UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 3/31/99
Check here if Amendment [ ]; Amendment Number: ____
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: McCullough, Andrews & Cappiello, Inc.
Address: 101 California St., Suite 4250
San Francisco, CA 94111
Form 13F File Number: 28-1101
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: Robert F. McCullough
Title: Chairman
Phone: (415) 956-8700
Signature, Place, and Date of Signing:
/S/ Robert F. McCullough San Francisco, CA 4/20/99
[Signature] [City, State] [Date]
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).)
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 198
Form 13F Information Table Value Total: $461,692
(thousands)
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.
<PAGE>
<PAGE>
<TABLE> <C> <C>
NAME OF ISSUER TITLE OF CLASS CUSIP
VALUE(K)
SH/P AMT S/P P/C INV DSC MANAGERS SOLE SHARED NONE
AT&T CORP COMMON 001957109
13145
164700 SH SOLE 164700 0 0
ABER RESOURCES LTD NEW COMMON 002916104
75
12000 SH SOLE 12000 0 0
ABLE TELCOM HLDG CORP COM NEW 003712304
574
85000 SH SOLE 85000 0 0
AEROFLEX INC COMMON 007768104
599
42000 SH SOLE 42000 0 0
AIRTOUCH COMMUNICATNS COMMON 00949T100
696
7200 SH SOLE 7200 0 0
ALARIS MED INC COMMON 011637105
277
87800 SH SOLE 87800 0 0
ALBERTA ENERGY LTD COMMON 012873105
319
13000 SH SOLE 13000 0 0
ALBERTO CULVER CO CL A CL A 013068200
213
10000 SH SOLE 10000 0 0
ALBERTSONS INC COMMON 013104104
348
6400 SH SOLE 6400 0 0
ALLEGHENY ENERGY INC COMMON 017361106
354
12000 SH SOLE 12000 0 0
ALLTEL CORP COMMON 020039103
1067
17100 SH SOLE 17100 0 0
AMERICA ONLINE INC DEL COMMON 02364J104
294
2000 SH SOLE 2000 0 0
AMERICAN EXPRESS CO COMMON 025816109
16367
139000 SH SOLE 139000 0 0
AMERICAN HOME PRODS CORP COMMON 026609107
215
3300 SH SOLE 3300 0 0
AMERICAN RETIREMENT CORP SDCV 5.750 10/0 028913AA9
1316
1600000 PRN SOLE 1600000 0 0
AMGEN INC COMMON 031162100
344
4600 SH SOLE 4600 0 0
ASCEND COMMUNICATIONS COMMON 043491109
670
8000 SH SOLE 8000 0 0
ASHANTI GOLDFIELDS LTD DEPOSITORY RECEI 043743202
105
12000 SH SOLE 12000 0 0
ASSISTED LIVING CONCPT SDCV 6.000 11/0 04543LAD1
258
500000 PRN SOLE 500000 0 0
ASSOCIATES FIRST CAP COR CL A 046008108
6208
137954 SH SOLE 137954 0 0
AVIGEN INC COMMON 053690103
335
57000 SH SOLE 57000 0 0
AVISTA CORP RECONS L 1/10S 05379B503
1036
60500 SH SOLE 60500 0 0
BJS WHOLESALE CLUB INC COMMON 05548J106
1289
49000 SH SOLE 49000 0 0
BP AMOCO P L C DEPOSITORY RECEI 055622104
1817
17987 SH SOLE 17987 0 0
BALTIMORE GAS & ELEC CO COMMON 059165100
349
13750 SH SOLE 13750 0 0
BANKAMERICA CORP NEW COMMON 06605F102
960
13589 SH SOLE 13589 0 0
BARD C R INC COMMON 067383109
343
6800 SH SOLE 6800 0 0
BATTLE MTN GOLD CO COMMON 071593107
96
35000 SH SOLE 35000 0 0
