<PAGE> PAGE 1
000 A000000 03/31/98
000 C000000 0000035429
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
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
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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
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
015 A000001 STATE STREET BANK AND TRUST CO.
015 B000001 C
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015 C020001 MA
015 C030001 02110
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018 000000 Y
<PAGE> PAGE 2
019 A000000 Y
019 B000000 55
019 C000000 ALLIANCECA
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000001 13-5674085
020 C000001 47
020 A000002 SMITH BARNEY INC.
020 B000002 13-1912900
020 C000002 23
020 A000003 MORGAN (J.P.) SECURITIES INC.
020 B000003 13-3224016
020 C000003 16
020 A000004 LEHMAN BROTHERS INC.
020 B000004 13-2518466
020 C000004 16
020 A000005 BROWN (ALEX) & SONS INC.
020 B000005 52-1319768
020 C000005 16
020 A000006 CS FIRST BOSTON CORP.
020 B000006 13-5659485
020 C000006 10
020 A000007 MORGAN STANLEY AND CO., INC.
020 B000007 13-2655998
020 C000007 10
020 A000008 BEAR STEARNS AND CO.
020 B000008 13-3299429
020 C000008 9
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020 B000009 22-2347336
020 C000009 9
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020 B000010 13-2638166
020 C000010 7
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022 A000001 AUBREY LANSTON & CO. INC.
022 B000001 13-5552129
022 C000001 357422
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022 D000002 10516
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022 B000003 22-2347336
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022 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000004 13-5674085
022 C000004 5154
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022 B000005 13-2518466
<PAGE> PAGE 3
022 C000005 3271
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022 A000006 MORGAN STANLEY AND CO., INC.
022 B000006 13-2655998
022 C000006 4029
022 D000006 1972
022 A000007 NATIONS BANK
022 C000007 2612
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022 A000008 GOLDMAN SACHS & CO.
022 B000008 13-5108880
022 C000008 2260
022 D000008 2612
022 A000009 PAINEWEBBER INC.
022 B000009 13-2638166
022 C000009 4097
022 D000009 0
022 A000010 CHARLES SCHWAB & CO.
022 B000010 94-1737782
022 C000010 272
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<PAGE> PAGE 9
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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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 52,016,138
<INVESTMENTS-AT-VALUE> 58,807,763
<RECEIVABLES> 1,906,031
<ASSETS-OTHER> 89,499
<OTHER-ITEMS-ASSETS> 0
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<TOTAL-LIABILITIES> 2,139,572
<SENIOR-EQUITY> 25,623
<PAID-IN-CAPITAL-COMMON> 40,944,261
<SHARES-COMMON-STOCK> 2,562,262
<SHARES-COMMON-PRIOR> 2,553,778
<ACCUMULATED-NII-CURRENT> (184,376)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,086,588
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,791,625
<NET-ASSETS> 58,663,721
<DIVIDEND-INCOME> 166,912
<INTEREST-INCOME> 100,279
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> (185,883)
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<APPREC-INCREASE-CURRENT> (4,693,025)
<NET-CHANGE-FROM-OPS> 7,878,903
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</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 SEPTEMBER 1, 1997 THROUGH OCTOBER 5, 1997
<CAPTION>
Total
Shares Shares % of Issue Shares
Date Shares % of FunPrice pePurchaseIssued Purchased Held
Security PurchasePurchaseAssets Share Fund Gro(000) By GroupBroker(s) 11/30/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Peterson Cos. Inc. 10/01/974,300 0.09% $17.50 3,800 7,000 0.05% Morgan Stanle0
Ivex Packaging Corp. 10/01/975,900 0.11% $16.00 87,500 8,400 1.04% Merrill Lynch34,300
</TABLE>
<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.
10f-3 TRANSACTIONS FOR THE PERIOD OCTOBER 6, 1997 THROUGH NOVEMBER 30, 1997
<CAPTION>
Total
Date Shares % of FunPrice pePurchaseIssued Purchased Held
Security* PurchasePurchaseAssets Share Fund Gro(000) By GroupBroker(s) 11/30/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Trimeris Inc. 10/07/979,900 0.00% $12.00 150,000 2,075 7.23% UBS Securitie0
American Disposal Svcs10/22/974,300 0.00% $30.50 75,000 6,000 1.25% Oppenheimer 27,720
Dril Quip Inc. 10/22/973,700 0.00% $24.00 3,600 5,000 0.07% Morgan Stanle0
Metromedia Fiber Netwo10/28/974,100 0.00% $16.00 101,700 7,092 1.43% Alex Brown 0
IRI International 11/13/978,000 0.00% $18.00 131,300 12,000 1.09% Lehman Brothe8,000
Rayovac Corp. 11/20/9721,600 0.00% $14.00 350,000 6,700 5.22% Merrill Lynch12,600
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD DECEMBER 1, 1997 THROUGH FEBRUARY 28, 1998
<CAPTION>
Total
Date Shares % of FunPrice pePurchaseIssued Purchased Held
Security PurchasePurchaseAssets Share Fund Gro(000) By GroupBroker(s) 02/28/98
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Princeton Video Image 12/16/9718,000 0.00% $7.00 299,400 4,000 7.49% Allen & Co. 18,000
United Rentals Inc. 12/18/9715,000 0.00% $13.50 249,500 7,000 3.56% Merrill Lynch20,100
Royal Olympic Cruise L02/04/988,800 0.00% $15.00 154,400 6,100 2.53% Lazard Freres0
Associated Materials I02/26/9827,100 0.00% $16.00 527,700 2,129 24.79% Smith Barney 27,100
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD MARCH 1, 1998 THROUGH MARCH 31, 1998
<CAPTION>
Total
Date Shares % of FunPrice pePurchaseIssued Purchased Held
Security PurchasePurchaseAssets Share Fund Gro(000) By GroupBroker(s) 03/31/98
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Exodus Communications 03/18/981,300 0.00% $15.00 60,600 4,500 1.35% Goldman Sachs0
ISS Group 03/23/98900 0.00% $22.00 41,700 3,000 1.39% Goldman Sachs0
PC Connection 03/03/98100 0.00% $17.50 4,800 3,125 0.15% William Blair0
Waddell & Reed Financi03/04/986,000 0.00% $23.00 117,400 21,700 0.54% Morgan Stanle0
</TABLE>
* Unless otherwise indicated, the securities were part of an issue registered
under the Securities Act of 1933 and offered to the public.
**Indicates the puchase of an Eligible Rule 144A Security.
1) Purchases by all Alliance Funds, including the Fund, may not exceed: (a) if
purchased in an offering than an Eligible Rule 144A Offering, 25% of the
principal amount of the offering of such class; or (b) if purchased in an
Eligible Rule 144A Offering, 25% of the total of (i) the principal amount
of the offering of such class sold by the underwriters or members of the
selling syndicate to qualified institutional buyers, plus (ii) the principal
amount of the offering of such class in any concurrent public offering.
FIDUCIARY MANAGEMENT ASSOCIATES, INC. Exhibit 77Q1(a)
811-1897
Agreement and Declaration of Trust: Incorporated by reference to Exhibit 1 to
Post-Effective Amendment No. 30 to Registrant's Registration Statement on Form
N-1A, filed with the Securities and Exchange Commission on March 13, 1986.
By-Laws: Incorporated by reference to Exhibit 2 to Post-Effective Amendment
No. 30 to Registrant's Registration Statement on Form N-1A, filed with the
Securities and Exchange Commission on March 13, 1986.
