<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 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 November 15, 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: 4,965,333
Form 13F Information Table Value Total: 169,861,749
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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 c Shared Managers Voting Athority (Shares)
Principal Amount As Defined Other See Instr.
V (a) Sole (b) Shared c None
In Instr. V
AT&T Liberty Media Group CS 001957208 "26,609,612" "468,376" X
M&S
X
Affiliated Managers Group CS 008252108 "6,856,178" "169,550" X
M&S
X
American Int'l Group CS 026874107 "270,313" "2,500" X M&S
X
Amerisource Health Corp. CS 03071P102 "2,107,235" "138,748" X
M&S
X
Atmos Energy CS 049560105 "2,700,611" "132,140" X M&S X
BellSouth CS 079860102 "419,440" "8,960" X M&S X
Cablevision Systems Cl A CS 12686C109 "5,088,700" "67,400" X
M&S
X
Canadian National Railway Co. CS 136375102 "3,019,675" "113,950" X
M&
S X
Chevron Corp CS 166751107 "457,900" "5,286" X M&S X
Comcast Corp-Cl A CS 200300101 "6,186,408" "129,220" X M&S
X
Comcast Corp-Special Cl A CS 200300200 "6,637,339" "131,270" X
M&S
X
Compass BancShares CS 20449H109 "4,002,651" "179,390" X M&S
X
Corning Inc. CS 219350105 "9,228,702" "71,575" X M&S X
Corus Entertainment CS 220874101 "964,731" "47,313" X M&S
X
Cox Communications-Cl A CS 224044107 "1,778,193" "34,528" X
M&S X
Exxon Corp. CS 302290101 "373,810" "4,640" X M&S X
Ford Motor Co. CS 345370100 "213,250" "4,000" X M&S X
General Electric CS 369604103 "619,000" "4,000" X M&S X
Heartland Express Inc. CS 422347104 "3,689,942" "234,282" X
M&S X
Household Int'l CS 441815107 "3,465,181" "93,025" X M&S
X
Interpublic Grp. Cos. CS 460690100 "6,347,096" "110,025" X
M&S X
Jacobs Engineering Grp. Inc. CS 469814107 "3,925,188" "120,775" X
M&S
X
Kimball Int'l-Cl B CS 494274103 "1,728,045" "104,730" X M&S
X
Lincoln Electric CS 533543203 "2,854,500" "138,400" X M&S
X
Lucent Technologies CS 549463107 "450,300" "6,004" X M&S
X
MBIA Inc. CS 55262C100 "3,384,225" "64,080" X M&S X
MGIC Investment CS 552848103 "4,319,657" "71,770" X M&S
X
Montana Power CS 612085100 "6,692,594" "185,583" X M&S X
NiSource Industries CS 629140104 "2,670,168" "149,380" X
M&S X
Northern Telecom Ltd CS 665815106 "404,000" "4,000" X M&S
X
Penn Treaty America CS 707874103 "2,045,138" "129,850" X
M&S X
Pfizer Inc. CS 717081103 "289,991" "8,940" X M&S X
Ross Stores CS 778296103 "3,794,319" "211,530" X M&S X
SBC Communications Inc. CS 78387G103 "224,153" "4,598" X M&S
X
SJW Corp. CS 784305104 "529,100" "4,400" X M&S X
Shaw Communications Inc B CS 82028K200 "5,044,938" "152,300" X
M&S
X
Smucker Co. CS 832696108 "3,063,645" "157,110" X M&S X
SouthWest Airlines CS 844741108 "4,435,181" "275,050" X M&S
X
Sunguard Data Systems CS 867363103 "3,917,563" "164,950" X
M&S X
Time Warner Inc. CS 887315109 "7,878,447" "108,950" X M&S
X
Tribune Co. CS 896047107 "7,694,984" "139,750" X M&S X
Utd Water Resources CS 913190104 "369,225" "10,800" X M&S
X
Vodafone Group Public Co. CS 92857T107 "239,333" "4,835" X
M&S X
Whole Foods Market CS 966837106 "3,083,938" "66,500" X M&S
X
"Young & Rubicam, Inc." CS 987425105 "7,184,663" "101,550" X
M&S X
Franklin US Gov't MF 353496607 "78,690" "12,051" X M&S X
First Australia Prime Inc. Fund MF 308653102 "1,089,440" "215,198" X
M&
S X
Muni Vest Fund MF 626295109 "332,325" "42,200" X M&S X
Putnam Master Int Inc MF 746909100 "379,694" "63,948" X M&S
X
Templeton Global Government Inc. MF 879929107 "372,025" "64,700" X
M&S
X
Templeton Foreign Fund MF 880196209 "350,320" "31,223" X M&S
X
COLUMN TOTAL "169,861,749" "4,965,333"
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