The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 03-31-2021
Check here if Amendment   Amendment Number:
This Amendment (Check only one.):   is a restatement.
  adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: FIDUCIARY MANAGEMENT INC /WI/
Address: 100 EAST WISCONSIN AVENUE
SUITE 2200
MILWAUKEE , WI53202
Form 13F File Number: 028-01526

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: Jessica Taske
Title: Vice President
Phone: 414-226-4545
Signature, Place, and Date of Signing:
Ben Karek Milwaukee , WI 05-13-2021
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
  13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
  13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 69
Form 13F Information Table Value Total: 13,333,990
(thousands)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Form 13F File Number Name


SEC FORM 13F-HR

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
A.O. Smith Corp. COM 831865209 32,754 484,454 SH SOLE 408,068 0 76,386
Applied Ind. Tech. COM 03820c105 59,302 650,452 SH SOLE 546,386 0 104,066
Arch Capital Group COM g0450a105 142,620 3,716,954 SH SOLE 3,134,372 0 582,582
Armstrong World Ind. COM 04247x102 37,186 412,768 SH SOLE 347,219 0 65,549
Arrow Electronics Inc. COM 042735100 105,720 953,982 SH SOLE 799,303 0 154,679
Avery Dennison Corp. COM 053611109 146,715 798,885 SH SOLE 669,331 0 129,554
Berkshire Hath. Cl B COM 084670702 696,715 2,727,189 SH SOLE 2,268,095 0 459,094
Booking Holdings Inc COM 09857l108 495,145 212,523 SH SOLE 184,938 0 27,585
Brady Corp Cl A COM 104674106 26,750 500,472 SH SOLE 420,013 0 80,459
Carlisle Cos. Inc. COM 142339100 142,490 865,781 SH SOLE 724,448 0 141,333
CDK Global COM 12508E101 57,481 1,063,279 SH SOLE 885,091 0 178,188
Charles Schwab Corp COM 808513105 437,206 6,707,674 SH SOLE 5,560,709 0 1,146,965
Chubb Corp COM H1467J104 368,488 2,332,644 SH SOLE 2,031,972 0 300,672
Comcast Corp. COM 20030n101 495,321 9,153,955 SH SOLE 7,575,270 0 1,578,685
Dentsply Sirona Inc. COM 24906P109 77,377 1,212,611 SH SOLE 1,023,475 0 189,136
Dollar General Corp COM 256677105 483,202 2,384,770 SH SOLE 1,973,954 0 410,816
Dollar Tree COM 256746108 448,623 3,919,470 SH SOLE 3,243,258 0 676,212
Donaldson Co. Inc. COM 257651109 63,653 1,094,445 SH SOLE 923,552 0 170,893
Dover Corp COM 260003108 218,186 1,591,087 SH SOLE 1,312,931 0 278,156
Eaton Corp COM G29183103 342,053 2,473,623 SH SOLE 2,048,398 0 425,225
Emerson Electric Co. COM 291011104 150,109 1,663,816 SH SOLE 1,378,121 0 285,695
EnPro Industries, Inc. COM 29355X107 41,286 484,175 SH SOLE 407,885 0 76,290
Expeditors Int'l. COM 302130109 267,747 2,486,278 SH SOLE 2,130,872 0 355,406
FirstCash Inc. COM 33767D105 118,646 1,806,698 SH SOLE 1,516,595 0 290,103
Flowserve Corp COM 34354p105 59,254 1,526,762 SH SOLE 1,283,109 0 243,653
Fresenius Med. Care COM 358029106 240,021 6,508,172 SH SOLE 5,382,091 0 1,126,081
FTI Consulting Inc COM 302941109 77,334 551,949 SH SOLE 465,636 0 86,313
Genpact Ltd. COM G3922B107 126,575 2,955,982 SH SOLE 2,491,770 0 464,212
Graham Holdings Co. COM 384637104 60,056 106,777 SH SOLE 89,652 0 17,125
