FIDUCIARY FINANCIAL SERVICES OF THE SOUTHWEST INC /TX
13F-HR, 1999-11-05
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

Form 13F

Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  09-30-99

Check here if Amendment (  ); Amendment Number:
	This Amendment (Check only one):  (  ) is a restatement.
					      (  ) adds new holdings entries.

Institutional Investment Manager Filing this Report:

	Fiduciary Financial Services of the Southwest, Inc.
	12222 Merit Drive, Suite 920
	Dallas, TX  75251-2268

Form 13F File Number :	28-7732

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:	Sondra J. Wilson
Title:	Senior Vice President
Phone:	972-934-9070

Signature, Place, and Date of Signing:

Sondra J. Wilson               Dallas, TX              November 5, 1999

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).)

List of Other Managers Reporting for this Manager:	None




Form 13F SUMMARY PAGE


Report Summary:

Number of Other Included Managers:            		0

Form 13F Information Table Entry Total:	      107

Form 13F Information Table Value Total:	  127,208

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.

	None










<TABLE>                        <C>                                           <C>
                                                             FORM 13F INFORMATION TABLE
                               TITLE                       VALUE    SHS OR                  INVESTMENT OTHER     VOTING AUTHORITY
NAME OF ISSUER                 OF CLASS       CUSIP       (X $1000) PRN AMT SH/PRN PUT/CALL DISCRETION MANAGERS  SOLE  SHARED  NONE

