FIDUCIARY FINANCIAL SERVICES OF THE SOUTHWEST INC /TX
13F-HR, 2000-02-14
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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:  12-31-99

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              February 14, 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:	      112

Form 13F Information Table Value Total:	  146,476

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  1,255   196,823 SH               SOLE                196,823
A C M Govt Spectrum            COM            000917 10 4    479    88,051 SH               SOLE                 88,051
AMR Corp                       COM            001765 10 6    509     7,590 SH               SOLE                  7,590
AT&T Corporation               COM            001957 10 9  1,033    20,325 SH               SOLE                 20,325
Abbott Laboratories            COM            002824 10 0    976    26,870 SH               SOLE                 26,870
Aegon N.V.                     ORD AMER REG   007924 10 3    274     2,866 SH               SOLE                  2,866
Allmerica Securities           SH BEN INT     019921 10 5    476    54,027 SH               SOLE                 54,027
American Express Company       COM            025816 10 9  1,539     9,255 SH               SOLE                  9,255
Amerigas Partners LP           UNIT L P INT   030975 10 6    528    35,030 SH               SOLE                 35,030
Amgen, Inc                     COM            031162 10 0    788    13,120 SH               SOLE                 13,120
Arden Realty Group             COM            039793 10 4    351    17,500 SH               SOLE                 17,500
Associates First Cap           CL A           046008 10 8    963    35,102 SH               SOLE                 35,102
Atmel Corp                     COM            049513 10 4    645    21,820 SH               SOLE                 21,820
BP Amoco                       SPON ADR       055622 10 4    407     6,864 SH               SOLE                  6,864
Bank of America Corp           COM            06605F 10 2    566    11,283 SH               SOLE                 11,283
Bell Atlantic Corp             COM            077853 10 9    274     4,457 SH               SOLE                  4,457
Bellsouth Corporation          COM            079860 10 2  1,979    42,282 SH               SOLE                 42,282
Blackrock Adv. Term 2005       COM            09247A 10 1    574    63,305 SH               SOLE                 63,305
Blackrock Broad Inv 2009       COM            09247Q 10 6    666    58,560 SH               SOLE                 58,560
Blockbuster Inc                CL A           093679 10 8    280    20,950 SH               SOLE                 20,950
Boston Properties, Inc.        COM            101121 10 1    439    14,100 SH               SOLE                 14,100
Buckeye Partners LP            UNIT LTD PARTN 118230 10 1    229     8,820 SH               SOLE                  8,820
Burlington Northern            COM            12189T 10 4    200     8,250 SH               SOLE                  8,250
Chase Manhattan Corp           COM            16161A 10 8  1,839    23,675 SH               SOLE                 23,675
Cisco Systems                  COM            17275R 10 2  7,512    70,122 SH               SOLE                 70,122
CitiGroup, Inc.                COM            172967 10 1  1,404    25,220 SH               SOLE                 25,220
Coca Cola                      COM            191216 10 0  1,238    21,250 SH               SOLE                 21,250
Compaq Computer                COM            204493 10 0    501    18,500 SH               SOLE                 18,500
Consolidated Natural Gas Co    COM            209615 10 3    959    14,765 SH               SOLE                 14,765
Cornerstone Properties, Inc.   COM            21922H 10 3  1,573   107,566 SH               SOLE                107,566
Crescent Real Estate Equities  COM            225756 10 5    692    37,658 SH               SOLE                 37,658
Crescent Real Est Eq Covt Pfd  PFD CV A 6.75% 225756 20 4    737    48,735 SH               SOLE                 48,735
Dell Computer                  COM            247025 10 9  1,538    30,150 SH               SOLE                 30,150
Delphi Auto System Corp        COM            247126 10 5    182    11,534 SH               SOLE                 11,534
Diamonds Trades                UNIT SER 1     252787 10 6    299     2,593 SH               SOLE                  2,593
