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
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: Capital Management Associates
Address: 140 Broadway
44th Floor
New York, NY 10005
13F File Number:
The institutional investment manager filing this report and
the person by whom it is signed hereby represent that the person
signing the report isauthorized tosubmit 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 ofthis form.
Person Signing this Report on Behalf of Reporting Manager:
Name Joseph A. Zock
Title: Managing Director
Phone: 212-320-2000
Signature, Place, and Date of Signing:
Joseph A. Zock New York, New York August 9, 1999
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Mangers Reporting for this Manager:
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:
Form 13F Information Table Entry Total:
Form 13F Information Table Value Total:
List of Other Included Mangers:
No. 13F File Number Name
Capital Management Associates
FORM 13F
June 30, 1999
<TABLE>
(CAPTION>
Voting Authority
Title
Name of of Value Shares/ Sh /Put/ Invstm Other
issuer class CUSIP (x$100) Prn Amt Prn Call Dscr Managers Sole Shared None
(S> <C> <C> <C> <C> <C> <C> <C>
APACHE CORP. COM 037411105 11653 298800 SH Sole 298800
APPLIED MATLS COM 038222105 5009 67800 SH Sole 67800
AVISTA CORP. COM 05379B107 7780 478800 SH Sole 478800
BARD (C.R.) COM 067383109 8425 176200 SH Sole 176200
BMC SOFTWARE COM 055921100 3910 72400 SH Sole 72400
BOWATER INC. COM 102183100 3281 69250 SH Sole 69250
BRINKER INTL COM 109641100 8474 308150 SH Sole 308150
CHIRON CORP. COM 170040109 7750 373500 SH Sole 373500
CMS ENERGY COM 125896100 8568 204600 SH Sole 204600
COMVERSE TECH COM 205862402 5260 69675 SH Sole 69675
COOPER CAMERO COM 216640102 8671 233950 SH Sole 233950
DEERE & CO COM 244199105 8850 225850 SH Sole 225850
DELUXE CORP COM 248019101 10945 282000 SH Sole 282000
ELECTRONIC ARTCOM 285512109 9464 174457 SH Sole 174457
FIRSTTENNESSE COM 337162101 7806 203750 SH Sole 203750
HALLIBURTON COCOM 406216101 9500 209950 SH Sole 209950
HANNA M A CO COM 410522106 10141 616973 SH Sole 616973
HARCOURT GENERCOM 41163g101 4597 89150 SH Sole 89150
HELIX TECHNOLOCOM 423319102 8862 370200 SH Sole 370200
HOUGHTON MIFFLCOM 441560109 4506 95750 SH Sole 95750
IDACORP INC. COM 451107106 7793 247412 SH Sole 247412
IVAX CORP COM 465823102 9784 692700 SH Sole 692700
KLA-TENCOR CORCOM 482480100 3972 61225 SH Sole 61225
LEGATO SYSTEMSCOM 524651106 6035 104500 SH Sole 104500
LSI LOGIC CORPCOM 502161102 8789 190550 SH Sole 190550
MCCORMICK & COCOM 579780206 9384 297300 SH Sole 297300
OFFICE DEPOT COM 676220106 9628 436375 SH Sole 436375
OUTDOOR SYSTEMCOM 690057104 10459 286550 SH Sole 286550
SANDISK CORP COM 80004C101 3301 73350 SH Sole 73350
SEMPRA ENERGY COM 816851109 9688 428195 SH Sole 428195
SOUTHWEST AIR COM 84474110 8376 269100 SH Sole 269100
STEWART ENTERPCOM 860370105 8714 598400 SH Sole 598400
SUMMIT BANCORPCOM 86600510 11034 263900 SH Sole 263900
TERADYNE INC COM 88077010 3340 46550 SH Sole 46550
TEXAS INDUSTRICOM 88249110 12923 333500 SH Sole 333500
U S WEST INC COM 91273H10 9012 153400 SH Sole 153400
UNION CARBIDE COM 90558110 8668 177800 SH Sole 177800
UNOCAL CORP COM 91528910 9359 236200 SH Sole 236200
WEYERHAEUSER CCOM 96216610 4472 65050 SH Sole 65050
WILLIAMS COS ICOM 96945710 8644 203100 SH Sole 203100
CAP MID-CAP-INS 14029610 152588825.947 SH Sole 88825.947
REPORT SUMMARY 429390
(/TABLE>
</TABLE>
