FIDUCIARY FINANCIAL SERVICES OF THE SOUTHWEST INC /TX
13F-HR, 2000-05-03
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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:  03-31-00

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              May 3, 2000

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:	       89

Form 13F Information Table Value Total:	  114,653

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  1,342   195,147 SH               SOLE                195,147
A C M Govt Spectrum            COM            000917 10 4    506    88,051 SH               SOLE                 88,051
AT&T Corporation               COM            001957 10 9  1,144    20,315 SH               SOLE                 20,315
Abbott Laboratories            COM            002824 10 0    822    23,370 SH               SOLE                 23,370
Aegon N.V.                     ORD AMER REG   007924 10 3    217     2,700 SH               SOLE                  2,700
Agilent Technologies           COM            00846U 10 1  3,328    32,000 SH               SOLE                 32,000
Allmerica Securities           SH BEN INT     019921 10 5    496    53,627 SH               SOLE                 53,627
America Online Inc             COM            02364J 10 4    809    11,990 SH               SOLE                 11,990
American Express Company       COM            025816 10 9    212     1,425 SH               SOLE                  1,425
Amerigas Partners LP           UNIT L P INT   030975 10 6    503    32,980 SH               SOLE                 32,980
Amgen, Inc                     COM            031162 10 0  4,081    66,500 SH               SOLE                 66,500
Arden Realty Group             COM            039793 10 4    365    17,500 SH               SOLE                 17,500
BP Amoco                       SPON ADR       055622 10 4    366     6,864 SH               SOLE                  6,864
Bell Atlantic Corp             COM            077853 10 9    272     4,454 SH               SOLE                  4,454
Bellsouth Corporation          COM            079860 10 2  1,954    41,678 SH               SOLE                 41,678
Blackrock Adv. Term 2005       COM            09247A 10 1    562    63,332 SH               SOLE                 63,332
Blackrock Broad Inv 2009       COM            09247Q 10 6    655    58,560 SH               SOLE                 58,560
Blockbuster Inc                CL A           093679 10 8    200    20,000 SH               SOLE                 20,000
Boston Properties, Inc.        COM            101121 10 1    449    14,100 SH               SOLE                 14,100
Buckeye Partners LP            UNIT LTD PARTN 118230 10 1    201     7,745 SH               SOLE                  7,745
Chase Manhattan Corp           COM            16161A 10 8  2,057    23,590 SH               SOLE                 23,590
Chevron Corp                   COM            166751 10 7    203     2,200 SH               SOLE                  2,200
Cisco Systems                  COM            17275R 10 2  5,355    69,260 SH               SOLE                 69,260
CitiGroup, Inc.                COM            172967 10 1  1,750    29,220 SH               SOLE                 29,220
Coca Cola                      COM            191216 10 0  1,134    24,150 SH               SOLE                 24,150
Compaq Computer                COM            204493 10 0    500    18,500 SH               SOLE                 18,500
Crescent Real Estate Equities  COM            225756 10 5    659    37,658 SH               SOLE                 37,658
Crescent Real Est Eq Covt Pfd  PFD CV A 6.75% 225756 20 4    714    50,335 SH               SOLE                 50,335
Dell Computer                  COM            247025 10 9    504     9,350 SH               SOLE                  9,350
Dominion Resources             COM            25746U 10 9    656    17,060 SH               SOLE                 17,060
Duke Energy Corp               COM            264399 10 6    515     9,810 SH               SOLE                  9,810
Equity Inns                    COM            294703 10 3    358    52,611 SH               SOLE                 52,611
Exodus Communications          COM            302088 10 9    861     6,125 SH               SOLE                  6,125
Exxon Mobil Corporation        COM            30231G 10 2    589     7,551 SH               SOLE                  7,551
Ferrellgas Partners L.P.       UNIT LTD PART  315293 10 0    489    35,560 SH               SOLE                 35,560
G T E  Corporation             COM            362320 10 3    825    11,617 SH               SOLE                 11,617
General Electric               COM            369604 10 3    741     4,760 SH               SOLE                  4,760
General Motors Corp            COM            370442 10 5    290     3,500 SH               SOLE                  3,500
Glenborough Realty TR          PFD CV SER A%  37803P 20 4    561    37,375 SH               SOLE                 37,375
Global Crossing Ltd            COM            G3921A 10 0  1,982    48,425 SH               SOLE                 48,425
HRPT Properties Trust          COM SH BEN INT 40426W 10 1  1,972   226,963 SH               SOLE                226,963
Halliburton                    COM            406216 10 1  2,243    54,551 SH               SOLE                 54,551
Hancock John Patriot Prem II   COM SH BEN INT 41013T 10 5    317    34,275 SH               SOLE                 34,275
