UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 13F
FORM 13F Cover Page
Report for the Calendar Year or Quarter Ended: September 30,
1999
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one): [ ] is a restatement.
[ ] adds new holding entries.
Institutional Investment Manager Filing this Report:
Name: Hester Capital Management L.L.C.
Address: 100 Congress Ave # 1960
Austin, Texas 78701
13F File Number:
The institutional investment manager filing this report and
the person by whom it is signed hereby represents 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 the Report on Behalf of Reporting Manager:
Name: I. Craig Hester
Title: President and CEO
Phone: (512) 474-6657
Signature, Place and Date of Signing:
/s/ I. Craig Hester Austin, Texas November 15, 1999
Report Type (Check only one):
[ X ] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
List of Other Managers Reporting for this Manager:
None
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES
EXCHANGE ACT OF 1934.
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
FORM 13F Information Table Entry Total: 192
FORM 13F Information Table Value Total: 454,563,269
List of Other Included Mangers:
No. 13F File Number Name
None
Fair Shares
or
Class Cusip Market Prin
Name of Issuer Title Number Value Amount
Apple Computer Inc csus 037833100 221,594 3,500 sole
Albertsons Inc csus 013104104 1,678,439 42,425 sole
Abbott Labs csus 002824100 790,616 21,550 sole
Adobe Systems csus 00724f101 11,304,600 99,600 sole
Allamerica Financial Corp csus 019754100 230,981 4,850 sole
AMFM csus 001693100 704,700 11,600 sole
Angelica csus 034663104 1,568,887 136,425 sole
Allergan, Inc. Common csus 018490102 3,636,545 33,059 sole
American Home Prod. Corp. csus 026609107 323,700 7,800 sole
American International Group csus 026874107 529,971 6,096 sole
AAR Corporation csus 000361105 1,932,462 107,359 sole
Ameritech Corp. csus 030954101 320,400 4,800 sole
Allied Signal Inc. csus 019512102 1,816,106 30,300 sole
American Greetings csus 026375105 927,664 36,025 sole
Ametek Aerospace Products csus 031105109 517,106 26,100 sole
Amgen Inc. csus 031162100 709,050 8,700 sole
Antec Corporation csus 03664P105 476,797 8,975 sole
America Online csus 02364j104 685,252 6,585 sole
Atlantic Richfield Company csus 048825103 4,101,122 46,275 sole
A.C. Nielsen csus 004833109 382,647 16,866 sole
Archstone Communities csus 039581103 726,800 36,800 sole
Auto Data Processing csus 053015103 348,075 7,800 sole
Avon Products csus 054303102 895,582 36,094 sol
