[TEXT] UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Quarater Ended: 3/31/99
Check here if Amendment [ ]; Amendment Number: ______
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Invesmtnet Manager Filing this Report:
Name: McCullough, Andrews & Cappiello, Inc.
Address: 101 California Street
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 8/16/99
[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).)
List of Other Managers Reporting for this Manager: NONE
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 185
Form 13F Information Table Value Total: $ 446,688
(thousands)
List of Other Included Managers: NONE
<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 12337 221050 SH SOLE 221050 0 0
ABLE TELCOM HLDG CORP COM NEW 003712304 326 45000 SH SOLE 45000 0 0
AEROFLEX INC COMMON 007768104 751 38000 SH SOLE 38000 0 0
ALARIS MED INC COMMON 011637105 296 87800 SH SOLE 87800 0 0
ALBERTA ENERGY LTD COMMON 012873105 323 10000 SH SOLE 10000 0 0
ALBERTSONS INC COMMON 013104104 330 6400 SH SOLE 6400 0 0
ALLEGHENY ENERGY INC COMMON 017361106 359 11200 SH SOLE 11200 0 0
ALLIANT CORP COMMON 018802108 416 14665 SH SOLE 14665 0 0
ALLIEDSIGNAL INC COMMON 019512102 504 8000 SH SOLE 8000 0 0
ALLTEL CORP COMMON 020039103 951 13300 SH SOLE 13300 0 0
AMERICAN EXPRESS CO COMMON 025816109 14405 110700 SH SOLE 110700 0 0
AMERICAN RETIREMENT CORP SDCV 5.750 10/0 028913AA9 1062 1400000 PRN SOLE 1400000 0 0
AMGEN INC COMMON 031162100 280 4600 SH SOLE 4600 0 0
ARTRA GROUP INC COMMON 043147107 135 10000 SH SOLE 10000 0 0
ASHANTI GOLDFIELDS LTD DEPOSITORY RECEI 043743202 83 12000 SH SOLE 12000 0 0
ASSOCIATES FIRST CAP COR CL A 046008108 5921 134192 SH SOLE 134192 0 0
AVIGEN INC COMMON 053690103 186 31000 SH SOLE 31000 0 0
AVISTA CORP RECONS L 1/10S 05379B503 791 46500 SH SOLE 46500 0 0
BJS WHOLESALE CLUB INC COMMON 05548J106 1233 41000 SH SOLE 41000 0 0
BP AMOCO P L C DEPOSITORY RECEI 055622104 1753 16161 SH SOLE 16161 0 0
BANK OF AMERICA CORP COMMON 060505104 1099 14989 SH SOLE 14989 0 0
BATTLE MTN GOLD CO COMMON 071593107 85 35000 SH SOLE 35000 0 0
BELL ATLANTIC CORP COMMON 077853109 706 10800 SH SOLE 10800 0 0
BERKSHIRE HATHAWAY DEL CL A 084670108 345 5 SH SOLE 5 0 0
BESTFOODS COMMON 08658U101 5168 104404 SH SOLE 104404 0 0
BLOCK H & R INC COMMON 093671105 385 7700 SH SOLE 7700 0 0
BOISE CASCADE CORP COMMON 097383103 4579 106800 SH SOLE 106800 0 0
BOLT TECHNOLOGY CORP COMMON 097698104 893 157000 SH SOLE 157000 0 0
BRAUNS FASHIONS CORP COMMON 105658108 1016 71000 SH SOLE 71000 0 0
