Resumo. Abstract: Aim This study verified if the macrophyte banks found in two reservoirs of small hydroelectric plants (SHPs) have a functional ecological role for the initial development of ichthyofauna. Additionally, we compared the differences in the structure of the fish assemblages along each reservoir compartment and between reservoirs. Methods Sampling was performed in March 2018, in lotic, intermediate, and lentic compartments of Palmeiras and Retiro reservoirs, Sapucaí-Mirim River (SP). Three distinct macrophyte banks in each stretch (triplicates), considering the most representative in terms of composition (recurrency/dominance), were sampled, resulting in 18 samples (nine per reservoir). For fish collection we used a sieve of 1 m2 of area, mesh size of 1 mm, which was manually hauled, from the boat, in the marginal aquatic vegetation (three hauls per sample). Simultaneously, we measured basic limnological parameters with a Horiba U-52 water probe, adjacent to the banks. Results The presence of juveniles of all fish orders found in the river, Characiformes, Siluriformes, Synbranchiformes, Gymnotiformes and Cichliformes, demonstrates that, at least in certain moment of their development cycle, the macrophyte banks are used by species with different ecological requirements. It was observed significant statistical differences in the structure of the ichthyofauna along the longitudinal axes of the reservoirs, but not between reservoirs. The same was seen for the limnological data (PCA). Conclusions The macrophyte banks found in the SHPs reservoirs have a potential role as nurseries for the local ichthyofauna, mainly, but not exclusively, for sedentary species and with parental care. This association is ecologically relevant, given the absence of typical lateral habitats for the initial development of the fish fauna. Additionally, despite the reservoirs small size, spatial organization was also important for the assemblage’s structure, with differences in terms of composition, size and development stages along the distinct sampling stretches.