BELL ATLANTIC CORP COMMON 077853109
589
11400 SH SOLE 11400 0 0
BERKSHIRE HATHAWAY DEL CL A 084670108
357
5 SH SOLE 5 0 0
BESTFOODS COMMON 08658U101
7297
155248 SH SOLE 155248 0 0
BOISE CASCADE CORP COMMON 097383103
4057
125800 SH SOLE 125800 0 0
BOLT TECHNOLOGY CORP COMMON 097698104
1678
196000 SH SOLE 196000 0 0
BRAUNS FASHIONS CORP COMMON 105658108
1130
141200 SH SOLE 141200 0 0
BRISTOL MYERS SQUIBB CO COMMON 110122108
1400
21830 SH SOLE 21830 0 0
CMS ENERGY CORP COMMON 125896100
564
14000 SH SOLE 14000 0 0
CPS SYS INC COMMON 126162106
89
130000 SH SOLE 130000 0 0
CAMBIOR INC COMMON 13201L103
64
16000 SH SOLE 16000 0 0
CAPITAL RE CP COMMON 140432105
650
37686 SH SOLE 37686 0 0
CAPSTEAD MTG CORP COMMON 14067E100
108
20000 SH SOLE 20000 0 0
CARRIZO OIL & CO INC COMMON 144577103
34
30000 SH SOLE 30000 0 0
CATALYTICA INC COMMON 148885106
275
25000 SH SOLE 25000 0 0
CELERITEK INC COMMON 150926103
272
68000 SH SOLE 68000 0 0
CHASE MANHATTAN CORP NEW COMMON 16161A108
12786
157125 SH SOLE 157125 0 0
CHEVRON CORPORATION COMMON 166751107
442
4980 SH SOLE 4980 0 0
CITIGROUP INC COMMON 172967101
575
9000 SH SOLE 9000 0 0
COCA COLA CO COMMON 191216100
1120
18250 SH SOLE 18250 0 0
COMPAQ COMPUTER CORP COMMON 204493100
444
14024 SH SOLE 14024 0 0
COMSAT CORP COM SER 1 20564D107
2361
81600 SH SOLE 81600 0 0
CONCENTRA MANAGED CARE NOTE 6.000 12/1 20589TAA1
1982
2125000 PRN SOLE 2125000 0 0
CONSOLIDATED NAT GAS CO COMMON 209615103
282
5800 SH SOLE 5800 0 0
CROWN AMERN RLTY TR SH BEN INT 228186102
2886
444000 SH SOLE 444000 0 0
CROWN RES CORP COMMON 228569109
33
20000 SH SOLE 20000 0 0
DATA PROCESSING RES CORP NOTE 5.250 4/0 237823AA7
361
500000 PRN SOLE 500000 0 0
DISNEY WALT COMPANY COMMON 254687106
1168
37525 SH SOLE 37525 0 0
DOMINION RES BLACK WARRI UNITS BEN INT 25746Q108
1007
68000 SH SOLE 68000 0 0
DUKE ENERGY CORP COMMON 264399106
11185
204052 SH SOLE 204052 0 0
E4L INC COMMON 268452109
10498
1253452 SH SOLE 1253452 0 0
ECLIPSYS CORP COMMON 278856109
444
21023 SH SOLE 21023 0 0
EDISON INTL COMMON 281020107
456
20500 SH SOLE 20500 0 0
ELAN PLC DEPOSITORY RECEI 284131208
356
5100 SH SOLE 5100 0 0
EMERSON ELEC CO COMMON 291011104
6969
131644 SH SOLE 131644 0 0
ENRON CORP COMMON 293561106
12857
200112 SH SOLE 200112 0 0
EXXON CORP COMMON 302290101
8714
123491 SH SOLE 123491 0 0
FEDERATED DEPT STORES COMMON 31410H101
477
11900 SH SOLE 11900 0 0
FEDERATED DEPT STORES *W EXP 12/19/199 31410H101
2729
68000 SOLE 68000 0 0
FIRST DATA CORP COMMON 319963104
5921
138500 SH SOLE 138500 0 0
FLEET FINL GROUP INC NEW COMMON 338915101
1242
33000 SH SOLE 33000 0 0
FORD MTR CO DEL COMMON 345370100
13093
230960 SH SOLE 230960 0 0
FOUNDATION HEALTH SYS IN COMMON 350404109
1623
133150 SH SOLE 133150 0 0
FRANKLIN RES INC COMMON 354613101
