BEUTEL GOODMAN CAPITAL MANAGEMENT
13F-HR, 2000-04-28
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  UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C. 20549

           FORM 13F

      FORM 13F COVER PAGE

QUARTER ENDING: March 31, 2000
Institutional Investment Manager Filing this report:
Name:    BEUTEL, GOODMAN CAPITAL MANAGEMENT
Address: 5847 SAN FELIPE, SUITE 4500
         HOUSTON, TEXAS 77057

13F File Number:28-2951
The institutional investment manager filing this report and the
person by whom it is signed here by 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, list and tables, are considered
integral parts  of this form.

Person signing this report on behalf of Reporting Manager:
Name:     Richard J. Andrews
Title:    President
Phone:    713-260-1200
Signature, Place, and Date of signing:
Richard J. Andrews, Houston, TX  October 15, 1999
Report Type (check only one.):

[ X]   13F HOLDINGS REPORT.
[  ]   13F NOTICE.
[  ]   13F COMBINATION REPORT.

List of other Managers Reporting for this Manager:

I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
<PAGE>

SEC13F.LNS             BEUTEL GOODMAN CAPITAL MANAGEMENT

                             FORM 13F SUMMARY PAGE
                              AS OF DATE: 03/31/00
                         RUN DATE: 04/24/00 10:51 A.M.


REPORT SUMMARY:

NUMBER OF OTHER INCLUDED MANAGERS:        0

FORM 13F INFORMATION TABLE ENTRY TOTAL:   124

FORM 13F INFORMATION TABLE VALUE TOTAL:   $353,985,000

<PAGE>

<TABLE>                       <C>               <C>
PORTVUE-SEC13F.LNP                               BEUTEL GOODMAN CAPITAL MANAGEMENT                                         PAGE 1
RUN DATE: 04/24/00 10:50 A.M.
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 03/31/00

