FORM 13F
COVER PAGE
REPORT FOR THE CALENDER QUARTER ENDED SEPTEMBER 30, 1999
FIDUCIARY MANAGEMENT, INC.
225 EAST MASON STREET
MILWAUKEE, WI 53202
TED D. KELLNER, CFA
CHAIRMAN AND CEO
414-226-4545
THE INSITITUTIONAL INVESTMENT MANAGER SUBMITTING THIS FORM AND ITS
ATTACHMENTS AND THE PERSON BY WHOM IT I SIGNED REPRESENT HERBY THAT
ALL INFORMATION CONTAINED THERIN IS TRUE, CORRECT AND COMPLETE. IT
IS UNDERSTOOD THAT ALL REQUIRED ITEMS, STATEMENTS AND SCHEDULES ARE
CONSIDERED INTEGRAL PARTS OF THIS FORM AND THAT THE SUBMISSION OF ANY
AMENDMENT REPRESENTS THAT ALL UNAMENDED ITEMS, STATEMENTS AND SCHEDULES
REMAIN TRUE, CORRECT AND COMPLETE AS PREVIOUSLY SUBMITTED.
PURSUANT TO THE REQUIREMENTS OF SECURITIES EXCHANGE ACT OF 1934, THE
UNDERSIGNED INSTITUTIONAL INVESTMENT MANAGER HAS CAUSED THIS REPORT
TO BE SIGNED ON ITS BEHALF IN THE CITY OF MILWAUKEE AND STATE OF
WISCONSIN ON THE 30TH DAY OF SEPTEMBER
1999.
FIDUCIARY MANAGEMENT, INC.
TED D KELLNER, CFA
NAME AND 13F FILE NUMBERS OF ALL INSTITUTIONAL INVESTMENT MANAGERS
WITH RESPECT TO WHICH THIS SCHEDULE IS FILED.
1. RESOURCE BANK AND TRUST CO
2. HAROLD MCCOMAS - FOLEY AND LARDNER
FORM 13F
SUMMARY PAGE:
OTHER INSTITUTIONAL INVESTMENT MANAGERS TOTAL: 2
1. RESOURCE BANK AND TRUST CO
2. HAROLD MCCOMAS - FOLEY AND LARDNER
FORM 13F INFORMATION TABLE ENTRY TOTAL: 122
FORM 13F INFORMATION TABLE VALUE TOTAL: 728,840
FORM 13F
<TABLE>
"Name of Reporting Manager: Fiduciary Mangament, Inc."
Item I Item 2 Item 3 Item 4 Item 5 Item 6 Item 7 Item 8
<S> <C> <C> <C> <C> <C> <C< <C>
Name of Issuer Title Cusip Fair Shares/ (a)Sole (b) Shared (c)Shared Sole Shared
M/V Prin Amt inst
ADC Telecom COM 000886101 655 16,000 16,000 16,000
Alpine Grp COM 020825105 875 70,000 70,000 70,000
Amcore Fincl COM 023912108 1811 89,972 89,972 89,972
Amoco Corp COM 055622104 215 1,897 1,897 1,897
Analyst Int'l COM 032681108 111 10,500 10,500 10,500
Applied Pwr COM 038225108 438 14,000 14,000 14,000
Aptar Group Inc COM 038336103 16413 642,041 575,741 66,300 575,741 66,300
Arrow Elec COM 042735100 18510 1,092,821 959,421 133,400 959,421 133,400
Assctd Bancorp COM 045487105 24998 700,462 645,067 55,495 645,067 55,495
Autozone COM 053332102 396 14,510 14,510 14,510
Baker Hughes COM 057224107 551 19,000 19,000 19,000
Bell Canada COM 077914109 494 50,000 50,000 50,000
Bell & Howell COM 077852101 20509 572,664 496,764 75,900 496,764 75,900
Blackhawk Bcorp COM 09237E105 543 37,412 37,412 37,412
Brady, W.H. CL A 104674106 13788 433,390 359,290 74,100 359,290 74,100
Burlington Res COM 122104103 11495 311,194 272,394 38,800 272,394 38,800
CGS Systems COM 126349109 862 35,000 35,000 35,000
CNA Surety COM 12612L108 343 26,600 26,600 26,600
CP Clare Corp COM 12615K107 62 10,000 10,000 10,000
Cambrex Corp COM 132011107 19653 738,128 639,028 99,100 639,028 99,100
Casella Waste COM 147448104 10015 650,297 564,397 85,900 564,397 85,900
Casey's Gen St COM 147528103 21303 1,630,840 1,424,440 206,400 1,424,440 206,400
Celestica Inc COM 15101Q108 335 7,000 7,000 7,000
