UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 1999
Institutional Investment Manager Filing this Report:
Name: Messner & Smith Theme/Value Investment Management, Ltd.
Address: 450 B Street, Suite 780
San Diego, CA 92101
SEC File Number: 801-24076
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: Ellis C. Smith
Title: Principal/CAO
Phone: (619) 239-9049
Signature, Place, and Date of Signing:
Ellis C. Smith San Diego, California May 12, 1999
Report Type:
13F Holdings Report
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES
EXCHANGE ACT OF 1934.
<PAGE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 3,409,435
Form 13F Information Table Value Total: 113,506,997
<PAGE>
<TABLE>
<C> <C>
FORM 13F INFORMATION TABLE
Item 1 Item 2 Item 3 Item 4 Item 5 Item 6 Item 7
Ite
m 8
Name of Issuer Title of Class CUSIP Number Fair Market Value Shares of
(
a) Sole
(b) Shared Shared Managers Voting Athority (Shares)
Principal Amount As Defined Other See Instr.
V (a) Sole (b) Shared None
In Instr. V
AT&T Corp CS 001957109 224,832 2,817 X M&S X
AT&T Liberty Media Group CS 1957208 14,166,138 269,370 X
M&S
X
Abbott Labs CS 002824100 221,142 4,724 X M&S X
Affiliated Managers Group CS 8252108 2,094,300 80,550 X
M&S X
American Int'l Group CS 026874107 241,250 2,000 X M&S
X
Amerisource Health Corp. CS 03071P102 2,119,625 62,000 X
M&S X
Atmos Energy CS 049560105 3,388,000 140,800 X M&S X
BellSouth CS 079860102 358,960 8,960 X M&S X
Chevron Corp CS 166751107 469,133 5,286 X M&S X
Comcast Corp-Cl A CS 200300101 7,267,455 120,170 X M&S X
Compass BancShares CS 20449H109 3,790,688 109,875 X M&S X
Corning Inc. CS 219350105 4,900,620 81,677 X M&S X
Exxon Corp. CS 302290101 285,496 4,046 X M&S X
Fed Nat'l Mortgage CS 313586109 283,925 4,100 X M&S X
Ford Motor Co. CS 345370100 226,750 4,000 X M&S X
General Electric CS 369604103 453,563 4,100 X M&S X
Heartland Express Inc. CS 422347104 2,783,868 183,300 X M&S
X
Household Int'l CS 441815107 3,710,453 81,325 X M&S X
Hubbell Inc. CS 443510201 248,400 6,210 X M&S X
Interpublic Grp. Cos. CS 460690100 6,030,445 77,437 X M&S
X
Jacobs Engineering Grp. Inc. CS 469814107 2,724,145 69,075 X
M&S X
Kimball Int'l-Cl B CS 494274103 2,239,134 150,530 X M&S X
Lincoln Electric CS 533543203 2,291,806 123,050 X M&S X
Lucent Technologies CS 549463107 324,216 3,002 X M&S
X
MBIA Inc. CS 55262C100 3,056,600 52,700 X M&S X
MGIC Investment CS 552848103 2,320,086 66,170 X M&S X
Manpower Inc. CS 56418H100 2,107,023 90,140 X M&S X
Montana Power CS 612085100 5,965,919 81,100 X M&S X
NIPSCO Industries CS 629140104 3,292,650 121,950 X M&S X
Penn Treaty America CS 707874103 1,320,025 53,200 X M&S
X
Pfizer Inc. CS 717081103 413,475 2,980 X M&S X
Ross Stores CS 778296103 4,080,696 93,140 X M&S X
SBC Communications Inc. CS 78387G103 224,141 4,750 X M&S
X
SJW Corp. CS 784305104 284,900 4,400 X M&S X
Schlumberger, Ltd. CS 806857108 237,380 3,944 X M&S X
Schulman-Cl A Inc. CS 808194104 1,498,069 109,950 X M&S X
Shaw Communications Inc B CS 82028K200 3,226,797 100,250 X
M&S X
Smucker Co. CS 832696108 3,154,095 141,360 X M&S X
TCA Cable TV CS 872241104 6,144,810 141,260 X M&S X
TCI Satellite Entertainment Inc. CS 872298104 7,191 10,957 X
M&S
X
Time Warner Inc. CS 887315109 6,868,813 97,000 X M&S X
Tribune Co. CS 896047107 4,235,442 64,725 X M&S X
TwinLab Corp CS 901774109 603,281 64,350 X M&S X
Utd Water Resources CS 913190104 251,075 12,100 X M&S
X
Franklin US Gov't MF 353496607 77,823 11,378 X M&S X
Muni Vest Fund MF 626295109 286,525 29,200 X M&S X
First Australia Prime Inc. Fund MF 308653102 1,488,473 243,016 X
M&S
X
Putnam Master Int Inc MF 746909100 689,060 94,230 X M&S
X
Templeton Global Government Inc. MF 879929107 447,850 68,900 X
M&S
X
Templeton Foreign Fund MF 880196209 246,634 27,681 X M&S
X
Kleinwort Benson Aust Inc Fd Inc MF 498577105 133,825 20,200 X
M&S
X
COLUMN TOTAL 113,506,997 3,409,435
</TABLE>
