000008     12680
022 D000008      5586
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022 B000009 13-2518466
022 C000009      9273
022 D000009      5849
022 A000010 ALEX BROWN & SONS, INC.
022 B000010 52-1319768
022 C000010      6998
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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SIGNATURE   CATHY WHITE                                  
TITLE       ASST VICE PRESIDENT 
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000035429
<NAME> FIDUCIARY MANAGEMENT ASSOCIATES, INC.
<SERIES>
   <NUMBER> 01
   <NAME> FIDUCIARY MANAGEMENT ASSOCIATES, INC.
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          SEP-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               SEP-30-1997
<INVESTMENTS-AT-COST>                       75,431,250
<INVESTMENTS-AT-VALUE>                      86,915,900
<RECEIVABLES>                                  963,543
<ASSETS-OTHER>                                  18,994
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              87,898,437
<PAYABLE-FOR-SECURITIES>                     1,378,672
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      278,707
<TOTAL-LIABILITIES>                          1,657,379
<SENIOR-EQUITY>                                 25,538
<PAID-IN-CAPITAL-COMMON>                    44,848,659
<SHARES-COMMON-STOCK>                        2,553,778
<SHARES-COMMON-PRIOR>                        4,114,385
<ACCUMULATED-NII-CURRENT>                        1,507
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     29,880,704
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    11,484,650
<NET-ASSETS>                                86,241,058
<DIVIDEND-INCOME>                              401,762
<INTEREST-INCOME>                              339,867
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (1,338,751)
<NET-INVESTMENT-INCOME>                      (597,122)
<REALIZED-GAINS-CURRENT>                    33,153,626
<APPREC-INCREASE-CURRENT>                  (5,556,721)
<NET-CHANGE-FROM-OPS>                       26,999,783
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                  (51,863,971)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         83,725
<NUMBER-OF-SHARES-REDEEMED>                (3,593,101)
<SHARES-REINVESTED>                          1,948,769
<NET-CHANGE-IN-ASSETS>                    (74,199,475)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                   49,189,678
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          943,000
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,339,000
<AVERAGE-NET-ASSETS>                       134,552,468
<PER-SHARE-NAV-BEGIN>                            39.00
<PER-SHARE-NII>                                 (0.14)
<PER-SHARE-GAIN-APPREC>                           7.39
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                      (12.48)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              33.77
<EXPENSE-RATIO>                                    .99
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>




Report of Independent Auditors


To the Shareholders and Board of Trustees of
Fiduciary Management Associates - Growth Portfolio

In planning and performing our audit of the financial statements of Fiduciary 
Management Associates - Growth Portfolio for the year ended September 30, 
1997, we considered its internal control, including control activities 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.

The management of Fiduciary Management Associates - Growth Portfolio is 
responsible for establishing and maintaining internal control.  In fulfilling 
this responsibility, estimates and judgments by management are required to 
assess the expected benefits and related costs of controls.  Generally, 
controls that are relevant to an audit pertain to the entity's objective of 
preparing financial statements for external purposes that are fairly 
presented in conformity with generally accepted accounting principles.  Those 
controls include the safeguarding of assets against unauthorized acquisition, 
use or disposition.

Because of inherent limitations in internal control, errors or irregularities 
may occur and not be detected.  Also, projection of any evaluation of 
internal control 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 would not necessarily disclose all 
matters in the internal control 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 one or more of the internal control components 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 and its operation, including controls 
for safeguarding securities, that we consider to be material weaknesses as 
defined above at September 30, 1997.

This report is intended solely for the information and use of the board of 
trustees and management of Fiduciary Management Associates - Growth Portfolio 
and the Securities and Exchange Commission.



