Fiduciary Management

Fiduciary Management as of March 31, 2012

Portfolio Holdings for Fiduciary Management

Fiduciary Management holds 0 positions in its portfolio as reported in the March 2012 quarterly 13F filing

                "Name of Reporting Manager:  Fiduciary Management, Inc."

Item I     Item 2 Item 3       Item 4  Item 5
{S}         {C}   {C}          {C}    {C}
Name of Issuer  Title Cusip      Fair   Shares
		 	          M/V    Prin

3M Co.          COM  88579Y101 548106 6,143,996

AJ Gallagher    COM  363576109  72617 2,031,812

Accenture Plc   COM  G1151C101 432843 6,710,746

American ExpressCOM  025816109 340243 5,880,453

AmerisourceBergeCOM  03073E105 357415 9,007,447

Anixter InternatCOM  035290105  14357   197,950

Aptar Group     COM  038336103  91950 1,678,835

Arrow Elec      COM  042735100 140611 3,350,264

Automatic Data  COM  053015103 305584 5,536,951

Avery Dennison  COM  053611109  49641 1,647,566

Bank of NY Mell COM  064058100 43888518,188,357

Bemis Company   COM  081437105  57799 1,789,994

Berkshire Hath Cl B  084670207 458593 5,651,182

Bio-Rad Labs    COM  090572207  61540   593,500

Bristow Group   COM  110394103  39987   837,777

Broadrige FinancCOM  11133T103  88593 3,705,287

Carlisle Cos IncCOM  142339100  78627 1,575,055

Cimarex Entergy COM  171798101 103601 1,372,745

Cintas Corp     COM  172908105 374463 9,572,170

Comerica Inc.	COM  200340107 38236411,815,947

Compass MinteralCOM  20451N101   3754    52,325

Covance Inc     COM  222816100  67699 1,421,352

Covidien Ltd.   COM  G2554F113 351776 6,433,353

Cullen/Frost BanCOM  229899109  60990 1,048,121

Devon Energy Co COM  25179M103 421958 5,933,045

Diageo PLC-ADR  COM  25243Q205 220302 2,282,919

Dresser-Rand Gr COM  261608103  10972   236,506

Dun & BradstreetCOM  26483E100 122200 1,442,230

Eagle Materials COM  26969P108  38560 1,109,647

Family Dollar StCOM  307000109 103865 1,641,361

First Bus Fin SvCOM  319390100    474    24,948

Glaxosmithkline COM  37733w105 354266 7,888,357

H.B. Fuller CompCOM  359694106  23595   718,705

Harris Teeter InCOM  414585109 	47297 1,179,476

Harte-Hanks Inc COM  416196103  36854 4,072,290

Illinois Tool WoCOM  452308109 353705 6,192,320

Ingersoll-Rand  COM  G47791101 266221 6,438,234

Innophos HoldingCOM  45774N108  60731 1,211,715

Jack Henry & AssCOM  426281101  49889 1,462,171

Kennametal Inc.	COM  489170100  88195 1,980,575

Kimberly-Clark  COM  494368103 370537 5,014,717

Kirby Corp      COM  497266106  28349   430,899

Kohls Corp	COM  500255104  25015   500,000

Lancaster ColonyCOM  513847103  26596   400,175

McDermott Inter COM  580037109  38056 2,970,825

Microsoft Corp  COM  594918104 33399310,356,362

Mine Safety     COM  602720104  43571 1,060,643

Molex Inc - ClA COM  608554200 104272 4,446,583

Monsanto Co     COM  61166W101 215459 2,701,341

Nestle SA ADR   COM  641069406 411596 6,533,276

Omnicom Group	COM  681919106 384064 7,582,698

Patterson Cos InCOM  703395103 126760 3,795,220

Petsmart Inc    COM  716768106  37867   661,772

PICO Holdings InCOM  693366205  27631 1,178,288

Protective Life COM  743674103  78706 2,657,183

Scansource Inc  COM  806037107  72184 1,934,199

Schlumberger LtdCOM  806857108 206179 2,948,363

Sigma Aldrich CoCOM  826552101  62464   854,970

SPX Inc         COM  784635104  84487 1,089,733

Staples Inc     COM  855030102 43448326,853,072

Sysco Corp      COM  871829107 47651415,958,271

TE Connectivity COM  H84989104 38947410,597,925

Teletech Hldgs  COM  879939106  41547 2,580,589

Time Warner Inc COM  887317303 364804 9,663,684

United Parcel S COM  911312106 464896 5,759,684

United StationerCOM  913004107  42125 1,357,558

Valspar Corp    COM  920355104  89518 1,853,757

VCA Antech Inc  COM  918194101  48499 2,089,565

W.R Berkley CorpCOM  084423102 108106 2,992,959

Wal Mart Stores COM  931142103 475835 7,775,085

West PharmaceutiCOM  955306105  44116 1,037,299

Willis Group HolCOM  G96666105 226415 6,472,700