UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[TYPE]FORM 13F
FORM 13F Cover Page
Report for the Calendar Year or Quarter Ended: December 31, 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 February 15, 2000
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:182
Form 13F Information Table Value Total:$446,295,500
List of Other Included Managers:
No. 13F File Number Name
None
Class Cusip Fair Mkt Shares or
Name of Issuer Title Number Value Prin Amt
Apple Computer Inc csus 037833100 675,992 6,575 sole
Albertsons Inc csus 013104104 2,267,175 70,300 sole
Abbott Labs csus 002824100 896,919 24,700 sole
Adobe Systems Inc. csus 00724f101 10,894,500 162,000 sole
AMFM csus 001693100 782,500 10,000 sole
Angelica Corp. csus 034663104 1,169,512 119,950 sole
Allergan, Inc. Common csus 018490102 1,528,320 30,720 sole
American International Group csus 026874107 669,942 6,196 sole
AAR Corporation csus 000361105 1,884,729 105,072 sole
Allstate Corp. csus 020002101 425,906 17,700 sole
Altera Corp csus 021441100 5,052,897 101,950 sole
Ametek Aerospace Products csus 031105109 497,531 26,100 sole
Amgen Inc. csus 031162100 1,210,259 20,150 sole
America Online csus 02364j104 392,274 5,170 sole
Atlantic Richfield Company csus 048825103 3,449,187 39,875 sole
A.C. Nielsen csus 004833109 415,325 16,866 sole
Asm Lithography Hldg N Y Shs csus N07059111 227,500 2,000 sole
Archstone Communities csus 039581103 554,525 27,050 sole
Auto Data Processing csus 053015103 366,350 6,800 sole
Avon Products csus 054303102 636,702 19,294 sole
Avnet Inc. csus 053807103 1,851,300 30,600 sole
Avery Dennison csus 053611109 2,571,759 35,290 sole
American Express Company csus 025816109 5,501,877 33,094 sole
Bank Of America Corp csus 060505104 2,060,799 41,062 sole
Baxter Int'l Inc csus 071813109 464,812 7,400 sole
Bell Atlantic Corp. csus 077853109 701,197 11,390 sole
Birmingham Steel csus 091250100 108,906 20,500 sole
Bank Of New York Inc. csus 064057102 565,320 14,133 sole
Blair Corp csus 092828102 734,300 52,450 sole
Bellsouth Corporation csus 079860102 1,637,595 34,982 sole
Bristol-Myers Squibb Company csus 110122108 3,363,810 52,406 sole
Bowne & Co. csus 103043105 1,613,925 119,550 sole
Bob Evans Farms Inc. csus 096761101 950,564 61,575 sole
Bp Amoco Plc Ads csus 055622104 341,284 5,754 sole
Anheuser Busch Cos csus 035229103 1,778,962 25,100 sole
Citigroup csus 172967101 3,969,656 71,284 sole
Computer Assoc Intl Inc csus 204912109 294,926 4,217 sole
Cascade Corp. csus 147195101 1,045,537 113,800 sole
Caterpillar Inc. csus 149123101 621,225 13,200 sole
Cooper Industries, Inc. csus 216669101 3,880,625 95,966 sole
Cbrl Group Inc. csus 12489v106 210,315 21,675 sole
CBS Corporation csus 12490k107 783,234 12,250 sole
Crown Cork & Seal Co Inc csus 228255105 275,212 12,300 sole
Carnival Corp Com csus 143658102 207,984 4,350 sole
Clear Channel Communications csus 184502102 7,398,377 82,895 sole
Canandaigua Brands Inc. Class csus 137219200 3,326,475 65,225 sole
Cullen Frost Bankers Com csus 229899109 395,700 15,367 sole
Chevron Corporation csus 166751107 1,165,539 13,455 sole
Citizens Inc. Cl A csus 174740100 74,231 10,700 sole
Clorox Co. csus 189054109 1,507,824 29,932 sole
Chase Manhattan Corp. csus 16161A108 2,095,154 26,969 sole
Conexant Systems, Inc. csus 207142100 613,836 9,248 sole
Conoco Inc. Class B csus 208251405 1,366,972 54,954 sole
Columbia/Hca Healthcare csus 197677107 1,227,314 41,870 sole
Cox Communications csus 224044107 5,150,000 100,000 sole
