FOREIGN & COLONIAL MANAGEMENT LTD /ADV
SC 13G/A, 1998-02-13
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 1)*

                             Matria Healthcare, Inc.
                                (Name of Issuer)

                          Common Stock, par value $.01
                         (Title of Class of Securities)

                                   5768171100
                                 (CUSIP Number)

  *The remainder of this cover page shall be filled out for a reporting person's
  initial filing on this form with respect to the subject class of securities,
  and for any subsequent amendment containing information which would alter the
  disclosures provided in a prior cover page.

  The information required on the remainder of this cover page shall not be
  deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
  Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
  the Act but shall be subject to all other provisions of the Act (however, see
  the Notes).





<PAGE>



- -----------------------------                             
CUSIP No.  5768171100                    13G              
- -----------------------------                             

- ---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           Foreign & Colonial Management Limited
- ---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                            (a) [ ]
                                                            (b) [X]
- ---------- ---------------------------------------------------------------------
        3  SEC USE ONLY

- ---------- ---------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           United Kingdom
- -------------------- ------ ----------------------------------------------------
                         5  SOLE VOTING POWER


                     ------ ----------------------------------------------------
     NUMBER OF           6  SHARED VOTING POWER
      SHARES
   BENEFICIALLY             1,214,700
     OWNED BY
                     ------ ----------------------------------------------------
       EACH              7  SOLE DISPOSITIVE POWER
     REPORTING
      PERSON         ------ ----------------------------------------------------
       WITH
                         8  SHARED DISPOSITIVE POWER

                            1,214,700
- ---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,214,700
- ---------- ---------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
           CERTAIN SHARES*                             [ ]

- ---------- ---------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           3.4%
- ---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           IA, CO
- ---------- ---------------------------------------------------------------------

                      *SEE INSTRUCTION BEFORE FILLING OUT!

                                       2
<PAGE>

- ------------------------------                             
CUSIP No. 5768171100                     13G               
- ------------------------------                             

- ---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           Hypo Foreign & Colonial Management (Holdings) Limited
- ---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                       (a) [ ]
                                                       (b) [X]
- ---------- ---------------------------------------------------------------------
        3  SEC USE ONLY

- ---------- ---------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           United Kingdom
- -------------------- ------ ----------------------------------------------------
                         5  SOLE VOTING POWER


                     ------ ----------------------------------------------------
     NUMBER OF           6  SHARED VOTING POWER
      SHARES
   BENEFICIALLY             1,214,700
     OWNED BY
                     ------ ----------------------------------------------------
       EACH              7  SOLE DISPOSITIVE POWER
     REPORTING
      PERSON
       WITH
                     ------ ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            1,214,700
- ---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,214,700
- ---------- ---------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES 
           CERTAIN SHARES*                          [ ]

- ---------- ---------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           3.4%
- ---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           HC, CO
- ---------- ---------------------------------------------------------------------

                      *SEE INSTRUCTION BEFORE FILLING OUT!

                                       3
<PAGE>


Item 1(a).                 Name of Issuer:
- ---------                  --------------

                           Matria Healthcare, Inc.

Item 1(b).                 Address of Issuer's Principal Executive Offices:
- ---------                  -----------------------------------------------

                           1850 Parkway Place
                           12th Floor
                           Marietta, Georgia 30067

Item 2.
- ------
                   (a)     Name of Person(s) Filing:
                           ------------------------
                           Foreign & Colonial Management Limited ("F&C Limited")
                           and Hypo Foreign & Colonial Management (Holdings)
                           Limited ("F&C Holdings" and, together with F&C
                           Limited, the "Reporting Entities").

                   (b)     Address of Principal Business Office or, if none,
                           Residence:
                           ------------------------------------------------- 

                           The address of the principal business office of each
                           of the Reporting Entities is Exchange House, Primrose
                           Street, London EC2A 2NY, England.

                   (c)     Citizenship:
                           -----------

                           Each of the Reporting Entities is a corporation
                           organized under the laws of the United Kingdom.

                   (d)     Title of Class of Securities:
                           ----------------------------

                           Common Stock, par value $.01 per share ("Common
                           Stock").

                   (e)     CUSIP Number
                           ------------
                           5768171100.

Item 3.
- ------
                   (a)     As of the date hereof, F&C Limited is an Investment
                           Adviser registered under Section 203 of the
                           Investment Advisers Act of 1940 ("Advisers Act").

                   (b)     F&C Holdings is a Parent Holding Company, in 
                           accordance with ss. 240.13d-1(b)(ii)(G) under the
                           Securities Exchange Act of 1934 ("Exchange Act") 
                           (Note:  See Item 7).

                                       4
<PAGE>

Item 4.                    Ownership
- ------                     ---------
                            (a)     1,214,700 shares comprised of Common Stock

                            (b)     3.4%

                            (c)     (i)   none
                                    (ii)  1,214,700
                                    (iii) none
                                    (iv)  1,214,700

Item 5.                    Ownership of Five Percent or Less of a Class:
- ------                     --------------------------------------------

                           If this statement is being filed to report the fact
                           that as of the date hereof the reporting person has
                           ceased to be the beneficial owner of more than five
                           percent of the class of securities, check the
                           following [ X ].

Item 6.                    Ownership of More than Five Percent on Behalf of
                           Another Person:
                           ------------------------------------------------     

                           Dividends received from, and any proceeds from the
                           sale of, Common Stock, if any, by F&C Limited are
                           allocated by F&C Limited to the applicable accounts
                           of its clients and are distributed or retained in
                           accordance with F&C Limited's investment management
                           agreements with those clients.

Item 7.                    Identification and Classification of the
- ------                     Subsidiary Which Acquired the Security Being
                           Reported on By the Parent Holding Company:
                           --------------------------------------------

                           F&C Holdings currently owns 100% of the outstanding
                           capital stock of F&C Limited. F&C Limited is filing
                           pursuant to Rule 13d-1(b)(1)(i)(E) under the Exchange
                           Act as an Investment Adviser registered under Section
                           203 of the Advisers Act. A Joint Filing Agreement was
                           executed to this effect on February 3, 1995 and was
                           filed as Exhibit I to Schedule 13G filed for the
                           Reporting of Entities on February 13, 1997 which is
                           herein incorporated by reference.

Item 8.                    Identification and Classification of
- ------                     Members of the Group:
                           ------------------------------------

                           Not Applicable

                                       5
<PAGE>

Item 9.                    Notice of Dissolution of Group:
- ------                     ------------------------------

                           Not Applicable

Item 10.                   Certification:
- -------                    -------------

                           By signing below I certify that, to the best of my
                           knowledge and belief, the securities referred to
                           above were acquired in the ordinary course of
                           business and were not acquired for the purpose of and
                           do not have the effect of changing or influencing the
                           control of the issuer of such securities and were not
                           acquired in connection with or as a participant in
                           any transaction having such purposes or effect.


                                    SIGNATURE

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated:  February 10, 1998


                                        FOREIGN & COLONIAL MANAGEMENT LIMITED


                                        By: /s/G R Walker
                                        Name:  G R Walker
                                        Title: Director



                                        HYPO FOREIGN & COLONIAL MANAGEMENT 
                                        (HOLDINGS) LIMITED


                                        By: /s/Rob. G. Donkin
                                        Name:  Rob. G. Donkin
                                        Title: Secretary




                                       6


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