BRISTOL MYERS SQUIBB CO COMMON 110122108 1340 19030 SH SOLE 19030 0 0
CMS ENERGY CORP COMMON 125896100 565 13500 SH SOLE 13500 0 0
CPS SYS INC COMMON 126162106 74 108000 SH SOLE 108000 0 0
CAMBIOR INC COMMON 13201L103 52 16000 SH SOLE 16000 0 0
CAPITAL RE CORP COMMON 140432105 321 20000 SH SOLE 20000 0 0
CAPSTEAD MTG CORP COMMON 14067E100 109 20000 SH SOLE 20000 0 0
CARRIZO OIL & CO INC COMMON 144577103 58 30000 SH SOLE 30000 0 0
CELERITEK INC COMMON 150926103 344 55000 SH SOLE 55000 0 0
CHASE MANHATTAN CORP NEW COMMON 16161A108 12700 146825 SH SOLE 146825 0 0
CHEVRON CORPORATION COMMON 166751107 207 2180 SH SOLE 2180 0 0
CITIGROUP INC COMMON 172967101 641 13500 SH SOLE 13500 0 0
COCA COLA CO COMMON 191216100 911 14700 SH SOLE 14700 0 0
COMPAQ COMPUTER CORP COMMON 204493100 332 14024 SH SOLE 14024 0 0
COMSAT CORP COM SER 1 20564D107 2522 77600 SH SOLE 77600 0 0
CONCENTRA MANAGED CARE NOTE 6.000 12/1 20589TAA1 1047 1120000 PRN SOLE 1120000 0 0
CONSOLIDATED NAT GAS COMMON 209615103 322 5300 SH SOLE 5300 0 0
CONSTELLATION ENERGY COR COMMON 210371100 407 13750 SH SOLE 13750 0 0
CROWN AMERN RLTY TR SH BEN INT 228186102 2359 322600 SH SOLE 322600 0 0
CROWN RES CORP COMMON 228569109 33 20000 SH SOLE 20000 0 0
DEAN FOODS CO COMMON 242361103 10914 262600 SH SOLE 262600 0 0
DISNEY WALT COMPANY COMMON 254687106 1156 37525 SH SOLE 37525 0 0
DOLLAR GEN CORP COMMON 256669102 653 22500 SH SOLE 22500 0 0
DOMINION RES BLACK WARRI UNITS BEN INT 25746Q108 661 45000 SH SOLE 45000 0 0
DUKE ENERGY CORP COMMON 264399106 9481 174164 SH SOLE 174164 0 0
E4L INC COMMON 268452109 8310 1146152 SH SOLE 1146152 0 0
ECLIPSYS CORP COMMON 278856109 415 17349 SH SOLE 17349 0 0
EDISON INTL COMMON 281020107 522 19500 SH SOLE 19500 0 0
ELAN PLC DEPOSITORY RECEI 284131208 283 10200 SH SOLE 10200 0 0
EMERSON ELEC CO COMMON 291011104 7404 117644 SH SOLE 117644 0 0
ENRON CORP COMMON 293561106 11536 141112 SH SOLE 141112 0 0
EXXON CORP COMMON 302290101 8984 116491 SH SOLE 116491 0 0
FEDERATED DEPT STORES COMMON 31410H101 1636 30900 SH SOLE 30900 0 0
FEDERATED DEPT STORES *W EXP 12/19/199 31410H101 2859 54000 SOLE 54000 0 0
FIRST DATA CORP COMMON 319963104 4551 93000 SH SOLE 93000 0 0
FLEET FINL GROUP INC NEW COMMON 338915101 1504 33900 SH SOLE 33900 0 0
FORD MOTOR CO DEL COMMON 345370100 12375 219277 SH SOLE 219277 0 0
FOUNDATION HEALTH SYS IN COMMON 350404109 1283 85500 SH SOLE 85500 0 0
FRANKLIN RES INC COMMON 354613101 23240 572062 SH SOLE 572062 0 0
FRONTIER CORP COMMON 35906P105 12886 219800 SH SOLE 219800 0 0