18060
642136 SH SOLE 642136 0 0
FRONTIER CORP COMMON 35906P105
15433
297500 SH SOLE 297500 0 0
GTE CORP COMMON 362320103
847
14000 SH SOLE 14000 0 0
GANTOS INC NEW COMMON 36473U105
93
110000 SH SOLE 110000 0 0
GENERAL ELEC CO COMMON 369604103
2677
24200 SH SOLE 24200 0 0
GENERAL MTRS CORP CL H CL H NEW 370442832
6703
132900 SH SOLE 132900 0 0
GOLDEN STAR RES LTD CDA COMMON 38119T104
23
28000 SH SOLE 28000 0 0
GREENERY REHABILITATION SD CV 8.750 4/0 394797AB0
888
940000 PRN SOLE 940000 0 0
GREY WOLF INC COMMON 397888108
147
102000 SH SOLE 102000 0 0
HALLIBURTON CO COMMON 406216101
1244
32300 SH SOLE 32300 0 0
HANGER ORTHOPEDIC GROUP COM NEW 41043F208
474
35100 SH SOLE 35100 0 0
HOMESTAKE MNG CO COMMON 437614100
129
15000 SH SOLE 15000 0 0
HOUGHTON MIFFLIN CO COMMON 441560109
886
18900 SH SOLE 18900 0 0
HUB GROUP INC CL A 443320106
238
10000 SH SOLE 10000 0 0
IDACORP INC COMMON 451107106
3986
135400 SH SOLE 135400 0 0
INTERNATIONAL BUS MACH COMMON 459200101
10068
56800 SH SOLE 56800 0 0
INTERSTATE ENERGY CORP W COMMON 460845100
417
15665 SH SOLE 15665 0 0
JOHNSON & JOHNSON COMMON 478160104
4138
44254 SH SOLE 44254 0 0
K V PHARMACEUTICAL CO-B CL B CONV 482740107
231
16500 SH SOLE 16500 0 0
K V PHARMACEUTICAL CO-A CL A 482740206
3060
211000 SH SOLE 211000 0 0
KENSEY NASH CORP COMMON 490057106
291
37000 SH SOLE 37000 0 0
KEYSPAN ENERGY COMMON 49337K106
374
14900 SH SOLE 14900 0 0
KINROSS GOLD CORP COMMON 496902107
68
32016 SH SOLE 32016 0 0
KMART FING I PFD TRCV 7.75% 498778208
363
6000 SH SOLE 6000 0 0
LABOR READY INC COM NEW 505401208
366
14000 SH SOLE 14000 0 0
LINCOLN ELEC HLDGS INC COMMON 533900106
191
10280 SH SOLE 10280 0 0
LONGVIEW FIBRE CO COMMON 543213102
4235
366289 SH SOLE 366289 0 0
LUCENT TECHNOLOGIES INC COMMON 549463107
539
4988 SH SOLE 4988 0 0
MADDEN STEVEN LTD COMMON 556269108
1097
130000 SH SOLE 130000 0 0
MARSH & MCLENNAN COS INC COMMON 571748102
13911
187359 SH SOLE 187359 0 0
MASCO CORP COMMON 574599106
7884
279086 SH SOLE 279086 0 0
MCDONALDS CORP COMMON 580135101
662
14600 SH SOLE 14600 0 0
MERCK & CO INC COMMON 589331107
2984
37240 SH SOLE 37240 0 0
METRICOM INC 144A CVT SUB NOTES 8% 591596AA9
1066
1600000 PRN SOLE 1600000 0 0
METZLER GROUP INC COMMON 592903108
4049
129050 SH SOLE 129050 0 0
MEYER FRED INC COMMON 592907109
648
11000 SH SOLE 11000 0 0
MICROSOFT CORP COMMON 594918104
520
5800 SH SOLE 5800 0 0
MINNESOTA MNG & MFG CO COMMON 604059105
665
9400 SH SOLE 9400 0 0
MOBIL CORP COMMON 607059102
5023
57082 SH SOLE 57082 0 0
MODTECH HLDGS INC COMMON 60783C100
306
34028 SH SOLE 34028 0 0
NATIONAL DATA CORP COMMON 635621105
5378
128050 SH SOLE 128050 0 0
NETWORK EQUIP TECHNOLOGI COMMON 641208103
2839
317600 SH SOLE 317600 0 0
NEW CENTURY ENERGIES COMMON 64352U103
324
