<PAGE> PAGE 1
000 A000000 03/31/97
000 C000000 0000035429
000 D000000 N
000 E000000 NC
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
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 Y
007 B000000 2
007 C010100 1
007 C020100 FIDUCIARY MGMT. ASSOC. - GROWTH PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 FIDUCIARY MGMT. ASSOC. - LARGE CAP GROWTH
007 C030200 N
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 ALLIANCE CAPITAL MANAGEMENT L.P.
008 B00AA01 A
008 C00AA01 801-32361
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10105
010 A00AA01 ALLIANCE CAPITAL MANAGEMENT L.P.
010 B00AA01 801-32361
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10105
011 A00AA01 ALLIANCE FUND DISTRIBUTORS, INC.
011 B00AA01 8-30851
011 C01AA01 NEW YORK
011 C02AA01 NY
<PAGE> PAGE 2
011 C03AA01 10105
012 A00AA01 ALLIANCE FUND SERVICES, INC.
012 B00AA01 84-001187
012 C01AA01 SECAUCUS
012 C02AA01 NJ
012 C03AA01 07094
013 A00AA01 ERNST & YOUNG, LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10172
014 A00AA01 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
014 B00AA01 8-00017574
014 A00AA02 PERSHING
014 B00AA02 8-00017574
014 A00AA03 AUTRONET
014 B00AA03 8-00017574
015 A00AA01 STATE STREET BANK AND TRUST CO.
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 52
019 C00AA00 ALLIANCECA
020 A000001 MONTGOMERY SECURITIES
020 B000001 94-1701676
020 C000001 51
020 A000002 SALOMON BROTHERS INC.
020 B000002 13-3082694
020 C000002 51
020 A000003 SMITH BARNEY INC.
020 B000003 13-1912900
020 C000003 50
020 A000004 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000004 13-5674085
020 C000004 49
020 A000005 ALEX BROWN & SONS, INC.
020 B000005 52-1319768
020 C000005 33
020 A000006 MORGAN STANLEY AND CO., INC.
020 B000006 13-2655998
020 C000006 31
020 A000007 CS FIRST BOSTON CORP.
020 B000007 13-5659485
020 C000007 28
020 A000008 GOLDMAN SACHS & CO.
020 B000008 13-5108880
020 C000008 20
020 A000009 BEAR STEARNS & CO. INC.
<PAGE> PAGE 3
020 B000009 13-3299429
020 C000009 15
020 A000010 NATWEST SECURITIES CORP.
020 C000010 14
021 000000 512
022 A000001 CHEMICAL SECURITIES, INC.
022 B000001 13-3379014
022 C000001 316667
022 D000001 8285
022 A000002 AUBREY LANSTON & CO. INC.
022 B000002 13-5552129
022 C000002 314019
022 D000002 3397
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003 10608
022 D000003 7530
022 A000004 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000004 13-5674085
022 C000004 8437
022 D000004 9164
022 A000005 GENERAL ELECTRIC CAPITAL CORP.
022 B000005 13-5409205
022 C000005 13644
022 D000005 0
022 A000006 PRUDENTIAL SECURITIES INC.
022 B000006 22-2347336
022 C000006 9507
022 D000006 760
022 A000007 ALEX BROWN & SONS, INC.
022 B000007 52-1319768
022 C000007 4661
022 D000007 4972
022 A000008 SMITH BARNEY INC.
022 B000008 13-1912900
022 C000008 3705
022 D000008 5124
022 A000009 MORGAN STANLEY AND CO., INC.
022 B000009 13-2655998
022 C000009 6297
022 D000009 2259
022 A000010 SALOMON BROTHERS INC.
022 B000010 13-3082694
022 C000010 3463
022 D000010 3396
023 C000000 737851
023 D000000 90878
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
<PAGE> PAGE 4
026 E000000 N
026 F000000 N
026 G010000 N
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 N
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
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
<PAGE> PAGE 5
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 250
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 Y
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
<PAGE> PAGE 6
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 Y
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 N
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 N
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 Y
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 GULF INSURANCE COMPANY
080 C00AA00 80000
081 A00AA00 Y
081 B00AA00 100
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
<PAGE> PAGE 7
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
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
086 A01AA00 0
086 A02AA00 0
086 B01AA00 0
086 B02AA00 0
086 C01AA00 0
086 C02AA00 0
086 D01AA00 0
086 D02AA00 0
086 E01AA00 0
086 E02AA00 0
086 F01AA00 0
086 F02AA00 0
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 0
028 A020100 0
028 A030100 0
028 A040100 164
028 B010100 1798
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 0
028 C020100 51759
028 C030100 0
028 C040100 29
028 D010100 0
028 D020100 0
028 D030100 0
<PAGE> PAGE 8
028 D040100 12680
028 E010100 0
028 E020100 0
028 E030100 0
028 E040100 2841
028 F010100 139
028 F020100 0
028 F030100 0
028 F040100 11347
028 G010100 1937
028 G020100 51759
028 G030100 0
028 G040100 27061
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.750
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
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