Compaq Computer Corp csus 204493100 505,582 18,682 sole
Crane Company csus 224399105 1,606,278 80,819 sole
Cisco Sys Inc. Common csus 17275R102 2,603,673 24,305 sole
Cuno csus 126583103 1,253,036 60,524 sole
Deere & Co. csus 244199105 926,924 21,370 sole
Dell Computer Com csus 247025109 2,032,809 39,859 sole
Disney csus 254687106 697,612 23,850 sole
Deluxe Corp. csus 248019101 2,307,274 84,092 sole
Digital Microwave Corp csus 352,570 15,043 sole
Dover Corp csus 260003108 3,477,994 76,650 sole
Eastman Kodak Co. csus 277461109 3,820,704 57,671 sole
EMC Corp. csus 268648102 1,491,044 13,648 sole
Eastman Chemical Company csus 277432100 793,854 16,647 sole
Emerson Electric Company csus 291011104 3,525,235 61,442 sole
Enron Corp csus 293561106 213,000 4,800 sole
El Paso Energy Corp csus 283695872 1,040,175 26,800 sole
El Paso Energy Partners L.P. csus 630,800 33,200 sole
Ericsson L M Tel Co Cl B Sek 1 csus 294821400 297,304 4,526 sole
Ethan Allen Interiors csus 297602104 5,259,404 164,036 sole
Ford Motor Company csus 345370100 456,568 8,564 sole
Fleet Boston Financial csus 339030108 945,125 27,149 sole
First Data Corporation csus 319963104 1,945,378 39,450 sole
Federal Natl Mtg Assn csus 313586109 1,148,850 18,400 sole
Sprint Corp. csus 852061100 201,937 3,000 sole
Federal Home Ln Mtg Corp csus 313400301 750,647 15,950 sole
H.B. Fuller Co. csus 359694106 4,942,078 88,350 sole
Gillette Company csus 375766102 2,220,583 53,914 sole
Gannett Co Inc Del csus 364730101 277,312 3,400 sole
General Electric Co. csus 369604103 27,239,714 176,024 sole
Giant Inds Inc Com csus 374508109 1,525,883 182,195 sole
Corning Inc. csus 219350105 1,640,730 12,725 sole
Glaxo Welcome Plc csus 37733W105 388,611 6,955 sole
Georgia Pacific csus 373298108 367,937 7,250 sole
Hispanic Broadcasting Corp csus 43357b104 295,100 3,200 sole
Huttig Building Products csus 88,626 17,950 sole
Home Depot csus 437076102 2,484,900 36,144 sole
Hartford Financial Services csus 416515104 1,561,717 32,965 sole
Hancock Fabrics csus 409900107 76,953 24,625 sole
Honeywell International Inc. csus 438506107 1,416,228 24,550 sole
Harsco Corp. csus 415864107 369,887 11,650 sole
Hershey Foods Corp Com csus 427866108 459,669 9,690 sole
Hewlett Packard Company csus 428236103 9,956,082 87,526 sole
International Business Machine csus 459200101 5,673,578 52,594 sole
Intel Corp csus 458140100 12,176,159 147,926 sole
Johnson & Johnson csus 478160104 3,715,173 39,841 sole
Kimberly-Clark Corporation csus 494368103 2,244,424 34,299 sole
Kn Energy Inc Com csus 482620101 1,453,815 64,794 sole
Coca-Cola csus 191216100 3,865,400 66,359 sole
Lilly Industries csus 532491107 351,391 26,150 sole
Lilly Eli & Co. csus 532457108 573,762 8,628 sole
Lucent Technologies csus 549463107 9,353,625 124,715 sole
Southwest Airlines Co. csus 844741108 457,716 28,385 sole
Marriott Intl Inc csus 571900109 492,375 15,600 sole
Masco Corp csus 574599106 725,725 28,600 sole
Mcdonalds Corp. csus 580135101 4,277,156 106,100 sole
Medtronic Inc. csus 585055106 544,959 14,956 sole
Mead Corp. csus 582834107 510,391 11,750 sole
Mellon Financial Corp csus 585509102 2,848,715 83,632 sole
Marshall & Isley csus 251,250 4,000 sole
Mccormick & Co. Inc. csus 579780206 1,777,562 59,750 sole
Miller Herman Inc. csus 600544100 3,985,325 173,275 sole
Minnesota Mining & Mfg. Co. csus 604059105 8,463,741 86,475 sole
Philip Morris Cos. csus 718154107 330,073 14,351 sole