Henry Schein Inc. COM 806407102 76,899 1,110,621 SH SOLE 933,448 0 177,173
Houlihan Lokey Inc. COM 441593100 85,632 1,287,511 SH SOLE 1,086,252 0 201,259
Howard Hughes Corp. COM 44267D107 63,290 665,297 SH SOLE 560,893 0 104,404
Huntington Ingalls COM 446413106 34,951 169,787 SH SOLE 149,598 0 20,189
Insight Enterprises Inc. COM 45765U103 80,294 841,475 SH SOLE 707,219 0 134,256
Interpublic Group COM 460690100 106,883 3,660,383 SH SOLE 3,060,942 0 599,441
JPMorgan Chase COM 46625H100 408,332 2,682,337 SH SOLE 2,219,926 0 462,411
Kennedy-Wilson Hld. COM 489398107 71,102 3,518,150 SH SOLE 2,978,537 0 539,613
Koninklijke Philips NV COM 500472303 372,299 6,528,123 SH SOLE 5,404,352 0 1,123,771
LGI Homes Inc COM 50187T106 27,805 186,224 SH SOLE 156,372 0 29,852
Manpowergroup Inc. COM 56418H100 43,949 444,380 SH SOLE 374,660 0 69,720
Masco Corp COM 574599106 563,571 9,408,534 SH SOLE 7,775,838 0 1,632,696
Micron Technology Inc COM 595112103 301,114 3,413,607 SH SOLE 2,836,017 0 577,590
Millicom International COM L6388F110 66,099 1,729,900 SH SOLE 1,729,900 0 0
Nestle SA ADR COM 641069406 188,265 1,688,324 SH SOLE 1,399,697 0 288,627
Northern Trust Corp COM 665859104 301,719 2,870,511 SH SOLE 2,378,173 0 492,338
nVent Electric PLC COM G6700G107 71,734 2,570,199 SH SOLE 2,163,121 0 407,078
Omnicom Group COM 681919106 287,642 3,879,186 SH SOLE 3,216,686 0 662,500
Paccar Inc. COM 693718108 227,622 2,449,652 SH SOLE 2,030,183 0 419,469
PepsiCo Inc. COM 713448108 215,866 1,526,095 SH SOLE 1,266,455 0 259,640
Phibro Animal Health COM 71742Q106 26,765 1,096,926 SH SOLE 920,785 0 176,141
Plexus Corp COM 729132100 75,376 820,729 SH SOLE 689,960 0 130,769
PPG Industries Inc COM 693506107 300,317 1,998,646 SH SOLE 1,654,157 0 344,489
Primerica Inc. COM 74164m108 41,065 277,802 SH SOLE 233,333 0 44,469
Progressive Corp. COM 743315103 281,595 2,945,243 SH SOLE 2,432,718 0 512,525
Quest Diagnostics COM 74834L100 450,967 3,513,846 SH SOLE 2,912,974 0 600,872
Robert Half Int'l. Inc. COM 770323103 98,248 1,258,456 SH SOLE 1,061,928 0 196,528
Ryder System Inc. COM 783549108 61,233 809,429 SH SOLE 673,060 0 136,369
Schlumberger Ltd. COM 806857108 240,275 8,836,873 SH SOLE 7,757,853 0 1,079,020
Smith & Nephew PLC COM 83175M205 260,051 6,861,494 SH SOLE 5,670,647 0 1,190,847
Sony Group Corp. COM 835699307 465,707 4,393,050 SH SOLE 3,640,187 0 752,863
TJX Companies Inc. COM 872540109 254,333 3,844,797 SH SOLE 3,184,622 0 660,175
TriMas Corp. COM 896215209 85,063 2,805,523 SH SOLE 2,360,517 0 445,006
Trinity Industries COM 896522109 43,323 1,520,625 SH SOLE 1,277,793 0 242,832
Unilever PLC ADR COM 904767704 372,291 6,668,294 SH SOLE 5,514,976 0 1,153,318
UnitedHealth Group COM 91324P102 393,182 1,056,743 SH SOLE 876,739 0 180,004
W.R. Berkley Corp. COM 084423102 75,495 1,001,921 SH SOLE 845,813 0 156,108
White Mountains Ins. COM G9618E107 40,384 36,222 SH SOLE 30,388 0 5,834
Woodward Inc. COM 980745103 52,856 438,163 SH SOLE 370,835 0 67,328
Zions Bancorporation COM 989701107 102,385 1,862,896 SH SOLE 1,568,554 0 294,342