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>
