FIDUCIARY FINANCIAL SERVICES OF THE SOUTHWEST INC /TX
13F-HR, 1999-08-13
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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:  06-30-99

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              August 13, 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:	      105

Form 13F Information Table Value Total:	  134,645

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  1,683   210,322 SH               SOLE                210,322
A C M Govt Spectrum            COM            000917 10 4    537    92,450 SH               SOLE                 92,450
AMR Corp                       COM            001765 10 6    640     9,380 SH               SOLE                  9,380
AT&T Corporation               COM            001957 10 9    560    10,030 SH               SOLE                 10,030
Abbott Laboratories            COM            002824 10 0  1,107    24,405 SH               SOLE                 24,405
Aegon N.V.                     ORD AMER REG   007924 10 3    212     2,866 SH               SOLE                  2,866
Allmerica Securities           SH BEN INT     019921 10 5    600    58,852 SH               SOLE                 58,852
American Express Company       COM            025816 10 9  1,204     9,255 SH               SOLE                  9,255
Ameritech Corp                 COM            030954 10 1    296     4,033 SH               SOLE                  4,033
Amerigas Partners LP           UNIT LP INT    030975 10 6    776    38,414 SH               SOLE                 38,414
Amgen Inc                      COM            031162 10 0    292     4,800 SH               SOLE                  4,800
Arden Realty Group             COM            039793 10 4    454    18,420 SH               SOLE                 18,420
Associates First Cap           CL A           046008 10 8  1,594    36,130 SH               SOLE                 36,130
BP Amoco                       SPON ADR       055622 10 4    338     3,112 SH               SOLE                  3,112
BankAmerica Corp               COM            06605F 10 2    914    12,472 SH               SOLE                 12,472
Bell Atlantic Corp             COM            077853 10 9    322     4,918 SH               SOLE                  4,918
Bellsouth Corporation          COM            079860 10 2  1,196    25,928 SH               SOLE                 25,928
Belo (A. H.) Corp              COM SER A      080555 10 5    437    22,176 SH               SOLE                 22,176
Blackrock Adv. Term 2005       COM            09247A 10 1    773    79,790 SH               SOLE                 79,790
Blackrock Broad Inv 2009       COM            09247Q 10 6    732    59,430 SH               SOLE                 59,430
Boston Properties, Inc.        COM            101121 10 1    506    14,100 SH               SOLE                 14,100
Buckeye Partners LP            UNIT LTD PARTN 118230 10 1    270     9,820 SH               SOLE                  9,820
Burlington Northern            COM            12189T 10 4    442    14,250 SH               SOLE                 14,250
Chase Manhattan Corp           COM            16161A 10 8  1,602    18,520 SH               SOLE                 18,520
Chevron Corp                   COM            166751 10 7    228     2,400 SH               SOLE                  2,400
Cisco Systems                  COM            17275R 10 2  3,964    61,512 SH               SOLE                 61,512
CitiGroup, Inc.                COM            172967 10 1    835    17,570 SH               SOLE                 17,570
Coca Cola                      COM            191216 10 0  1,327    21,400 SH               SOLE                 21,400
Compaq Computer                COM            204493 10 0    741    31,268 SH               SOLE                 31,268
Consolidated Natural Gas Co    COM            209615 10 3    927    15,265 SH               SOLE                 15,265
Cornerstone Properties, Inc.   COM            21922H 10 3  1,966   123,866 SH               SOLE                123,866
Crescent Real Estate Equities  COM            225756 10 5    947    39,858 SH               SOLE                 39,858
Crescent Real Est Eq Covt Pfd  PFD CV A 6.75% 225756 20 4    792    46,235 SH               SOLE                 46,235
Dell Computer                  COM            247025 10 9    983    26,575 SH               SOLE                 26,575
Delphi Auto System Corp        COM            247126 10 5    347    18,736 SH               SOLE                 18,736
Diamonds Trades                UNIT SER 1     252787 10 6  2,170     1,983 SH               SOLE                  1,983
Disney Walt Co                 COM            254687 10 6  1,291    41,900 SH               SOLE                 41,900
Duke Energy Corp               COM            264399 10 6    647    11,885 SH               SOLE                 11,885
Equity Inns                    COM            294703 10 3    538    58,143 SH               SOLE                 58,143
Equity Office Properties Trust COM            294741 10 3    256    10,000 SH               SOLE                 10,000
Ericsson L M Tel Co            ADR CL B SEK10 294821 40 0  1,350    40,980 SH               SOLE                 40,980
Exxon Corporation              COM            302290 10 1    427     5,540 SH               SOLE                  5,540
FDX Corp                       COM            31304N 10 7  1,112    20,500 SH               SOLE                 20,500
Ferrellgas Partners L.P.       UNIT LP        315293 10 0    518    30,569 SH               SOLE                 30,569
G T E  Corporation             COM            362320 10 3    892    11,817 SH               SOLE                 11,817
General Electric               COM            369604 10 3  4,743    41,974 SH               SOLE                 41,974
General Motors Corp            COM            370442 10 5  1,774    26,879 SH               SOLE                 26,879
Genesis Energy                 UNIT LP        371927 10 4    188    12,644 SH               SOLE                 12,644
Glenborough Realty TR          PFD CV SER A   37803P 20 4    692    36,425 SH               SOLE                 36,425
Golden State Bancorp, Inc      COM            381197 10 2    394    17,490 SH               SOLE                 17,490
HRPT Properties Trust          COM SH BEN INT 40426W 10 1  3,587   234,267 SH               SOLE                234,267