Disney Walt Co                 COM            254687 10 6    657    22,450 SH               SOLE                 22,450
Duke Energy Corp               COM            264399 10 6    492     9,810 SH               SOLE                  9,810
Equity Inns                    COM            294703 10 3    373    55,261 SH               SOLE                 55,261
Equity Office Properties Trust COM            294741 10 3    246    10,000 SH               SOLE                 10,000
Ericsson L M Tel Co            ADR CL B SEK10 294821 40 0  2,478    37,730 SH               SOLE                 37,730
Exxon Mobil Corporation        COM            30231G 10 2    571     7,092 SH               SOLE                  7,092
FDX Corp                       COM            31304N 10 7    872    21,295 SH               SOLE                 21,295
Ferrellgas Partners L.P.       UNIT LTD PART  315293 10 0    463    36,640 SH               SOLE                 36,640
G T E  Corporation             COM            362320 10 3    827    11,717 SH               SOLE                 11,717
General Electric               COM            369604 10 3  6,122    39,559 SH               SOLE                 39,559
General Motors Corp            COM            370442 10 5  1,827    25,139 SH               SOLE                 25,139
General Motors Corp            CL H           370442 83 2    847     8,820 SH               SOLE                  8,820
Genesis Energy                 UNIT LTD PART  371927 10 4     85    10,490 SH               SOLE                 10,490
Glenborough Realty TR          PFD CV SER A%  37803P 20 4    519    37,225 SH               SOLE                 37,225
Golden State Bancorp, Inc      COM            381197 10 2    225    13,065 SH               SOLE                 13,065
HRPT Properties Trust          COM SH BEN INT 40426W 10 1  2,055   228,283 SH               SOLE                228,283
Halliburton                    COM            406216 10 1  2,185    54,281 SH               SOLE                 54,281
Hancock John Patriot Prem II   COM SH BEN INT 41013T 10 5    302    34,275 SH               SOLE                 34,275
Health Care Property           COM            421915 10 9    785    32,894 SH               SOLE                 32,894
HealthCare Realty Trust        COM            421946 10 4  1,532    98,051 SH               SOLE                 98,051
Health Care Reit               COM            42217K 10 6    447    29,540 SH               SOLE                 29,540
Hewlett-Packard                COM            428236 10 3  3,439    30,231 SH               SOLE                 30,231
Home Depot Inc                 COM            437076 10 2  4,119    59,909 SH               SOLE                 59,909
Hospitality Properties Trust   COM SH BEN INT 44106M 10 2  1,301    68,225 SH               SOLE                 68,225
Intel                          COM            458140 10 0  1,529    18,580 SH               SOLE                 18,580
International Business Machine COM            459200 10 1  3,098    28,715 SH               SOLE                 28,715
Johnson & Johnson              COM            478160 10 4  1,433    15,365 SH               SOLE                 15,365
Kaneb Pipe Line Partners       SR PREF UNIT   484169 10 7    320    12,980 SH               SOLE                 12,980
Kinder Morgan Energy Partners  UT LTD PARTNER 494550 10 6  2,443    58,954 SH               SOLE                 58,954
Lakehead Pipeline Partners     COM UNIT CL A  511557 10 0    315     9,050 SH               SOLE                  9,050
Liberty Property Trust         SH BEN INT     531172 10 4  1,109    44,791 SH               SOLE                 44,791
Lilly Eli & Co                 COM            532457 10 8  2,878    43,275 SH               SOLE                 43,275
Lowes Cos Inc                  COM            548661 10 7  1,456    24,365 SH               SOLE                 24,365
Lucent Technologies            COM            549463 10 7 11,880   158,397 SH               SOLE                158,397
MCI Worldcom Inc.              COM            55268B 10 6  4,275    80,559 SH               SOLE                 80,559
Meditrust Companies            PAIRED CTF NEW 58501T 30 6    375    68,223 SH               SOLE                 68,223
Merck & Co Inc                 COM            589331 10 7    509     7,580 SH               SOLE                  7,580
Microsoft                      COM            594918 10 4 10,254    87,827 SH               SOLE                 87,827
Nextel Communications Inc      CL A           65332V 10 3    644     6,240 SH               SOLE                  6,240
