FIDUCIARY MANAGEMENT INC /WI/
13F-HR, 1999-05-11
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FORM 13F

COVER PAGE:

REPORT FOR THE CALENDER QUARTER ENDED MARCH 31,1999

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 31ST DAY OF MARCH 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:  129


FORM 13F INFORMATION TABLE VALUE TOTAL:  724,300






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>     <C>        										
Name of Issuer	Title Cusip	 Fair   Shares/	(a)Sole (b) Shared  (c)Shared  see    Sole      Shared
		 	         M/V    Prin Amt			       Other  inst		
											
ADC Telecom	COM  000886101   811	17,000	   17,000	                      17,000		

AT&T Liberty    CL A 87924V507   1263   24,000     24,000                             24,000

Aar Corp        COM  000361105   845    47,400     47,400                             47,400

Abbott Lab	COM  002824100   252	5,366      5,366			      5,366		

Affil Mgr Grp   COM  008252108   1061   40,800     40,800                             40,800
 
Allegiance Tele COM  01747T102   2608   104,300	   79,400    24,900                   79,400    24,900

Anicom Inc      COM  035250109   534    61,000     61,000                             61,000

Applied Pwr     COM  038225108   545    20,000     20,000                             20,000         

Aptar Group Inc COM  038336103   234    9,000      9,000                              9,000

Arrow Elec      COM  042735100   15691  1,046,010  934,610   111,400                  934,610  111,400

Assctd Bancorp  COM  045487105   22528  705,340    649,845   55,495                   649,845   55,495

Autodesk        COM  052769106   620    15,330     15,330                             15,330

Autozone        COM  053332102   19263  634,165    571,165   63,000                   571,165   63,000

Baker Hughes    COM  057224107   414    17,000     17,000                             17,000

Bell & Howell   COM  077852101   19074  650,680    554,780   95,900                   554,780   95,900

Black Box Corp  COM  091826107   11024  355,610    317,310   38,300                   317,310   38,300

Blackhawk Bcorp COM  09237E105   506    37,412     37,412                             37,412

Brady, W.H.     CL A 104674106   10126  483,603    386,203   97,400                   386,203   97,400

Burlington Res  COM  122104103   13344  334,115    295,315   38,800                   295,315   38,800

CNA Surety      COM  12612L108   285    23,000     23,000                             23,000

Cable Design    COM  126924109   110    10,000     10,000                             10,000

Cambrex Corp    COM  132011107   12946  585,090    520,690   64,400                   520,690   64,400

Casey's Gen St  COM  147528103   22323  1,513,412  1,309,412 204,000                 1,309,412 204,000

Celestica Inc   COM  15101Q108   1298   40,000     40,000                             40,000  

Centocor        COM  152342101   738    20,000     20,000                             20,000

Century Comm    CL A 156503104   2230   48,000     48,000                             48,000        

Channell Coml   COM  159186105   142    16,000     16,000                             16,000

Consolidated St COM  210149100   37135  1,225,026  1,089,126 135,900                  1,089,126 135,900 

Covance Inc     COM  222816100   962    38,375     38,375                             38,375

DII Group       COM  232949107   1492   51,000     51,000                             51,000

Delphi Fin'l Gr COM  247131105   8578   253,198    226,017   27,181                   226,017   27,181

Dentsply Int'l  COM  249030107   23062  991,874    891,574   100,300                  891,574   100,300
        
Dura Automotive COM  265903104   636    22,500     22,500                             22,500

Elder-Beerman   COM  284470101   739    85,650     66,450    19,200                   66,450    19,200

Enhance Finl    COM  293310108   391    17,000     17,000                             17,000

Exxon Corp      COM  302290101   212    2,994      2,994                              2,994

F&M Bancorp     COM  302371109   990    30,000     30,000                             30,000

FPIC Insurance  COM  302563101   789    19,000     19,000                             19,000

Family Dollar   COM  307000109   311    13,494     13,494                             13,494