Halliburton                    COM            406216 10 1  2,291    50,621 SH               SOLE                 50,621
Hancock John Patriot Prem II   COM SH BEN INT 41013T 10 5    401    37,045 SH               SOLE                 37,045
Health Care Property           COM            421915 10 9    791    27,394 SH               SOLE                 27,394
HealthCare Realty  Trust       COM            421946 10 4  2,160   102,252 SH               SOLE                102,252
Health Care Reit               COM            42217K 10 6    685    29,447 SH               SOLE                 29,447
Hewlett-Packard                COM            428236 10 3  2,844    28,296 SH               SOLE                 28,296
Home Depot Inc                 COM            437076 10 2  2,482    38,520 SH               SOLE                 38,520
Hospitality Properties Trust   COM SH BEN INT 44106M 10 2  1,742    64,235 SH               SOLE                 64,235
Intel                          COM            458140 10 0  1,046    17,580 SH               SOLE                 17,580
International Business Machine COM            459200 10 1  3,588    27,760 SH               SOLE                 27,760
Johnson & Johnson              COM            478160 10 4  1,471    15,010 SH               SOLE                 15,010
Kinder Morgan Energy Partners  UNIT LP        494550 10 6  2,308    62,379 SH               SOLE                 62,379
Lakehead Pipeline Partners     COM UNIT CL A  511557 10 0    440    10,007 SH               SOLE                 10,007
Leviathan Gas Pipeline L.P.    COM UNIT       527367 20 5    215     9,100 SH               SOLE                  9,100
Liberty Property Trust         SH BEN INT     531172 10 4  1,308    52,576 SH               SOLE                 52,576
Lilly Eli & Co                 COM            532457 10 8  3,217    44,910 SH               SOLE                 44,910
Lowes Cos Inc                  COM            548661 10 7  1,068    18,845 SH               SOLE                 18,845
Lucent Technologies            COM            549463 10 7 10,708   158,789 SH               SOLE                158,789
MCI Worldcom Inc.              COM            55268B 10 6  4,011    46,610 SH               SOLE                 46,610
Meditrust Companies            PAIRED CTF NEW 58501T 30 6    591    45,250 SH               SOLE                 45,250
Mellon Bank                    COM            585509 10 2    577    15,870 SH               SOLE                 15,870
Merck & Co Inc                 COM            589331 10 7    584     7,930 SH               SOLE                  7,930
Microsoft                      COM            594918 10 4  7,750    85,927 SH               SOLE                 85,927
Nokia Corp                     SPON ADR       654902 20 4  1,167    12,740 SH               SOLE                 12,740
Northern Border Ptnrs          UNIT LP        664785 10 2    948    30,505 SH               SOLE                 30,505
Novatel Inc                    COM            669954 10 9     34    20,000 SH               SOLE                 20,000
Pan Pacific Retail Properties  COM            69806L 10 4  1,073    55,388 SH               SOLE                 55,388
Pepsico                        COM            713448 10 8  1,083    27,995 SH               SOLE                 27,995
Pfizer                         COM            717081 10 3    630     5,780 SH               SOLE                  5,780
Procter & Gamble               COM            742718 10 9    402     4,499 SH               SOLE                  4,499
Providian Financial Corp       COM            74406A 10 2    373     4,000 SH               SOLE                  4,000
Quaker Chemical Corp           COM            747316 10 7    312    19,220 SH               SOLE                 19,220
Raytheon Co Cl A               CL A           755111 30 9  2,568    37,285 SH               SOLE                 37,285
SBC Communications             COM            78387G 10 3  1,027    17,707 SH               SOLE                 17,707
SPDR TR                        UNIT SER 1     78462F 10 3  4,545    33,174 SH               SOLE                 33,174
Schlumberger                   COM            806857 10 8  1,040    16,335 SH               SOLE                 16,335
Sector SPDR TR                 SBI INT-TECH   81369Y 80 3  1,171    28,915 SH               SOLE                 28,915
Southwest Airlines             COM            844741 10 8  2,934    94,281 SH               SOLE                 94,281
Star Gas Partners              UNIT LP        85512C 10 5    574    33,382 SH               SOLE                 33,382
Suburban Propane Partners      UNIT LP        864482 10 4    556    28,535 SH               SOLE                 28,535
Teppco Partners                UT LTD PARTNER 872384 10 2    254    10,237 SH               SOLE                 10,237
Texas Instruments              COM            882508 10 4    264     1,833 SH               SOLE                  1,833
U.S. Restaurant Properties     COM            902971 10 0    682    32,075 SH               SOLE                 32,075
U S Restaurant Convt 7.72%     PFD CV SER A   902971 20 9  1,252    60,530 SH               SOLE                 60,530
United Investors Realty Trust  COM            910741 10 7  1,652   200,191 SH               SOLE                200,191
Vestaur Securities             COM            925464 10 9    275    20,820 SH               SOLE                 20,820
Vitesse Semiconductor          COM            928497 10 6    389     5,775 SH               SOLE                  5,775
Wal-Mart Stores Inc            COM            931142 10 3  1,546    32,040 SH               SOLE                 32,040
Warner-Lambert                 COM            934488 10 7  1,293    18,700 SH               SOLE                 18,700
Washington Gas Lt              COM            938837 10 1    276    10,600 SH               SOLE                 10,600
Watson Pharmaceuticals         COM            942683 10 3  1,352    38,550 SH               SOLE                 38,550
Williams Cos Inc               COM            969457 10 0  1,025    24,075 SH               SOLE                 24,075
World Fuel Servics             COM            981475 10 6    354    24,008 SH               SOLE                 24,008
Radica Games LTD               ORD            G7342H 10 7    193    20,500 SH               SOLE                 20,500

</TABLE>



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