FIDUCIARY MANAGEMENT, INC.

Advisory Business

Type of Organization	Corporation
Fiscal Year End	DECEMBER
Legal Location	Wisconsin, United States

Employees

Total Number of Employees	26
Investment Advisory/Research	18
Registered Broker-Dealer Representatives	0
Registered State Investment Advisers	15
Licensed Agents of an Insurance Company	0
No. of Firms/People that Solicit Clients	0

RAUM

Provides Management of Securities Portfolios	Yes

Type	Accounts	RAUM
Discretionary	769	$14.9B
Non-Discretionary	0	$0
Total	769	$14.9B

Clients

Type	Number	RAUM
Individuals	292	$941.0M
HNW Individuals	241	$1.3B
Banking or thrift institutions	<5	$0
Investment companies	5	$8.3B
Business development companies	0	$0
Pooled investment vehicles	7	$1.1B
Pension and profit sharing plans	51	$1.4B
Charitable organizations	108	$943.4M
State or municipal gov entities	18	$456.8M
Other investment advisers	<5	$0
Insurance companies	<5	$26.4M
Sovereign wealth funds and foreign official institutions	<5	$0
Corporations or other businesses	41	$234.8M
Other	<5	$207.4M

Type	Number
No. of Non-RAUM Clients	0
No. of Non-U.S. Clients	1

Services

Advisory Services	Portfolio management for individuals and/or small businessesPortfolio management for investment companiesPortfolio management for pooled investment vehiclesPortfolio management for businesses or institutional clients
Compensation	% of AUM

Wrap Fee Program

Offers Wrap Fee Program	Yes

Acting As	RAUM
Sponsor	0
Portfolio Manager	207.4M
Both for Same	0

Portfolio Manager to Program	Sponsor
INVESTMENT CONSULTING SERVICES (ICS)	ROBERT W. BAIRD
STIFEL LARGE CAP WRAP	STIFEL
JPM SECURITIES LARGE CAP WRAP	JPM SECURITIES

Identifiers

SEC RIA File Number	801-15164
SEC ERA File Number	801-15164
SEC CIK Numbers	764532
SEC CRD Numbers	109149
Legal Entity Identifier	5493001HF4A3F6ZIMER9

Principal Office

790 N. WATER STREET
SUITE 2100
MILWAUKEE
WI
United States

Websites

Chief Compliance Officer

No. Employees, Historic

RAUM, Historic

No. Clients, Historic