Mobil Corporation csus 607059102 227,624 1,480 sole
Motorola csus 620076109 1,387,684 9,424 sole
Merck & Company csus 589331107 4,506,937 67,080 sole
Microsoft Corporation csus 594918104 2,671,240 22,880 sole
Montana Power Co Com csus 612085100 201,950 5,600 sole
Nike Inc Cl B csus 654106103 4,667,548 94,175 sole
Nokia Corporation csus 654902204 2,990,128 15,650 sole
Nuveen Insd Prem Incm Ii csus 6706D8104 128,658 12,552 sole
Nucor Corp. csus 670346105 723,525 13,200 sole
Bank One Corp. New csus 06423a103 2,405,728 75,179 sole
Oracle Corporation csus 68389X105 15,197,468 135,616 sole
Occidental Petroleum Corp. csus 674599105 628,747 29,075 sole
Phillips Petroleum Company csus 718507106 390,100 8,300 sole
Pepsico, Inc. csus 713448108 2,954,937 83,828 sole
Pfizer Inc. csus 717081103 3,974,567 122,530 sole
Procter & Gamble Co. csus 742718109 5,055,723 46,145 sole
Perkinelmer Inc. csus 3,246,414 77,875 sole
Pall Corp Com csus 696429307 5,734,008 265,925 sole
Pharmacia & Upjohn Inc. csus 716941109 812,295 18,051 sole
Possis Medical Inc. csus 737407106 2,931,250 375,200 sole
Pactive Corporation csus 695257105 167,875 15,800 sole
Qualcomm Inc. csus 747525103 563,600 3,200 sole
Ralston Purina Co csus 751277302 2,203,240 79,040 sole
Royal Dutch Petroleum csus 780257705 1,753,042 28,946 sole
Regions Financial Corp csus 738940100 1,897,113 75,507 sole
Republic Group Inc. csus 760473108 791,113 52,305 sole
Rockwell csus 774347108 940,744 19,650 sole
Sbc Communications csus 78387G103 4,338,914 89,003 sole
Smithkline Beecham Plc csus 832378301 936,225 14,600 sole
Silicon Graphics Inc. csus 827056102 342,647 35,370 sole
Schering-Plough Corporation csus 806605101 331,457 7,822 sole
Schlumberger Ltd. csus 806857108 1,421,197 25,322 sole
Sara Lee Corp csus 803111103 266,824 12,094 sole
Standard Motor Products csus 853666105 297,506 18,450 sole
Simpson Industries csus 829060102 945,551 84,049 sole
Snap On Inc. csus 833034101 2,824,922 106,350 sole
Southern Company csus 842587107 284,350 12,100 sole
Sonoco Products Co. csus 835495102 1,305,122 57,368 sole
Standard & Poor's Depositary R csus 78462F103 734,375 5,000 sole
Sun Microsystems Inc csus 866810104 975,712 12,600 sole
Sysco csus 871829107 308,587 7,800 sole
AT&T Corp. csus 001957109 2,889,427 56,864 sole
Tandy Corp Com csus 875382103 948,433 19,282 sole
Commercial Intertech csus 201709102 644,500 50,549 sole
Tellabs Inc. csus 879664100 5,908,459 92,050 sole
Brown Tom Inc Com New csus 115660201 536,337 40,100 sole
Texaco, Inc. csus 881694103 3,985,668 73,384 sole
Texas Instruments Inc. csus 882508104 2,598,053 26,888 sole
Tyco Int'l Ltd New csus 902124106 51,627,459 ####### sole
Unocal Corp Com csus 915289102 667,894 19,900 sole
US West Inc New csus 91273h101 214,560 2,980 sole
Vulcan Matls Co Com csus 929160109 1,070,325 26,800 sole
Vodafone csus 92857t107 986,164 19,922 sole
MCI Worldcom Inc. csus 55268b106 6,956,228 131,095 sole
Wells Fargo & Co. New csus 949746101 5,758,340 142,401 sole
Whirlpool Corp. csus 963320106 3,712,466 57,060 sole
Warner Lambert Common csus 934488107 1,217,182 14,855 sole
Willamette Industries, Inc. csus 969133107 770,862 16,600 sole
Williams Cos Inc Del Com csus 969457100 927,786 30,357 sole
Wal Mart Stores Inc csus 931142103 691,250 10,000 sole
Wrigley Wm Jr Co csus 982526105 4,006,213 48,304 sole
Exxon Mobil Corporation csus 13,356,627 165,792 sole
Exxon Corporation csus 302290101 506,688 6,496 sole
Xerox Corp. csus 984121103 325,225 14,335 sole