GTE CORP COMMON 362320103 1057 14000 SH SOLE 14000 0 0
GANTOS INC NEW COMMON 36473U105 93 118700 SH SOLE 118700 0 0
GENERAL ELEC CO COMMON 369604103 1989 17600 SH SOLE 17600 0 0
GENERAL MTRS CORP CL H CL H NEW 370442832 7174 127400 SH SOLE 127400 0 0
GOLDEN STATE BANCORP COMMON 381197102 3825 170000 SH SOLE 170000 0 0
GREENERY REHABILITATION SD CV 8.750 4/0 394797AB0 794 840000 PRN SOLE 840000 0 0
GREY WOLF INC COMMON 397888108 218 87000 SH SOLE 87000 0 0
HALLIBURTON CO COMMON 406216101 557 12300 SH SOLE 12300 0 0
HIBERNIA CORP CL A 428656102 7623 485900 SH SOLE 485900 0 0
HOMESTAKE MNG CO COMMON 437614100 123 15000 SH SOLE 15000 0 0
HOUGHTON MIFFLIN CO COMMON 441560109 889 18900 SH SOLE 18900 0 0
HUB GROUP INC CL A 443320106 224 10000 SH SOLE 10000 0 0
IDACORP INC COMMON 451107106 5213 165500 SH SOLE 165500 0 0
INTERNATIONAL BUS MACH COMMON 459200101 11891 92000 SH SOLE 92000 0 0
INTERVOICE INC COMMON 461142101 260 18000 SH SOLE 18000 0 0
JOHNSON & JOHNSON COMMON 478160104 1593 16254 SH SOLE 16254 0 0
K V PHARMACEUTICAL CO-B CL B CONV 482740107 206 13000 SH SOLE 13000 0 0
K V PHARMACEUTICAL CO-A CL A 482740206 2864 184750 SH SOLE 184750 0 0
KENSEY NASH CORP COMMON 490057106 224 28000 SH SOLE 28000 0 0
KEYSPAN CORP COMMON 49337W100 353 13400 SH SOLE 13400 0 0
KINROSS GOLD CORP COMMON 496902107 54 32016 SH SOLE 32016 0 0
KMART FING I PFD TRCV 7.75% 498778208 351 6000 SH SOLE 6000 0 0
KROGER CO COMMON 501044101 615 22000 SH SOLE 22000 0 0
LABOR READY INC COM NEW 505401208 455 14000 SH SOLE 14000 0 0
LONGVIEW FIBRE CO COMMON 543213102 4317 276289 SH SOLE 276289 0 0
LUCENT TECHNOLOGIES INC COMMON 549463107 1173 17401 SH SOLE 17401 0 0
MBNA CORP COMMON 55262L100 352 11500 SH SOLE 11500 0 0
MADDEN STEVEN LTD COMMON 556269108 963 71000 SH SOLE 71000 0 0
MARSH & MCLENNAN COS INC COMMON 571748102 11630 153659 SH SOLE 153659 0 0
MASCO CORP COMMON 574599106 7654 265086 SH SOLE 265086 0 0
MCDONALDS CORP COMMON 580135101 600 14600 SH SOLE 14600 0 0
MERCK & CO INC COMMON 589331107 2374 32240 SH SOLE 32240 0 0
METRICOM INC 144A CVT SUB NOTES 8% 591596AA9 824 600000 PRN SOLE 600000 0 0
METZLER GROUP INC COMMON 592903108 3032 109750 SH SOLE 109750 0 0
MIAMI COMPUTER SUPPLY CO COMMON 593261100 189 10000 SH SOLE 10000 0 0
MICROSOFT CORP COMMON 594918104 523 5800 SH SOLE 5800 0 0
MOBIL CORP COMMON 607059102 3267 33082 SH SOLE 33082 0 0
NATIONAL DATA CORP COMMON 635621105 3582 83800 SH SOLE 83800 0 0
NETWORK EQUIP TECHNOLOGI COMMON 641208103 2588 262100 SH SOLE 262100 0 0
NEW CENTURY ENERGIES COMMON 64352U103 369 9500 SH SOLE 9500 0 0