	ERNST & YOUNG LLP

New York, New York
November 4, 1997



[DESCRIPTION]Report of 10f-3 Transactions
Securities Purchases in Underwritings Involving
Transactions with Donaldson, Lufkin, & Jenrette Securities Co
Subject to Rule 10f-3 Under the Investment Company Act of 1940
FIDUCIARY MANAGEMENT ASSOCIATES
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD SEPT 1, 1996 THROUGH NOV 30, 1996
<CAPTION>
                                                                            Total
                                                              Shares        Shares   % of Issue                  Shares
                          Date     Shares   % of FundPrice perPurchased by  Issued   Purchased                   Held
Security                  PurchasedPurchasedAssets (1Share    Fund Group    (000)    By Group Broker(s)          11/30/96
<C>                       <C>      <C>      <C>      <C>      <C>           <C>      <C>      <C>                <C>
Abercrombie & Fitch Co.   09/25/96 12,000   0.12%    $16.00   4,200         7,000    0.06%    Goldman Sachs      0
American Residential Svcs.09/24/96 3,500    0.03%    $15.00   1,200         4,200    0.03%    Smith Barney       0
Cross Continent Auto Retai09/23/96 2,000    0.02%    $14.00   129,200       3,675    3.52%    Furman, Selz       0
Cross Continent Auto Retai09/23/96 33,700   0.30%    $14.00   129,200       3,675    3.52%    Morgan Stanley     0
Cymer Inc.                09/18/96 1,100    0.01%    $9.50    8,900         3,340    0.27%    Morgan Stanley     0
Document Sciences Corp.   09/20/96 1,800    0.01%    $12.00   14,500        2,300    0.63%    C.J. Lawrence      0
Intelligroup Inc.         09/27/96 3,300    0.02%    $10.00   29,200        8,170    0.36%    Cowen & Co.        0
Tag Heuer Intl. SA        09/26/96 38,600   0.47%    $19.55   140,200       25,050   0.56%    Smith Barney       0
Technology Modeling Assocs09/20/96 1,600    0.01%    $12.00   13,600        3,000    0.45%    Lewco Sec.         0
Costilla Energy Inc.      10/02/96 95,900   0.74%    $12.50   4,200         4,800    0.09%    Prudential Sec.    142,000
Culligan Wtr Tech.        10/07/96 45,100   1.04%    $37.63   46,600        4,995    0.93%    Goldman Sachs      51,300
Culligan Wtr Tech.        10/07/96 3,000    0.07%    $37.63   46,600        4,995    0.93%    Everen Sec.        51,300
Cybermedia Inc.           10/23/96 2,600    0.03%    $16.00   22,000        2,500    0.88%    Lewco Sec.         0
Dominicks Supermarkets    10/29/96 5,300    0.06%    $18.00   2,300         8,000    0.03%    BT Sec.            0
Dominicks Supermarkets    10/29/96 1,000    0.01%    $18.00   2,300         8,000    0.03%    C.J. Lawrence      0
Infinity Finl Tech. Inc.  10/25/96 1,200    0.01%    $16.00   9,900         2,690    0.37%    Goldman Sachs      0
Stage Stores              10/24/96 29,200   0.30%    $16.50   10,300        11,000   0.09%    First Boston       0
Superior Consultant Inc.  10/10/96 400      0.00%    $16.00   3,000         2,500    0.12%    Blair, William     0
Sabre Group Hldgs.        10/10/96 22,600   0.38%    $27.00   193,800       20,200   0.96%    Goldman Sachs      0
Trusted Information Sys. I10/10/96 4,100    0.03%    $13.00   34,900        3,400    1.03%    J.P. Morgan        0
White Pine Software       10/11/96 7,100    0.04%    $9.00    62,500        3,000    2.08%    Cowen & Co.        0
Wild Oaks Mkts.           10/22/96 4,000    0.06%    $25.00   1,500         1,680    0.09%    Montgomery Sec.    0
XL Connect Solutions      10/17/96 2,400    0.02%    $15.00   21,500        2,900    0.74%    Brown (Alex) & Sons0
NuSkin Asia Pacific       11/21/96 10,200   0.15%    $23.00   7,500         9,100    0.08%    Merrill Lynch      0
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD DECEMBER 1, 1996 THROUGH FEBRUARY 28, 1997
<CAPTION>