9500 SH SOLE 9500 0 0
NEW ENGLAND ELEC SYS COMMON 644001109
771
15900 SH SOLE 15900 0 0
NEWELL RUBBERMAID INC COMMON 651229106
8146
171500 SH SOLE 171500 0 0
NOBLE DRILLING CORP COMMON 655042109
1453
83600 SH SOLE 83600 0 0
OVERLAND DATA INC COMMON 690213103
75
10000 SH SOLE 10000 0 0
P-COM INC COMMON 693262107
229
30000 SH SOLE 30000 0 0
PG&E CORP COMMON 69331C108
349
11248 SH SOLE 11248 0 0
PACIFIC GATEWAY EXCHANGE COMMON 694327107
398
12000 SH SOLE 12000 0 0
PAUL HARRIS STORES INC COM NEW 703555201
1451
196800 SH SOLE 196800 0 0
PENNEY J C INC COMMON 708160106
10226
252500 SH SOLE 252500 0 0
PEPSICO INC COMMON 713448108
7093
181000 SH SOLE 181000 0 0
PHARMACYCLICS INC COMMON 716933106
949
57500 SH SOLE 57500 0 0
PFIZER INC COMMON 717081103
1825
13155 SH SOLE 13155 0 0
PHILIP MORRIS COS COMMON 718154107
1784
50692 SH SOLE 50692 0 0
PHILLIPS PETE CO COMMON 718507106
5750
121700 SH SOLE 121700 0 0
PIER 1 IMPORTS INC COMMON 720279108
1828
225000 SH SOLE 225000 0 0
PLATINUM TECHNOLOGY COMMON 72764T101
510
20000 SH SOLE 20000 0 0
PLATINUM TECHNOLOGY NOTE 6.750 11/1 72764TAA9
1663
900000 PRN SOLE 900000 0 0
POLYMEDICA CORP COMMON 731738100
874
116500 SH SOLE 116500 0 0
POTOMAC ELEC PWR CO COMMON 737679100
649
28000 SH SOLE 28000 0 0
PROMEDCO MGMT CO COMMON 74342L105
282
61000 SH SOLE 61000 0 0
QUALCOMM INC COMMON 747525103
3284
26400 SH SOLE 26400 0 0
QUANTUM CORP COMMON 747906105
333
18500 SH SOLE 18500 0 0
QUESTAR CORP COMMON 748356102
225
13300 SH SOLE 13300 0 0
READERS DIGEST AUTO COM TRACES 755271202
433
13600 SH SOLE 13600 0 0
RELIANT ENERGY INC COMMON 75952J108
1823
69950 SH SOLE 69950 0 0
REMEC INC COMMON 759543101
699
33500 SH SOLE 33500 0 0
REPTRON ELECTRONICS INC SDCV 6.750 08/0 76026WAA7
839
1885000 PRN SOLE 1885000 0 0
ROWAN COS INC COMMON 779382100
190
15000 SH SOLE 15000 0 0
ROYAL DUTCH PETE CO DEPOSITORY RECEI 780257804
250
4800 SH SOLE 4800 0 0
SBC COMMUNICATIONS INC COMMON 78387G103
9801
207701 SH SOLE 207701 0 0
SA TELECOMMUNICATIONS IN NOTE 10.000 8/1 783942AA3
88
1105000 PRN SOLE 1105000 0 0
SLM HLDG CORP COMMON 78442A109
1566
37500 SH SOLE 37500 0 0
SOS STAFFING SVCS INC COMMON 78462X104
521
68000 SH SOLE 68000 0 0
SAFEWAY INC COM NEW 786514208
238
4640 SH SOLE 4640 0 0
SARA LEE CORP COMMON 803111103
6791
274400 SH SOLE 274400 0 0
SCHLUMBERGER LTD COMMON 806857108
4719
78400 SH SOLE 78400 0 0
SCHWAB CHARLES CORP NEW COMMON 808513105
1730
18000 SH SOLE 18000 0 0
SCORE BRD INC COM NEW 809173206
2
123750 SH SOLE 123750 0 0
SEMPRA ENERGY COMMON 816851109
291
15184 SH SOLE 15184 0 0
SERVICE MERCHANDISE INC COMMON 817587108
569
2428200 SH SOLE 2428200 0 0
SHARED MED SYS CORP COMMON 819486101
20888
375100 SH SOLE 375100 0 0
SHERWIN WILLIAMS CO COMMON 824348106
6553
233000 SH SOLE 233000 0 0