Nokia Corp                     SPON ADR       654902 20 4  2,592    13,565 SH               SOLE                 13,565
Nortel Networks Corp           COM            656569 10 0    648     6,415 SH               SOLE                  6,415
Northern Border Ptnrs          UNIT LTD PARTN 664785 10 2    609    26,495 SH               SOLE                 26,495
Pan Pacific Retail Properties  COM            69806L 10 4    844    51,738 SH               SOLE                 51,738
Pepsico                        COM            713448 10 8    989    28,045 SH               SOLE                 28,045
Pfizer                         COM            717081 10 3    861    26,550 SH               SOLE                 26,550
Procter & Gamble               COM            742718 10 9    476     4,349 SH               SOLE                  4,349
Providian Financial Corp       COM            74406A 10 2    364     4,000 SH               SOLE                  4,000
Raytheon Co                    CL A           755111 30 9    320    12,900 SH               SOLE                 12,900
SBC Communications             COM            78387G 10 3  1,234    25,321 SH               SOLE                 25,321
SPDR TR                        UNIT SER 1     78462F 10 3  4,867    33,134 SH               SOLE                 33,134
Schlumberger                   COM            806857 10 8  1,065    18,975 SH               SOLE                 18,975
Sector SPDR TR                 SBI INT-FINL   81369Y 60 5    270    11,360 SH               SOLE                 11,360
Sector SPDR TR                 SBI INT-TECH   81369Y 80 3  1,754    32,550 SH               SOLE                 32,550
Senior Hsg Pptys Tr            SH BEN INT     81721M 10 9    852    68,840 SH               SOLE                 68,840
Southwest Airlines             COM            844741 10 8  2,333   144,657 SH               SOLE                144,657
Star Gas Partners              UNIT LTD PARTN 85512C 10 5    470    35,790 SH               SOLE                 35,790
Suburban Propane Partners      UNIT LTD PARTN 864482 10 4    409    23,535 SH               SOLE                 23,535
Sun Microsystems Inc           COM            866810 10 4    287     3,700 SH               SOLE                  3,700
TC Pipelines LP                UT COM LTD PRT 87233Q 10 8    221    15,665 SH               SOLE                 15,665
Teppco Partners L P            UT LTD PARTNER 872384 10 2    194    10,055 SH               SOLE                 10,055
Texaco Inc                     COM            881694 10 3    650    11,961 SH               SOLE                 11,961
Texas Instruments              COM            882508 10 4  1,876    19,416 SH               SOLE                 19,416
Time Warner Inc                COM            887315 10 9    359     4,965 SH               SOLE                  4,965
Transocean Offshore Inc Cayman ORD            G90076 10 3    542    16,094 SH               SOLE                 16,094
U.S. Restaurant Properties     COM            902971 10 0    697    48,878 SH               SOLE                 48,878
U S Restaurant Convt 7.72%     PFD CV SER A   902971 20 9    825    59,480 SH               SOLE                 59,480
United Investors Realty Trust  COM            910741 10 7  1,188   192,024 SH               SOLE                192,024
United Parcel Service Inc      CL B           911312 10 6    697    10,105 SH               SOLE                 10,105
Vestaur Securities             COM            925464 10 9    218    18,365 SH               SOLE                 18,365
Vitesse Semiconductor          COM            928497 10 6  1,349    25,725 SH               SOLE                 25,725
Wal-Mart Stores Inc            COM            931142 10 3  2,622    37,935 SH               SOLE                 37,935
Warner-Lambert                 COM            934488 10 7  1,374    16,765 SH               SOLE                 16,765
Washington Gas Lt              COM            938837 10 1    367    13,345 SH               SOLE                 13,345
Watson Pharmaceuticals         COM            942683 10 3  1,291    36,050 SH               SOLE                 36,050
Williams Communications Group  CL A           969455 10 4    358    12,385 SH               SOLE                 12,385
Williams Companies Inc Del     COM            969457 10 0    813    26,585 SH               SOLE                 26,585
World Fuel Servics             COM            981475 10 6    405    54,004 SH               SOLE                 54,004

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