Century Comm CL A 156503104 930 21,000 21,000 21,000
Channell Coml COM 159186105 166 16,500 16,500 16,500
Chicago Title COM 168228104 429 10,750 10,750 10,750
Conexant Syst COM 207142100 586 8,000 8,000 8,000
Consolidated St COM 210149100 28480 1,309,405 1,142,005 167,400 1,142,005 167,400
Convergys Corp COM 212485106 308 16,000 16,000 16,000
Covance Inc COM 222816100 14447 1,520,632 1,218,232 302,400 1,218,232 302,400
DII Group COM 232949107 3161 86,000 86,000 86,000
Delphi Fin'l Gr COM 247131105 14782 486,624 423,000 63,624 423,000 63,624
Dentsply Int'l COM 249030107 19794 928,707 828,407 100,300 828,407 100,300
Dura Automotive COM 265903104 1349 56,500 56,500 56,500
EOG Resources COM 293562104 425 20,000 20,000 20,000
Family Dollar COM 307000109 290 13,494 13,494 13,494
Fed Home Ln Mtg COM 313400301 1079 21,300 21,300 21,300
Fed Natl Mtg An COM 307160200 3309 54,860 54,860 54,860
Fin'l Sec Assur COM 31769P100 9461 164,032 139,332 24,700 139,332 24,700
Fiserv Inc COM 337738108 785 25,000 25,000 25,000
Firstar Corp COM 33763V109 203 7,866 7,866 7,866
Fort James Corp COM 347471104 1619 62,253 57,853 4,400 57,853 4,400
Fox Entertain COM 35138T107 566 27,000 27,000 27,000
Gen'l Semicond COM 370787103 346 35,000 35,000 35,000
Georgia Golf COM 373200203 833 49,000 49,000 49,000
Great Lakes Chm COM 390568103 14979 400,772 336,472 64,300 336,472 64,300
Grey AdvertisingCOM 397838103 8745 23,957 19,157 4,800 19,157 4,800
HNC Software COM 40425P107 1847 46,900 46,900 46,900
Haemonetics CorpCOM 405024100 9757 495,571 439,971 55,600 439,971 55,600
Heller Finance COM 423328103 1526 68,000 68,000 68,000
Hyperion TelecomCOM 44914K306 2272 92,000 92,000 92,000
Idexx LaboratoryCOM 451680104 765 45,000 45,000 45,000
Imax Corp COM 45245E109 698 34,900 34,900 34,900
Inco Ltd COM 453258402 1320 60,000 60,000 60,000
Int'l Game Tech COM 459902102 4574 252,340 217,340 35,000 217,340 35,000
Jones IntercableCOM 480206200 798 15,600 15,600 15,600
Jones IntercableCL A 480206200 1258 24,100 24,100 24,100
Keane Inc COM 486665102 8134 369,704 328,804 40,900 328,804 40,900
KimberlyClark COM 494368103 312 5,900 5,900 5,900
Lechters Inc COM 523238103 105 53,750 53,750 53,750
LeCroy Corp COM 52324W109 411 24,000 24,000 24,000
MKS Instruments COM 55306N104 452 21,500 21,500 21,500
Mail-Well Inc COM 560321200 753 55,000 55,000 55,000
Manitowoc Inc COM 563571108 854 26,050 26,050 26,050
Marshall&Ilsley COM 571834100 31641 547,302 547,302 547,302
Mastec Inc COM 576323109 609 21,000 21,000 21,000
Methode Elec CL A 591520200 17368 912,581 776,981 135,600 776,981 135,600
Microsoft Corp COM 594918104 287 3,180 3,180 3,180
Microtouch Sys COM 595145103 383 22,500 22,500 22,500
Millipore Corp COM 601073109 929 24,900 24,900 24,900
Mineral Tech COM 603158106 12489 262,577 239,077 23,500 239,077 23,500
Modis Prof Svcs COM 607830106 14805 1,101,742 972,342 129,400 972,342 129,400
Molex Inc CL A 608554200 4650 144,740 144,740 144,740
Morrison Mgmt COM 61841L108 6900 311,850 271,350 40,500 271,350 40,500