                                                                            Total
                          Date     Shares   % of FundPrice perPurchased by  Issued   Purchased                   Held
Security                  PurchasedPurchasedAssets   Share    Fund Group    (000)    By Group Broker(s)          02/28/97
<C>                       <C>      <C>      <C>      <C>      <C>           <C>      <C>      <C>                <C>
Versatility Inc.          12/12/96 500      0.00%    $15.00   5,900         2,200    0.27%    Merrill Lynch      0
Doncasters PLC            01/29/97 14,800   0.14%    $16.50   79,600        8,000    1.00%    First Boston       81,300
Siligan Holdings          02/13/97 23,300   0.30%    $20.00   142,000       4,500    3.16%    Morgan Stanley     80,800
Vail Resorts Inc.         02/03/97 65,500   0.91%    $22.00   309,600       12,100   2.56%    Bear Stearns       0
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD MARCH 1, 1997 THROUGH MAY 31, 1997
<CAPTION>
                                                                            Total
                          Date     Shares   % of FundPrice perPurchased by  Issued   Purchased                   Held
Security                  PurchasedPurchasedAssets   Share    Fund Group    (000)    By Group Broker(s)          05/31/97
<C>                       <C>      <C>      <C>      <C>      <C>           <C>      <C>      <C>                <C>
Jacor Communications Inc. 05/16/97 7,700    1.96%    $31.00   47,500        6,650    0.71%    CS First Boston    32,800
LHS Group Inc.            05/15/97 6,100    2.06%    $16.00   40,800        4,800    0.85%    Goldman Sachs      0
Rental Services Corporatio05/30/97 21,900   0.35%    $19.88   160,000       5,280    3.03%    Blair, William     21,900
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD JUNE 1, 1997 THROUGH AUGUST 31, 1997
<CAPTION>
                                                                            Total
                          Date     Shares   % of FundPrice perPurchased by  Issued   Purchased                   Held
Security                  PurchasedPurchasedAssets   Share    Fund Group    (000)    By Group Broker(s)          08/31/97
<C>                       <C>      <C>      <C>      <C>      <C>           <C>      <C>      <C>                <C>
Arm Financial             06/18/97 12,400   0.15%    $15.00   178,900       8,000    0.22%    Morgan Stanley     0
RWD Technologies          06/19/97 800      0.01%    $13.00   17,400        3,000    0.58%    William Blair      0
Cal Dive International    07/01/97 13,900   0.18%    $15.00   126,700       3,600    3.52%    Wertheim Schroder  0
Peritus Software          07/01/97 1,400    0.02%    $16.00   34,300        3,500    0.98%    Montgomery Sec.    0
CCA Prison Realty         07/15/97 3,700    0.07%    $21.00   46,000        18,500   0.25%    J.C. Bradford      14,900
Friede Goldman            07/21/97 15,900   0.26%    $17.00   150,000       4,665    3.22%    Jeffries & Co.     0
Novel Denim               07/23/97 71,300   1.24%    $18.00   96,500        4,250    2.27%    Morgan Stanley     54,800
CHS Electronics           07/25/97 19,400   0.60%    $31.75   183,200       13,000   1.41%    Raymond James      0
Carrizo Oil & Gas         08/06/97 9,500    0.10%    $11.00   100,000       2,500    4.00%    Lewco Sec.         0
Steel Dynamics            08/13/97 23,000   0.65%    $25.00   216,700       8,400    2.58%    Morgan Stanley     38,700
</TABLE>
1-Purchase may not exceed 3% of Fund's Total Assets.
2-Purchases by all Alliance Funds may not exceed the greater of (i) 4% of
the principal amount of the offering or (ii) $500,000 in principal amount,
but in no event may exeed 10% of the principal amount of the offering.



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