Fed Home Ln Mtg COM  313400301   1273   22,200     22,200                             22,200

Fed Natl Mtg An COM  307160200   3848   55,556     55,556                             55,556

Fin'l Sec Assur COM  31769P100   1822   36,700     36,700                             36,700

First Data      COM  319963104   16553  387,185    353,785   33,400                   353,785   33,400

Firstar Corp    COM  33761C103   235    2,622      2,622                              2,622

Fort James Corp COM  347471104   2198   69,338     64,938    4,400                    64,938    4,400

Fox Entertain   COM  35138T107   475    17,500     17,500                             17,500

Freedom Sec     COM  35644K103   319    20,000     20,000                             20,000

Freemont Gen    COM  357288109   649    34,000     34,000                             34,000

Gen'l Semicond  COM  370787103   182    25,000     25,000                             25,000

Great Lakes Chm COM  390568103   16123  438,695    377,495   61,200                   377,495   61,200

Grey AdvertisingCOM  397838103   8741   25,188     20,388    4,800                    20,388    4,800

Gymboree Corp   COM  403777105   1431   160,090    156,490   3,600                    156,490   3,600

HNC Software    COM  40425P107   1310   40,000     40,000                             40,000

Haemonetics CorpCOM  405024100   4283   272,960    222,960   50,000                   222,960   50,000

Heller Finance  COM  423328103   423    18,000     18,000                             18,000

Imax Corp       COM  45245E109   669    38,900     38,900                             38,900

Imperial Credit COM  45272T102   2594   269,500    197,400   72,100                   197,400   72,100

Int'l Game Tech COM  459902102   4496   307,370    272,370   35,000                   272,370   35,000

Jones IntercableCOM  480206200   2170   55,000     55,000                             55,000

Jostens Inc     COM  481088102   8576   403,534    396,334   7,200                    396,334   7,200

KimberlyClark   COM  494368103   283    5,900      5,900                              5,900

Lechters Inc    COM  523238103   85     39,750     39,750                             39,750

Liqui Box       COM  536314107   12898  265,938    228,138   37,800                   228,138   37,800

Loews Corp      COM  540424108   567    7,596      7,596                              7,596

Magna Grp 7% 99 CVDB 559214AB7   25     10,000     10,000                             10,000

Mail-Well Inc   COM  560321200   402    30,000     30,000                             30,000

Manitowoc Inc   COM  563571108   856    30,700     30,700                             30,700

Marshall&Ilsley COM  571834100   30342  547,302    547,302                            547,302

Methode Elec    CL A 591520200   11200  1,006,690  871,090   135,600                  871,090   135,600

Microtouch Sys  COM  595145103   268    22,500     22,500                             22,500

Millipore Corp  COM  601073109   963    39,900     39,900                             39,900

Mineral Tech    COM  603158106   19637  409,100    369,600   39,500                   369,600   39,500

Modis Prof Svcs COM  607830106   9236   1,019,060  891,060   128,000                  891,060   128,000

Molex Inc       CL A 608554200   4336   167,540    167,540                            167,540

Morrison Health COM  61841L108   4366   244,200    203,700   40,500                   203,700   40,500

NFO Worldwide   COM  62910N108   2368   236,750    233,850   2,900                    233,850   2,900

Nat'l Data      COM  635621105   7092   168,840    148,340   20,500                   148,340   20,500

Nelson Thomas   COM  640376109   4193   419,250    412,250   7,000                    412,250   7,000

Newell Co Inc   COM  651192106   381    8,020      8,020                              8,020

Noble Affl      COM  654894104   16780  578,590    503,890   74,700                   503,890   74,700

Northern TelecomCOM  665815106   684    11,000     11,000                             11,000

OM Group        COM  670872100   9248   280,240    249,540   30,700                   249,540   30,700

Old Republic    COM  680223104   12692  695,451    627,376   68,075                   627,376   68,075

OmniPoint Corp  COM  68212D102   434    30,000     30,000                             30,000

Patterson Dentl COM  703412106   1218   28,150     28,150                             28,150