A C M Govt Securities          COM            000914 10 1  1,452   196,823 SH               SOLE                196,823
A C M Govt Spectrum            COM            000917 10 4    485    88,251 SH               SOLE                 88,251
AMR Corp                       COM            001765 10 6    504     9,250 SH               SOLE                  9,250
AT&T Corporation               COM            001957 10 9    850    19,545 SH               SOLE                 19,545
Abbott Laboratories            COM            002824 10 0  1,012    27,595 SH               SOLE                 27,595
Aegon N.V.                     ORD AMER REG   007924 10 3    248     2,866 SH               SOLE                  2,866
Allmerica Securities           SH BEN INT     019921 10 5    529    55,327 SH               SOLE                 55,327
American Express Company       COM            025816 10 9  1,249     9,255 SH               SOLE                  9,255
Ameritech Corp                 COM            030954 10 1    269     4,033 SH               SOLE                  4,033
Amerigas Partners LP           UNIT L P INT   030975 10 6    633    34,080 SH               SOLE                 34,080
Amgen, Inc                     COM            031162 10 0    491     6,020 SH               SOLE                  6,020
Arden Realty Group             COM            039793 10 4    381    17,500 SH               SOLE                 17,500
Associates First Cap           CL A           046008 10 8  1,329    36,930 SH               SOLE                 36,930
BP Amoco                       SPON ADR       055622 10 4    380     3,432 SH               SOLE                  3,432
Bank of America Corp           COM            06605F 10 2    677    12,158 SH               SOLE                 12,158
Bell Atlantic Corp             COM            077853 10 9    300     4,454 SH               SOLE                  4,454
Bellsouth Corporation          COM            079860 10 2  1,174    26,078 SH               SOLE                 26,078
Blackrock Adv. Term 2005       COM            09247A 10 1    566    63,271 SH               SOLE                 63,271
Blackrock Broad Inv 2009       COM            09247Q 10 6    681    58,860 SH               SOLE                 58,860
Blockbuster Inc                CL A           093679 10 8    276    21,650 SH               SOLE                 21,650
Boston Properties, Inc.        COM            101121 10 1    433    14,100 SH               SOLE                 14,100
Buckeye Partners LP            UNIT LTD PARTN 118230 10 1    217     8,020 SH               SOLE                  8,020
Burlington Northern            COM            12189T 10 4    227     8,250 SH               SOLE                  8,250
Chase Manhattan Corp           COM            16161A 10 8  1,789    23,735 SH               SOLE                 23,735
Chevron Corp                   COM            166751 10 7    213     2,400 SH               SOLE                  2,400
Cisco Systems                  COM            17275R 10 2  4,540    66,222 SH               SOLE                 66,222
CitiGroup, Inc.                COM            172967 10 1  1,080    24,555 SH               SOLE                 24,555
Coca Cola                      COM            191216 10 0    999    20,700 SH               SOLE                 20,700
Compaq Computer                COM            204493 10 0    619    27,044 SH               SOLE                 27,044
Consolidated Natural Gas Co    COM            209615 10 3    952    15,265 SH               SOLE                 15,265
Cornerstone Properties, Inc.   COM            21922H 10 3  1,836   120,416 SH               SOLE                120,416
Crescent Real Estate Equities  COM            225756 10 5    678    37,658 SH               SOLE                 37,658
Crescent Real Est Eq Covt Pfd  PFD CV A 6.75% 225756 20 4    706    47,035 SH               SOLE                 47,035
Dell Computer                  COM            247025 10 9  1,124    26,875 SH               SOLE                 26,875
Delphi Auto System Corp        COM            247126 10 5    208    12,949 SH               SOLE                 12,949
Diamonds Trades                UNIT SER 1     252787 10 6    265     2,553 SH               SOLE                  2,553
Disney Walt Co                 COM            254687 10 6    636    24,450 SH               SOLE                 24,450
Duke Energy Corp               COM            264399 10 6    568    10,310 SH               SOLE                 10,310
Equity Inns                    COM            294703 10 3    484    56,976 SH               SOLE                 56,976
Equity Office Properties Trust COM            294741 10 3    233    10,000 SH               SOLE                 10,000
Ericsson L M Tel Co            ADR CL B SEK10 294821 40 0  1,179    37,730 SH               SOLE                 37,730
Exxon Corporation              COM            302290 10 1    421     5,540 SH               SOLE                  5,540
FDX Corp                       COM            31304N 10 7    836    21,495 SH               SOLE                 21,495
Ferrellgas Partners L.P.       UNIT LTD PART  315293 10 0    474    29,185 SH               SOLE                 29,185
G T E  Corporation             COM            362320 10 3    901    11,717 SH               SOLE                 11,717
General Electric               COM            369604 10 3  4,723    39,834 SH               SOLE                 39,834
General Motors Corp            COM            370442 10 5  1,611    25,589 SH               SOLE                 25,589
Genesis Energy                 UNIT LTD PART  371927 10 4    144    11,690 SH               SOLE                 11,690
Glenborough Realty TR          PFD CV SER A%  37803P 20 4    582    35,425 SH               SOLE                 35,425
Golden State Bancorp, Inc      COM            381197 10 2    239    13,315 SH               SOLE                 13,315
HRPT Properties Trust          COM SH BEN INT 40426W 10 1  2,528   224,743 SH               SOLE                224,743
Halliburton                    COM            406216 10 1  2,226    54,281 SH               SOLE                 54,281
Hancock John Patriot Prem II   COM SH BEN INT 41013T 10 5    361    34,575 SH               SOLE                 34,575
Health Care Property           COM            421915 10 9    839    31,944 SH               SOLE                 31,944
