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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: June 30, 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 August 18, 1999
Report Type:
13F Holdings Report
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 4,048,363
Form 13F Information Table Value Total: 138,790,084
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<TABLE> <C> <C>
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 "235,836" "4,225" X M&S X
AT&T Liberty Media Group CS 1957208 "19,424,476" "528,557" X
M&S
X
Abbott Labs CS 002824100 "214,352" "4,724" X M&S X
Affiliated Managers Group CS 8252108 "3,853,434" "127,650" X
M&S
X
American Int'l Group CS 026874107 "234,500" "2,000" X M&S
X
Amerisource Health Corp. CS 03071P102 "3,628,650" "142,300" X
M&S
X
Atmos Energy CS 049560105 "3,653,750" "146,150" X M&S X
BellSouth CS 079860102 "413,280" "8,960" X M&S X
Cablevision Systems Cl A CS 12686C109 "2,110,500" "30,150" X
M&S
X
Canadian National Railway Co. CS 136375102 "3,371,775" "50,325" X
M&
S X
Chevron Corp CS 166751107 "502,500" "5,286" X M&S X
Comcast Corp-Cl A CS 200300101 "8,474,670" "236,640" X M&S
X
Compass BancShares CS 20449H109 "4,549,728" "166,962" X M&S
X
Corning Inc. CS 219350105 "4,756,228" "67,825" X M&S X
Exxon Corp. CS 302290101 "312,048" "4,046" X M&S X
Fed Nat'l Mortgage CS 313586109 "279,825" "4,100" X M&S X
Ford Motor Co. CS 345370100 "225,750" "4,000" X M&S X
General Electric CS 369604103 "452,000" "4,000" X M&S X
Heartland Express Inc. CS 422347104 "3,175,113" "193,900" X
M&S X
Household Int'l CS 441815107 "3,930,341" "82,975" X M&S
X
Hubbell Inc. CS 443510201 "281,779" "6,210" X M&S X
Interpublic Grp. Cos. CS 460690100 "4,416,792" "50,987" X
M&S X
Jacobs Engineering Grp. Inc. CS 469814107 "2,662,850" "70,075" X
M&S
X
Kimball Int'l-Cl B CS 494274103 "2,762,944" "163,730" X M&S
X
Lincoln Electric CS 533543203 "2,618,875" "127,750" X M&S
X
Lucent Technologies CS 549463107 "404,895" "6,004" X M&S
X
MBIA Inc. CS 55262C100 "3,433,369" "53,025" X M&S X
MGIC Investment CS 552848103 "3,219,948" "66,220" X M&S
X
Montana Power CS 612085100 "5,833,875" "82,750" X M&S X
NIPSCO Industries CS 629140104 "3,355,109" "129,980" X M&S
X
Norfolk Southern CS 655844108 "225,938" "7,500" X M&S X
Penn Treaty America CS 707874103 "2,820,125" "117,200" X
M&S X
Pfizer Inc. CS 717081103 "302,261" "2,980" X M&S X
Ross Stores CS 778296103 "4,820,384" "95,690" X M&S X
SBC Communications Inc. CS 78387G103 "266,684" "4,598" X M&S
X
SJW Corp. CS 784305104 "350,350" "4,400" X M&S X
"Schlumberger, Ltd." CS 806857108 "251,184" "3,944" X M&S
X
Shaw Communications Inc B CS 82028K200 "4,106,175" "103,300" X
M&S
X
Smucker Co. CS 832696108 "3,270,973" "147,010" X M&S X
Sunguard Data Systems CS 867363103 "2,234,738" "64,775" X
M&S X
TCA Cable TV CS 872241104 "7,817,730" "140,860" X M&S X
TCI Satellite Entertainment Inc. CS 872298104 "32,186" "10,957" X
M&S
X
Time Warner Inc. CS 887315109 "7,139,038" "98,300" X M&S
X
Tribune Co. CS 896047107 "5,721,934" "65,675" X M&S X
TwinLab Corp CS 901774109 "551,719" "64,200" X M&S X
Utd Water Resources CS 913190104 "274,519" "12,100" X M&S
X
"Young & Rubicam, Inc." CS 987425105 "2,237,797" "49,250" X
M&S X
Franklin US Gov't MF 353496607 "77,123" "11,563" X M&S X
First Australia Prime Inc. Fund MF 308653102 "1,488,473" "243,016" X
M&
S X
Muni Vest Fund MF 626295109 "410,400" "43,200" X M&S X
Putnam Master Int Inc MF 746909100 "683,791" "94,316" X M&S
X
Templeton Global Government Inc. MF 879929107 "459,431" "68,700" X
M&S
X
Templeton Foreign Fund MF 880196209 "321,595" "3,123" X M&S
X
Kleinwort Benson Aust Inc Fd Inc MF 498577105 "136,350" "20,200" X
M&S
X
COLUMN TOTAL "138,790,084" "4,048,363"
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