Parexel Int'l   COM  699462107   383    18,500     18,500                             18,500

Paxar Corp      COM  704227107   11091  1,491,060  1,288,760 202,300                  1,288,760 202,300

Penn Traffic    COM  707832101   11     10,500     10,500                             10,500

Pfizer Inc      COM  717081103   250    1,800      1,800                              1,800

Pioneer Stndrd  COM  723877106   16219  2,471,215  2,198,115 273,100                  2,198,115 273,100

Pogo Producing  COM  730448107   6436   495,070    445,070   50,000                   445,070   50,000

Policy Mgmt     COM  731108106   316    10,300     10,300                             10,300

Pride Intn'l    COM  741932107   401    48,500     48,500                             48,500

Prime Bank TX   COM  74157H108   142    10,000     10,000                             10,000

Primedia Inc    COM  74157K101   16974  1,212,390  1,039,590 172,800                  1,212,390 172,800

Proctor & Gambl COM  742718109   588    6,000      6,000                              6,000

Progressive Cor COM  743315103   1136   7,914      7,914                              7,914

Prologis Tr     COM  743410102   16079  784,340    692,140   92,200                   692,140   92,200
 
Quest Diagostic COM  74834L100   223    10,000     10,000                             10,000

Raychem Corp    COM  754603108   13966  618,973    544,173   74,800                   544,173   74,800

Regal Beloit    COM  758750103   9065   501,843    402,543   99,300                   402,543   99,300

Reynolds & Reyn COM  761695105   17288  909,850    782,450   127,400                  782,450   127,400

Romac Int'l     COM  775835101   9556   1,124,130  985,730   138,400                  985,730   138,400

Ross Stores     COM  778296103   1096   25,000     25,000                             25,000

SantFe Energy   COM  802012104   738    100,000    100,000                            100,000

Schein Henry    COM  806407102   1061   42,000     42,000                             42,000

Scholastic Corp COM  807066105   10972  224,490    196,190   28,300                   196,190   28,300

Security Cap    CL B 81413P204   7302   545,920    458,920   87,000                   458,920   87,000

Sigma Aldrich   COM  826552101   15486  529,420    481,220   48,200                   481,220   48,200
   
Sotheby's Hlds  CL A 835898107   441    13,600     13,600                             13,600

Stein Mart      COM  858375108   15331  1,533,020  1,346,220 186,800                  1,346,220 186,800

Steris Corp     COM  859152100   3408   127,970    127,070   900                      127,070   900

SunGard Data    COM  867363103   272    6,800      6,800                              6,800

Superior Svcs   COM  868316100   10872  548,730    472,230   76,500                   472,230   76,500

Sybron Corp     COM  87114F106   15799  631,939    519,939   112,000                  519,939   112,000

Sykes Ent       COM  871237103   776    24,000     24,000                             24,000

TCA Cable       COM  872241104   435    10,000     10,000                             10,000

Telephone Data  COM  879433100   5610   99,500     84,400   15,100                    84,400   15,100

Tollgrade Comm  COM  889542106   242    14,500     14,500                             14,500

Union Bancshars COM  905403101   132    12,000     12,000                             12,000

VWR Scientific  COM  918435108   9458   420,320    370,220   50,100                   370,220   50,100

Vishay IntertechCOM  928298108   709    48,870     48,870                             48,870

Walgreen Co     COM  931422109   374    13,220     13,220                             13,220

Wallace Comput  COM  932270101   17451  880,760    777,560   103,200                  777,560   103,200

Watts Industry  COM  942749102   1370   100,943    68,943    32,000                   68,943    32,000

Wausau Paper    COM  943317107   18521  1,322,904  1,170,154 152,750                  1,170,154 152,750

Willis Lease    COM  970646105   263    15,000     15,000                             15,000

Wiztec Solution COM  M98105105   225    12,500     12,500                             12,500

Ziff Davis      COM  989511100   796    37,000     37,000                             37,000

</TABLE>




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