071 A000100 161404
071 B000100 175612
071 C000100 151837
071 D000100 106
072 A000100 6
072 B000100 219
<PAGE> PAGE 9
072 C000100 199
072 D000100 0
072 E000100 0
072 F000100 568
072 G000100 60
072 H000100 0
072 I000100 11
072 J000100 59
072 K000100 0
072 L000100 8
072 M000100 14
072 N000100 5
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 35
072 S000100 17
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 9
072 X000100 786
072 Y000100 0
072 Z000100 -368
072AA000100 16994
072BB000100 0
072CC010100 0
072CC020100 14919
072DD010100 0
072DD020100 0
072EE000100 51864
073 A010100 0.0000
073 A020100 0.0000
073 B000100 12.4800
073 C000100 0.0000
074 A000100 181
074 B000100 0
074 C000100 2200
074 D000100 0
074 E000100 0
074 F000100 135615
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 67
074 K000100 0
074 L000100 43
074 M000100 0
074 N000100 138106
074 O000100 793
074 P000100 258
<PAGE> PAGE 10
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 136
074 S000100 0
074 T000100 136919
074 U010100 5149
074 U020100 0
074 V010100 26.59
074 V020100 0.00
074 W000100 0.0000
074 X000100 18
074 Y000100 0
075 A000100 0
075 B000100 157845
076 000100 0.00
024 000200 Y
025 A000201 MERRILL LYNCH PIERCE FENNER & SMITH
025 B000201 13-5674085
025 C000201 E
025 D000201 447
025 A000202 MORGAN STANLEY AND CO., INC.
025 B000202 13-2655998
025 C000202 E
025 D000202 118
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 700
028 A020200 0
028 A030200 0
028 A040200 0
028 B010200 0
028 B020200 0
028 B030200 0
028 B040200 0
028 C010200 0
028 C020200 176
028 C030200 0
028 C040200 0
028 D010200 0
028 D020200 0
028 D030200 0
028 D040200 0
028 E010200 717
028 E020200 0
028 E030200 0
<PAGE> PAGE 11
028 E040200 0
028 F010200 402
028 F020200 0
028 F030200 0
028 F040200 0
028 G010200 1819
028 G020200 176
028 G030200 0
028 G040200 0
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.650
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
071 A000200 3008
071 B000200 1585
071 C000200 13649
071 D000200 12
072 A000200 6
072 B000200 5
072 C000200 80
072 D000200 0
<PAGE> PAGE 12
072 E000200 0
072 F000200 45
072 G000200 0
072 H000200 0
072 I000200 1
072 J000200 30
072 K000200 0
072 L000200 5
072 M000200 10
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 7
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 2
072 X000200 100
072 Y000200 38
072 Z000200 23
072AA000200 222
072BB000200 0
072CC010200 1147
072CC020200 0
072DD010200 57
072DD020200 0
072EE000200 137
073 A010200 0.0500
073 A020200 0.0000
073 B000200 0.1200
073 C000200 0.0000
074 A000200 1
074 B000200 0
074 C000200 419
074 D000200 0
074 E000200 0
074 F000200 14523
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 8
074 L000200 35
074 M000200 0
074 N000200 14986
074 O000200 0
074 P000200 14
074 Q000200 0
074 R010200 0
<PAGE> PAGE 13
074 R020200 0
074 R030200 0
074 R040200 11
074 S000200 0
074 T000200 14961
074 U010200 1250
074 U020200 0
074 V010200 11.97
074 V020200 0.00
074 W000200 0.0000
074 X000200 1
074 Y000200 0
075 A000200 0
075 B000200 13817
076 000200 0.00
SIGNATURE CATHY WHITE
TITLE ASST VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000035429
<NAME> FIDUCIARY MANAGEMENT ASSOCIATES, INC.
<SERIES>
<NUMBER> 01
<NAME> GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 135,692,529
<INVESTMENTS-AT-VALUE> 137,814,995
<RECEIVABLES> 110,134
<ASSETS-OTHER> 180,986
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 138,106,115
<PAYABLE-FOR-SECURITIES> 792,589
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 394,871
<TOTAL-LIABILITIES> 1,187,460
<SENIOR-EQUITY> 51,486
<PAID-IN-CAPITAL-COMMON> 120,793,168
<SHARES-COMMON-STOCK> 5,148,571
<SHARES-COMMON-PRIOR> 4,114,385
<ACCUMULATED-NII-CURRENT> (367,806)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,319,341
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,122,466
<NET-ASSETS> 136,918,655
<DIVIDEND-INCOME> 199,355
<INTEREST-INCOME> 219,258
<OTHER-INCOME> 0
<EXPENSES-NET> (786,419)
<NET-INVESTMENT-INCOME> (367,806)
<REALIZED-GAINS-CURRENT> 16,993,634
<APPREC-INCREASE-CURRENT> (14,918,905)
<NET-CHANGE-FROM-OPS> 1,706,923
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (51,863,971)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 51,304
<NUMBER-OF-SHARES-REDEEMED> (965,887)
<SHARES-REINVESTED> 1,948,769
<NET-CHANGE-IN-ASSETS> (23,521,878)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 49,189,678
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 568,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 786,000
<AVERAGE-NET-ASSETS> 159,247,743
<PER-SHARE-NAV-BEGIN> 39.00
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 0.14
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (12.48)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 26.59
<EXPENSE-RATIO> .99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000035429
<NAME> FIDUCIARY MANAGEMENT ASSOCIATES, INC.