HealthCare Realty  Trust       COM            421946 10 4  1,864    99,390 SH               SOLE                 99,390
Health Care Reit               COM            42217K 10 6    594    29,690 SH               SOLE                 29,690
Hewlett-Packard                COM            428236 10 3  2,568    28,296 SH               SOLE                 28,296
Home Depot Inc                 COM            437076 10 2  2,741    39,940 SH               SOLE                 39,940
Hospitality Properties Trust   COM SH BEN INT 44106M 10 2  1,485    66,950 SH               SOLE                 66,950
Intel                          COM            458140 10 0  1,381    18,580 SH               SOLE                 18,580
International Business Machine COM            459200 10 1  3,488    28,825 SH               SOLE                 28,825
Johnson & Johnson              COM            478160 10 4  1,408    15,325 SH               SOLE                 15,325
Kaneb Pipe Line Partners       SR PREF UNIT   484169 10 7    312    10,795 SH               SOLE                 10,795
Kinder Morgan Energy Partners  UT LTD PARTNER 494550 10 6  2,474    57,129 SH               SOLE                 57,129
Lakehead Pipeline Partners     COM UNIT CL A  511557 10 0    348     8,160 SH               SOLE                  8,160
Liberty Property Trust         SH BEN INT     531172 10 4  1,118    49,276 SH               SOLE                 49,276
Lilly Eli & Co                 COM            532457 10 8  2,818    43,910 SH               SOLE                 43,910
Lowes Cos Inc                  COM            548661 10 7  1,178    24,160 SH               SOLE                 24,160
Lucent Technologies            COM            549463 10 7 10,366   159,789 SH               SOLE                159,789
MCI Worldcom Inc.              COM            55268B 10 6  3,835    53,350 SH               SOLE                 53,350
Meditrust Companies            PAIRED CTF NEW 58501T 30 6    587    69,079 SH               SOLE                 69,079
Mellon Bank                    COM            585509 10 2    534    15,870 SH               SOLE                 15,870
Merck & Co Inc                 COM            589331 10 7    507     7,830 SH               SOLE                  7,830
Microsoft                      COM            594918 10 4  8,011    88,462 SH               SOLE                 88,462
Nokia Corp                     SPON ADR       654902 20 4  1,219    13,565 SH               SOLE                 13,565
Nortel Networks Corp           COM            656569 10 0    238     4,675 SH               SOLE                  4,675
Northern Border Ptnrs          UNIT LTD PARTN 664785 10 2    768    26,495 SH               SOLE                 26,495
Pan Pacific Retail Properties  COM            69806L 10 4    919    53,838 SH               SOLE                 53,838
Pepsico                        COM            713448 10 8    887    29,095 SH               SOLE                 29,095
Pfizer                         COM            717081 10 3    907    25,270 SH               SOLE                 25,270
Procter & Gamble               COM            742718 10 9    408     4,349 SH               SOLE                  4,349
Providian Financial Corp       COM            74406A 10 2    317     4,000 SH               SOLE                  4,000
Quaker Chemical Corp           COM            747316 10 7    266    16,020 SH               SOLE                 16,020
Raytheon Co Cl A               CL A           755111 30 9  1,312    27,060 SH               SOLE                 27,060
SBC Communications             COM            78387G 10 3  1,022    20,007 SH               SOLE                 20,007
SPDR TR                        UNIT SER 1     78462F 10 3  4,280    33,239 SH               SOLE                 33,239
Schlumberger                   COM            806857 10 8  1,141    18,315 SH               SOLE                 18,315
Sector SPDR TR                 SBI INT-FINL   81369Y 60 5    267    12,060 SH               SOLE                 12,060
Sector SPDR TR                 SBI INT-TECH   81369Y 80 3  1,294    31,380 SH               SOLE                 31,380
Southwest Airlines             COM            844741 10 8  2,198   144,719 SH               SOLE                144,719
Star Gas Partners              UNIT LTD PARTN 85512C 10 5    510    31,490 SH               SOLE                 31,490
Suburban Propane Partners      UNIT LTD PARTN 864482 10 4    480    23,535 SH               SOLE                 23,535
Texaco Inc                     COM            881694 10 3    755    11,966 SH               SOLE                 11,966
Texas Instruments              COM            882508 10 4  1,194    14,521 SH               SOLE                 14,521
Time Warner Inc                COM            887315 10 9    302     4,965 SH               SOLE                  4,965
U.S. Restaurant Properties     COM            902971 10 0    944    49,675 SH               SOLE                 49,675
U S Restaurant Convt 7.72%     PFD CV SER A   902971 20 9  1,060    60,580 SH               SOLE                 60,580
United Investors Realty Trust  COM            910741 10 7  1,423   197,124 SH               SOLE                197,124
Vestaur Securities             COM            925464 10 9    241    19,095 SH               SOLE                 19,095
Vitesse Semiconductor          COM            928497 10 6    493     5,775 SH               SOLE                  5,775
Wal-Mart Stores Inc            COM            931142 10 3  1,796    37,760 SH               SOLE                 37,760
Warner-Lambert                 COM            934488 10 7  1,113    16,765 SH               SOLE                 16,765
Washington Gas Lt              COM            938837 10 1    352    12,970 SH               SOLE                 12,970
Watson Pharmaceuticals         COM            942683 10 3  1,149    37,600 SH               SOLE                 37,600
Williams Cos Inc Del           COM            969457 10 0    986    26,205 SH               SOLE                 26,205
World Fuel Services            COM            981475 10 6    283    29,004 SH               SOLE                 29,004
Xerox Corp                     COM            984121 10 3    715    17,040 SH               SOLE                 17,040

</TABLE>



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