Health Care Property           COM            421915 10 9    837    32,894 SH               SOLE                 32,894
HealthCare Realty Trust        COM            421946 10 4  1,605    95,803 SH               SOLE                 95,803
Health Care Reit               COM            42217K 10 6    392    28,015 SH               SOLE                 28,015
Hospitality Properties Trust   COM SH BEN INT 44106M 10 2  1,378    68,065 SH               SOLE                 68,065
International Business Machine COM            459200 10 1  3,477    29,465 SH               SOLE                 29,465
JDS Uniphase                   COM            46612J 10 1  3,548    29,430 SH               SOLE                 29,430
Johnson & Johnson              COM            478160 10 4  1,104    15,710 SH               SOLE                 15,710
Kaneb Pipe Line Partners       SR PREF UNIT   484169 10 7    297    11,840 SH               SOLE                 11,840
Kinder Morgan Energy Partners  UT LTD PARTNER 494550 10 6  2,518    63,454 SH               SOLE                 63,454
Lakehead Pipeline Partners     COM UNIT CL A  511557 10 0    282     8,110 SH               SOLE                  8,110
Liberty Property Trust         SH BEN INT     531172 10 4  1,002    41,874 SH               SOLE                 41,874
Lilly Eli & Co                 COM            532457 10 8  2,732    43,629 SH               SOLE                 43,629
Lucent Technologies            COM            549463 10 7  9,414   153,691 SH               SOLE                153,691
MCI Worldcom Inc.              COM            55268B 10 6  3,670    80,983 SH               SOLE                 80,983
Merck & Co Inc                 COM            589331 10 7    483     7,780 SH               SOLE                  7,780
Microsoft                      COM            594918 10 4  8,995    84,661 SH               SOLE                 84,661
Nortel Networks Corp           COM            656569 10 0  3,876    30,730 SH               SOLE                 30,730
Northern Border Ptnrs          UNIT LTD PARTN 664785 10 2    679    25,030 SH               SOLE                 25,030
Pan Pacific Retail Properties  COM            69806L 10 4    923    50,058 SH               SOLE                 50,058
Pfizer                         COM            717081 10 3  1,015    27,760 SH               SOLE                 27,760
Procter & Gamble               COM            742718 10 9    562     9,949 SH               SOLE                  9,949
Providian Financial Corp       COM            74406A 10 2    234     2,700 SH               SOLE                  2,700
SBC Communications             COM            78387G 10 3  1,028    24,407 SH               SOLE                 24,407
Schlumberger                   COM            806857 10 8  1,507    19,705 SH               SOLE                 19,705
Senior Hsg Pptys Tr            SH BEN INT     81721M 10 9    708    69,053 SH               SOLE                 69,053
Star Gas Partners              UNIT LTD PARTN 85512C 10 5    459    33,665 SH               SOLE                 33,665
Suburban Propane Partners      UNIT LTD PARTN 864482 10 4    420    21,310 SH               SOLE                 21,310
Sun Microsystems Inc           COM            866810 10 4    626     6,685 SH               SOLE                  6,685
TC Pipelines LP                UT COM LTD PRT 87233Q 10 8    279    17,665 SH               SOLE                 17,665
Teppco Partners L P            UT LTD PARTNER 872384 10 2    224    10,055 SH               SOLE                 10,055
Texaco Inc                     COM            881694 10 3    620    11,529 SH               SOLE                 11,529
Texas Utilities                COM            882848 10 4  1,067    35,935 SH               SOLE                 35,935
Transocean Sedco Forex Inc     ORD            G90078 10 9    824    16,061 SH               SOLE                 16,061
U.S. Restaurant Properties     COM            902971 10 0    627    47,981 SH               SOLE                 47,981
U S Restaurant Convt 7.72%     PFD CV SER A   902971 20 9    839    65,180 SH               SOLE                 65,180
United Investors Realty Trust  COM            910741 10 7    929   185,879 SH               SOLE                185,879
United Parcel Service Inc      CL B           911312 10 6    701    11,125 SH               SOLE                 11,125
Vestaur Securities             COM            925464 10 9    222    18,365 SH               SOLE                 18,365
Vodafone Airtouch              SPON ADR       92857T 10 7  2,661    47,890 SH               SOLE                 47,890
Wal-Mart Stores Inc            COM            931142 10 3  2,335    41,327 SH               SOLE                 41,327
Warner-Lambert                 COM            934488 10 7  1,616    16,545 SH               SOLE                 16,545
Washington Gas Lt              COM            938837 10 1    363    13,345 SH               SOLE                 13,345
Watson Pharmaceuticals         COM            942683 10 3  1,385    34,885 SH               SOLE                 34,885
Williams Communications Group  CL A           969455 10 4    879    16,935 SH               SOLE                 16,935
Williams Companies Inc Del     COM            969457 10 0  1,161    26,420 SH               SOLE                 26,420
World Fuel Servics             COM            981475 10 6    395    54,004 SH               SOLE                 54,004

</TABLE>



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