SOUTHERN CO COMMON 842587107
5332
228700 SH SOLE 228700 0 0
SOUTHWEST AIRLS CO COMMON 844741108
204
6750 SH SOLE 6750 0 0
SPRINT CORP CV DECS EXCH 200 852061407
2482
34000 SH SOLE 34000 0 0
STANFORD TELECOMMUNICATI COMMON 854402104
465
30000 SH SOLE 30000 0 0
STILLWATER MNG CO COMMON 86074Q102
290
11000 SH SOLE 11000 0 0
STONE ENERGY CORP COMMON 861642106
1984
62000 SH SOLE 62000 0 0
SUN MICROSYSTEMS INC COMMON 866810104
500
4000 SH SOLE 4000 0 0
SUPERIOR ENERGY SVCS INC COMMON 868157108
50
14000 SH SOLE 14000 0 0
SUPERVALU INC COMMON 868536103
4571
221600 SH SOLE 221600 0 0
TNP ENTERPRISES INC COMMON 872594106
288
10000 SH SOLE 10000 0 0
TVX GOLD INC COMMON 87308K101
25
20000 SH SOLE 20000 0 0
TEXACO INC COMMON 881694103
255
4500 SH SOLE 4500 0 0
TEXAS UTILS CO COMMON 882848104
294
7000 SH SOLE 7000 0 0
TIFFANY & CO COMMON 886547108
262
3500 SH SOLE 3500 0 0
TOYS R US INC COMMON 892335100
1411
75000 SH SOLE 75000 0 0
TRANSAMERICA CORP COMMON 893485102
253
3562 SH SOLE 3562 0 0
US BANCORP DEL COMMON 902973106
657
19302 SH SOLE 19302 0 0
U-SHIP INC COM PAR $0.004 90337N203
290
85000 SH SOLE 85000 0 0
UNICOM CORP COMMON 904911104
274
7500 SH SOLE 7500 0 0
UNION PAC CORP COMMON 907818108
641
12000 SH SOLE 12000 0 0
UNION PAC RES GROUP INC COMMON 907834105
1916
161370 SH SOLE 161370 0 0
UNITED HEALTHCARE CORP COMMON 910581107
1000
19000 SH SOLE 19000 0 0
VALERO ENERGY CORP NEW COMMON 91913Y100
1454
58452 SH SOLE 58452 0 0
VARCO INTL INC COMMON 922126107
1880
169000 SH SOLE 169000 0 0
VARIAN MED SYS INC COMMON 92220P105
9166
236543 SH SOLE 236543 0 0
WALGREEN CO COMMON 931422109
12772
452100 SH SOLE 452100 0 0
WASHINGTON GAS LT CO COMMON 938837101
434
19200 SH SOLE 19200 0 0
WEATHERFORD INTL INC COMMON 947074100
211
8075 SH SOLE 8075 0 0
WELLPOINT HEALTH NETWORK COMMON 94973H108
1895
25000 SH SOLE 25000 0 0
WELLS FARGO & CO NEW COMMON 949746101
932
26574 SH SOLE 26574 0 0
WESTERN DIGITAL CORP COMMON 958102105
937
119000 SH SOLE 119000 0 0
WEYERHAEUSER CO COMMON 962166104
1016
18300 SH SOLE 18300 0 0
WORLD ACCESS INC COMMON 98141A101
171
21000 SH SOLE 21000 0 0
WORLD ACCESS 144A CVT 4.5% 10/1/02 98141AAA9
1063
1950000 PRN SOLE 1950000 0 0
WORLDWIDE WEB NETWORX CO COMMON 981604101
101
30000 SH SOLE 30000 0 0
WORLDCORP INC COMMON 981904105
4
88300 SH SOLE 88300 0 0
WORLDCORP INC SDCV 7.000 5/1 981904AB1
354
3541000 PRN SOLE 3541000 0 0
XEROX CORP COMMON 984121103
419
8030 SH SOLE 8030 0 0
ZONAGEN INC COMMON 98975L108
333
15500 SH SOLE 15500 0 0
ZOMAX OPTICAL MEDIA INC COMMON 989929104
503
25000 SH SOLE 25000 0 0
ARAMEX INTL LTD ORD G04450105
899
90500 SH SOLE 90500 0 0
HELEN OF TROY CORP COMMON G4388N106
860
66500 SH SOLE 66500 0 0
TERRA NOVA BERMUDA HLDGS ORD CL A G87615103
941
43000 SH SOLE 43000 0 0
</TABLE>