NEW ENGLAND ELEC SYS COMMON 644001109 797 15900 SH SOLE 15900 0 0
NEWELL RUBBERMAID INC COMMON 651229106 6659 143600 SH SOLE 143600 0 0
NOBLE DRILLING CORP COMMON 655042109 1114 56600 SH SOLE 56600 0 0
OFFICE DEPOT INC COMMON 676220106 558 25300 SH SOLE 25300 0 0
PG&E CORP COMMON 69331C108 234 7213 SH SOLE 7213 0 0
PAUL HARRIS STORES INC COM NEW 703555201 2245 329500 SH SOLE 329500 0 0
PENNEY J C INC COMMON 708160106 11640 239700 SH SOLE 239700 0 0
PEPSICO INC COMMON 713448108 6074 157000 SH SOLE 157000 0 0
PHARMACYCLICS INC COMMON 716933106 364 13000 SH SOLE 13000 0 0
PFIZER INC COMMON 717081103 1412 12955 SH SOLE 12955 0 0
PHILIP MORRIS COS COMMON 718154107 2037 50692 SH SOLE 50692 0 0
PHILLIPS PETE CO COMMON 718507106 6123 121700 SH SOLE 121700 0 0
PIER 1 IMPORTS INC COMMON 720279108 2194 195000 SH SOLE 195000 0 0
POLYMEDICA CORP COMMON 731738100 855 85500 SH SOLE 85500 0 0
POTOMAC ELEC PWR CO COMMON 737679100 780 26500 SH SOLE 26500 0 0
PROMEDCO MGMT CO COMMON 74342L105 58 15000 SH SOLE 15000 0 0
QUESTAR CORP COMMON 748356102 254 13300 SH SOLE 13300 0 0
RAYTHEON CO CL B 755111408 423 6000 SH SOLE 6000 0 0
RELIANT ENERGY INC COMMON 75952J108 1767 63950 SH SOLE 63950 0 0
REMEC INC COMMON 759543101 540 33500 SH SOLE 33500 0 0
REPTRON ELECTRONICS INC SDCV 6.750 08/0 76026WAA7 693 1755000 PRN SOLE 1755000 0 0
ROYAL DUTCH PETE CO DEPOSITORY RECEI 780257804 289 4800 SH SOLE 4800 0 0
SBC COMMUNICATIONS INC COMMON 78387G103 10213 176080 SH SOLE 176080 0 0
SA TELECOMMUNICATIONS IN NOTE 10.000 8/1 783942AA3 88 1105000 PRN SOLE 1105000 0 0
SLM HLDG CORP COMMON 78442A109 1718 37500 SH SOLE 37500 0 0
SOS STAFFING SVCS INC COMMON 78462X104 286 54500 SH SOLE 54500 0 0
SARA LEE CORP COMMON 803111103 5735 252800 SH SOLE 252800 0 0
SCHLUMBERGER LTD COMMON 806857108 5184 81400 SH SOLE 81400 0 0
SCHWAB CHARLES CORP NEW COMMON 808513105 981 9000 SH SOLE 9000 0 0
SCORE BRD INC COM NEW 809173206 2 123750 SH SOLE 123750 0 0
SERVICE MERCHANDISE INC COMMON 817587108 656 1750200 SH SOLE 1750200 0 0
SHARED MED SYS CORP COMMON 819486101 20051 307300 SH SOLE 307300 0 0
SHERWIN WILLIAMS CO COMMON 824348106 5328 192000 SH SOLE 192000 0 0
SMART MODULAR TECH INC COMMON 831690102 209 12000 SH SOLE 12000 0 0
SOUTHERN CO COMMON 842587107 5663 213700 SH SOLE 213700 0 0
SOUTHWEST AIRLS CO COMMON 844741108 210 6750 SH SOLE 6750 0 0
SPRINT CORP CV DECS EXCH 200 852061407 2958 34000 SH SOLE 34000 0 0
STANFORD TELECOMMUNICATI COMMON 854402104 593 20000 SH SOLE 20000 0 0
STILLWATER MNG CO COMMON 86074Q102 276 8500 SH SOLE 8500 0 0