NFO Worldwide COM 62910N108 3662 280,270 277,370 2,900 277,370 2,900
Nat'l Data COM 635621105 8782 348,654 306,654 42,000 306,654 42,000
Noble Affl COM 654894104 13317 457,227 445,527 11,700 445,527 11,700
Noble Drilling COM 655042109 337 15,000 15,000 15,000
Nova Corp COM 669784100 2973 122,560 121,660 900 121,660 900
Old Republic COM 680223104 12699 883,341 774,666 108,675 774,666 108,675
OmniPoint Corp COM 68212D102 1023 19,000 19,000 19,000
Parexel Int'l COM 699462107 101 11,500 11,500 11,500
Paxar Corp COM 704227107 13104 1,388,423 1,184,323 204,100 1,184,323 204,100
Penn Traffic COM 707832101 12 10,500 10,500 10,500
Penton Media COM 709668107 462 30,000 30,000 30,000
Pfizer Inc COM 717081103 202 5,400 5,400 5,400
Pioneer Stndrd COM 723877106 30380 2,292,817 2,019,717 273,100 2,019,717 273,100
Playboy Enter CL B 728117300 614 24,000 24,000 24,000
Plexus Corp COM 729132100 685 23,000 23,000 23,000
Policy Mgmt COM 731108106 306 10,000 10,000 10,000
Pride Intn'l COM 741932107 1659 119,500 119,500 119,500
Primedia Inc COM 74157K101 9028 668,669 503,169 165,500 503,169 165,500
Proctor & Gambl COM 742718109 468 5,000 5,000 5,000
Progressive Cor COM 743315103 642 7,914 7,914 7,914
Prologis Tr COM 743410102 22295 1,213,284 1,052,184 161,100 1,052,184 161,100
Quest Diagostic COM 74834L100 1375 53,000 53,000 53,000
Regal Beloit COM 758750103 12897 636,860 537,060 99,800 537,060 99,800
Reinsurance Grp COM 759351109 631 24,428 24,428 24,428
Republic Svcs COM 760759100 16682 1,588,736 1,398,136 190,600 1,398,136 190,600
Reynolds & Reyn COM 761695105 8078 408,974 361,574 47,400 361,574 47,400
Romac Int'l COM 775835101 8418 1,086,068 947,668 138,400 947,668 138,400
SantaFe Snyder COM 80218K105 1722 190,000 190,000 190,000
Saville System COM 805174109 1050 73,000 73,000 73,000
Schein Henry COM 806407102 594 42,000 42,000 42,000
Scholastic Corp COM 807066105 9989 203,857 175,557 28,300 175,557 28,300
Security Cap CL B 81413P204 7469 517,287 430,287 87,000 430,287 87,000
Sigma Aldrich COM 826552101 9170 291,111 261,711 29,400 261,711 29,400
Stein Mart COM 858375108 9948 1,326,346 1,139,546 186,800 1,139,546 186,800
Steris Corp COM 859152100 13815 1,083,507 931,707 151,800 931,707 151,800
SunGard Data COM 867363103 18360 781,238 679,838 101,400 679,838 101,400
Sybron Corp COM 87114F106 23156 873,788 756,788 117,000 756,788 117,000
Telephone Data COM 879433100 10643 120,167 105,067 15,100 105,067 15,100
Tollgrade Comm COM 889542106 1638 66,500 66,500 66,500
True North Comm COM 897844106 723 20,000 20,000 20,000
Tyco Internt'l COM 902120104 265 2,581 2,581 2,581
Varian Inc COM 922206107 159 90,000 90,000 90,000
Vishay IntertechCOM 928298108 940 38,750 38,750 38,750
Walgreen Co COM 931422109 327 13,220 13,220 13,220
Wallace Comput COM 932270101 16496 824,786 721,586 103,200 721,586 103,200
Wausau Paper COM 943317107 12881 1,062,345 912,345 150,000 912,345 150,000
Willis Lease COM 970646105 64 10,000 10,000 10,000
Ziff Davis COM 989511100 1255 80,000 80,000 80,000
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