<SERIES>
<NUMBER> 02
<NAME> LARGE CAPITALIZATION GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 12,542,955
<INVESTMENTS-AT-VALUE> 14,942,038
<RECEIVABLES> 34,709
<ASSETS-OTHER> 467
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,977,214
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,669
<TOTAL-LIABILITIES> 16,669
<SENIOR-EQUITY> 12,500
<PAID-IN-CAPITAL-COMMON> 12,315,743
<SHARES-COMMON-STOCK> 1,249,998
<SHARES-COMMON-PRIOR> 1,082,597
<ACCUMULATED-NII-CURRENT> 20,122
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 213,097
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,399,083
<NET-ASSETS> 14,960,545
<DIVIDEND-INCOME> 80,361
<INTEREST-INCOME> 4,898
<OTHER-INCOME> 0
<EXPENSES-NET> (62,450)
<NET-INVESTMENT-INCOME> 22,809
<REALIZED-GAINS-CURRENT> 221,501
<APPREC-INCREASE-CURRENT> 1,146,720
<NET-CHANGE-FROM-OPS> 1,391,030
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (57,269)
<DISTRIBUTIONS-OF-GAINS> (137,445)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 152,107
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 15,294
<NET-CHANGE-IN-ASSETS> 3,191,054
<ACCUMULATED-NII-PRIOR> 54,582
<ACCUMULATED-GAINS-PRIOR> 129,041
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 101,000
<AVERAGE-NET-ASSETS> 13,915,761
<PER-SHARE-NAV-BEGIN> 10.87
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.25
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> (0.12)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.97
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
[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 44,300 7,000 0.63% Goldman Sachs 0
American Residential Svcs.09/24/96 3,500 0.03% $15.00 12,600 4,200 0.30% 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 12,500 3,340 0.37% Morgan Stanley 0
Document Sciences Corp. 09/20/96 1,800 0.01% $12.00 20,500 2,300 0.89% C.J. Lawrence 0
Intelligroup Inc. 09/27/96 3,300 0.02% $10.00 40,100 8,170 0.49% 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 19,000 3,000 0.63% Lewco Sec. 0
Costilla Energy Inc. 10/02/96 95,900 0.74% $12.50 130,200 4,800 2.71% Prudential Sec. 142,000
Culligan Wtr Tech. 10/07/96 45,100 1.04% $37.63 222,100 4,995 4.45% Goldman Sachs 51,300
Culligan Wtr Tech. 10/07/96 3,000 0.07% $37.63 222,100 4,995 4.45% Everen Sec. 51,300
Cybermedia Inc. 10/23/96 2,600 0.03% $16.00 31,100 2,500 1.24% Lewco Sec. 0
Dominicks Supermarkets 10/29/96 5,300 0.06% $18.00 24,200 8,000 0.30% BT Sec. 0
Dominicks Supermarkets 10/29/96 1,000 0.01% $18.00 24,200 8,000 0.30% C.J. Lawrence 0
Infinity Finl Tech. Inc. 10/25/96 1,200 0.01% $16.00 14,000 2,690 0.52% Goldman Sachs 0
Stage Stores 10/24/96 29,200 0.30% $16.50 54,500 11,000 0.50% First Boston 0
Superior Consultant Inc. 10/10/96 400 0.00% $16.00 4,300 2,500 0.17% Blair, William 0
Sabre Group Hldgs. 10/10/96 22,600 0.38% $27.00 271,500 20,200 1.34% Goldman Sachs 0
Trusted Information Sys. I10/10/96 4,100 0.03% $13.00 49,000 3,400 1.44% J.P. Morgan 0
White Pine Software 10/11/96 7,100 0.04% $9.00 82,200 3,000 2.74% Cowen & Co. 0
Wild Oaks Mkts. 10/22/96 4,000 0.06% $25.00 15,400 1,680 0.92% Montgomery Sec. 0
XL Connect Solutions 10/17/96 2,400 0.02% $15.00 29,800 2,900 1.03% Brown (Alex) & Sons0
NuSkin Asia Pacific 11/21/96 10,200 0.15% $23.00 44,100 9,100 0.48% 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>
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.
[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 LARGE CAP
<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>
Deutsche Telecom ADR 11/18/96 1,900 0.27% $18.89 1,077,590 85,000 1.27% Goldman Sachs 0
</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.