STONE ENERGY CORP COMMON 861642106 1780 42000 SH SOLE 42000 0 0
SUN MICROSYSTEMS INC COMMON 866810104 276 4000 SH SOLE 4000 0 0
SUPERIOR ENERGY SVCS INC COMMON 868157108 71 14000 SH SOLE 14000 0 0
SUPERVALU INC COMMON 868536103 4673 180600 SH SOLE 180600 0 0
TNP ENTERPRISES INC COMMON 872594106 344 9500 SH SOLE 9500 0 0
TVX GOLD INC COMMON 87308K101 20 20000 SH SOLE 20000 0 0
TEXAS UTILS CO COMMON 882848104 385 9300 SH SOLE 9300 0 0
TOYS R US INC COMMON 892335100 1552 75000 SH SOLE 75000 0 0
TRANSAMERICA CORP COMMON 893485102 267 3562 SH SOLE 3562 0 0
US BANCORP DEL COMMON 902973106 644 19302 SH SOLE 19302 0 0
UNICOM CORP COMMON 904911104 289 7500 SH SOLE 7500 0 0
UNION PAC RES GROUP INC COMMON 907834105 2523 154693 SH SOLE 154693 0 0
UNITED HEALTHCARE CORP COMMON 910581107 1190 19000 SH SOLE 19000 0 0
UNITED SHIPPING & TECHNO COMMON 911498103 244 85000 SH SOLE 85000 0 0
VALERO ENERGY CORP NEW COMMON 91913Y100 431 20128 SH SOLE 20128 0 0
VARCO INTL INC COMMON 922126107 1481 137000 SH SOLE 137000 0 0
VARIAN INC COMMON 922206107 2194 162543 SH SOLE 162543 0 0
VARIAN SEMICONDUCTOR EQU COMMON 922207105 2763 162543 SH SOLE 162543 0 0
VARIAN MED SYS INC COMMON 92220P105 4891 193700 SH SOLE 193700 0 0
VODAFONE AIRTOUCH PLC DEPOSITORY RECEI 92857T107 709 3600 SH SOLE 3600 0 0
WALGREEN CO COMMON 931422109 10167 346100 SH SOLE 346100 0 0
WASHINGTON GAS LT CO COMMON 938837101 338 13000 SH SOLE 13000 0 0
WELLPOINT HEALTH NETWORK COMMON 94973H108 1952 23000 SH SOLE 23000 0 0
WELLS FARGO & CO NEW COMMON 949746101 281 6574 SH SOLE 6574 0 0
WESTERN DIGITAL CORP COMMON 958102105 260 40000 SH SOLE 40000 0 0
WEYERHAEUSER CO COMMON 962166104 1258 18300 SH SOLE 18300 0 0
WILLAMETTE INDS INC COMMON 969133107 415 9000 SH SOLE 9000 0 0
WORLD ACCESS INC COMMON 98141A101 148 10500 SH SOLE 10500 0 0
WORLD ACCESS 144A CVT 4.5% 10/1/02 98141AAA9 911 1350000 PRN SOLE 1350000 0 0
WORLDWIDE WEB NETWORX CO COMMON 981604101 109 30000 SH SOLE 30000 0 0
WORLDCORP INC COMMON 981904105 4 86300 SH SOLE 86300 0 0
WORLDCORP INC SDCV 7.000 5/1 981904AB1 383 2736000 PRN SOLE 2736000 0 0
XEROX CORP COMMON 984121103 295 5000 SH SOLE 5000 0 0
ZONAGEN INC COMMON 98975L108 130 14000 SH SOLE 14000 0 0
ZOMAX INC MINN COMMON 989929104 1056 24000 SH SOLE 24000 0 0
ARAMEX INTL LTD ORD G04450105 444 51500 SH SOLE 51500 0 0
HELEN OF TROY CORP COMMON G4388N106 422 23500 SH SOLE 23500 0 0
TERRA NOVA BERMUDA HLDGS ORD CL A G87615103 323 12000 SH SOLE 12000 0 0
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