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------

ACTEL CORP COM                 COM              004934105      229     6420 SH       SOLE                     6420        0        0
ALCOA INC COM                  COM              013817101      349     4970 SH       SOLE                     4970        0        0
ALFA CORP COM                  COM              015385107      225    12675 SH       SOLE                    12675        0        0
AMERICAN GENERAL CORP          COM              026351106     6980   124363 SH       SOLE                   124363        0        0
AMERICAN PWR CONVERSION CORP   COM              029066107    15245   355561 SH       SOLE                   355561        0        0
AMERISOURCE HEALTH CORP CL A   COM              03071P102      309    20625 SH       SOLE                    20625        0        0
ANHEUSER BUSCH COS INC         COM              035229103      220     3530 SH       SOLE                     3530        0        0
APACHE CORP                    COM              037411105      329     6620 SH       SOLE                     6620        0        0
APTARGROUP INC COM             COM              038336103      201     7540 SH       SOLE                     7540        0        0
AT&T CORPORATION               COM              001957109     1146    20352 SH       SOLE                    20352        0        0
BANK NEW YORK INC              COM              064057102      283     6820 SH       SOLE                     6820        0        0
BANK OF AMERICA                COM              060505104      349     6650 SH       SOLE                     6650        0        0
BAXTER INTL INC COM            COM              071813109    12151   193835 SH       SOLE                   193835        0        0
BESTFOODS COM                  COM              08658U101     6525   139390 SH       SOLE                   139390        0        0
BISYS GROUP INC COM            COM              055472104      364     5480 SH       SOLE                     5480        0        0
BLACK BOX CORP COM             COM              091826107      259     3740 SH       SOLE                     3740        0        0
BLOCK H & R INC COM            COM              093671105      226     5060 SH       SOLE                     5060        0        0
BOWATER INC COM                COM              102183100     6418   120235 SH       SOLE                   120235        0        0
BRAUNS FASHIONS CORP COM       COM              105658108      396    15670 SH       SOLE                    15670        0        0
BURLINGTON RESOURCES INC COM   COM              122014103    10368   280227 SH       SOLE                   280227        0        0
CABLE DESIGN TECHN CORP COM    COM              126924109      283     8330 SH       SOLE                     8330        0        0
CABOT CORP                     COM              127055101      369    12090 SH       SOLE                    12090        0        0
CARDIN HEALTH INC COM          COM              14149Y108     7377   160815 SH       SOLE                   160815        0        0
CHITTENDEN CORP COM            COM              170228100      311    10462 SH       SOLE                    10462        0        0
CITIGROUP INC.                 COM              172967101     6660   111227 SH       SOLE                   111227        0        0
CITY NATL CORP COM             COM              178566105      592    17565 SH       SOLE                    17565        0        0
COLUMBIA/HCA HEALTHCARE CORP O COM              197677107     4227   166989 SH       SOLE                   166989        0        0
CONVERGYS CORP COM             COM              212485106      252     6510 SH       SOLE                     6510        0        0
COOPER CAMERON CORP COM        COM              216640102     1298    19410 SH       SOLE                    19410        0        0
CULLEN FROST BANKERS INC COM   COM              229899109      308    11660 SH       SOLE                    11660        0        0
DALLAS SEMICONDUCTOR CORP COM  COM              235204104      227     6210 SH       SOLE                     6210        0        0
DELPHI AUTOMOTIVE SYS CORP COM COM              247126105     7106   444140 SH       SOLE                   444140        0        0
DONNELLEY R R & SONS CO        COM              257867101     6509   310900 SH       SOLE                   310900        0        0
DU PONT E I DE NEMOURS CO      COM              263534109      240     4536 SH       SOLE                     4536        0        0
DUKE ENERGY CO COM             COM              264399106    10078   191956 SH       SOLE                   191956        0        0
DUKE RLTY INVTS INC COM NEW    COM              264411505      873    45650 SH       SOLE                    45650        0        0
EL PASO ENERGY CORP DEL        COM              283905107    11250   278644 SH       SOLE                   278644        0        0
ELECTRONIC DATA SYSTEMS        COM              285661104     8789   136921 SH       SOLE                   136921        0        0
ENGELHARD CORP                 COM              292845104      199    13170 SH       SOLE                    13170        0        0
EXXON CORPORATION              COM              30231G102     7111    91245 SH       SOLE                    91245        0        0
FEDERATED DEPARTMENT STORES NE COM              31410H101    10293   243616 SH       SOLE                   243616        0        0
FEDERATED INVS INC PA CL B     COM              314211103      392    14370 SH       SOLE                    14370        0        0
FINL SEC ASSURN HLDGS LTD COM  COM              31769P100      254     3455 SH       SOLE                     3455        0        0
FIRST DATA CORP COM            COM              319963104    11581   260979 SH       SOLE                   260979        0        0
FIRST UNION CORP               COM              337358105     9171   246210 SH       SOLE                   246210        0        0
FMC CORP                       COM              302491303     8162   144465 SH       SOLE                   144465        0        0
FORD MOTOR                     COM              345370100      359     7820 SH       SOLE                     7820        0        0
FRANCO NEV MNG LTD             COM              351860101      136    12870 SH       SOLE                    12870        0        0
GALLAGHER ARTHUR J & CO COM    COM              363576109      272     8370 SH       SOLE                     8370        0        0
GANNETT INC DEL                COM              364730101     7826   111205 SH       SOLE                   111205        0        0
GATX CORP COM                  COM              361448103      656    17260 SH       SOLE                    17260        0        0
GLOBAL INDS LTD COM            COM              379336100      393    26900 SH       SOLE                    26900        0        0
GOODRICH B F CO COM            COM              382388106     5749   200410 SH       SOLE                   200410        0        0
GREENPOINT FINL CORP COM       COM              395384100      318    16220 SH       SOLE                    16220        0        0
GTE CORP                       COM              362320103    13053   183839 SH       SOLE                   183839        0        0
HALLIBURTON COMPANY            COM              406216101      943    22920 SH       SOLE                    22920        0        0
HARTFORD FINANCIAL SERVICES    COM              416515104      745    14130 SH       SOLE                    14130        0        0
HEWLETT PACKARD CO             COM              428236103      695     5240 SH       SOLE                     5240        0        0
HONEYWELL INTERNATIONAL, INC.  COM              438516106      489     9289 SH       SOLE                     9289        0        0
HOUSEHOLD INTL CORP            COM              441815107     9468   253740 SH       SOLE                   253740        0        0
I B M                          COM              459200101     1792    15185 SH       SOLE                    15185        0        0
INGERSOLL-RAND COMPANY         COM              456866102     6288   142100 SH       SOLE                   142100        0        0
INTEL CORP                     COM              458140100    13326   101002 SH       SOLE                   101002        0        0
INTERNATIONAL PAPER CO         COM              460146103      375     8770 SH       SOLE                     8770        0        0
JOHNSON & JOHNSON              COM              478160104     5581    79450 SH       SOLE                    79450        0        0
KELLWOOD CO COM                COM              488044108      191    10855 SH       SOLE                    10855        0        0
KENNAMETAL INC                 COM              489170100      231     7680 SH       SOLE                     7680        0        0
KIMBERLY CLARK CORP            COM              494368103      418     7460 SH       SOLE                     7460        0        0
LEGGETT & PLATT INC            COM              524660107      209     9710 SH       SOLE                     9710        0        0
LITTELFUSE INC COM             COM              537008104      252     6880 SH       SOLE                     6880        0        0
MALLINCKRODT INC NEW COM       COM              561232109      244     8470 SH       SOLE                     8470        0        0
MARSH MCLENNAN                 COM              571748102      588     5328 SH       SOLE                     5328        0        0
MASCO CORP                     COM              574599106     4131   201530 SH       SOLE                   201530        0        0
MBIA INC                       COM              55262C100     9636   185090 SH       SOLE                   185090        0        0
MCI WORLDCOM                   COM              55268B106      759    16740 SH       SOLE                    16740        0        0
MELLON FINL CORP               COM              58551A108      244     8200 SH       SOLE                     8200        0        0
MGIC INVT CORP WIS             COM              552848103     5808   133145 SH       SOLE                   133145        0        0
MICHAEL FOODS INC NEW COM      COM              594079105      275    13115 SH       SOLE                    13115        0        0
MINNESOTA MNG & MFG CO         COM              604059105      220     2480 SH       SOLE                     2480        0        0
NATIONAL FUEL GAS CO N J COM   COM              636180101      258     5800 SH       SOLE                     5800        0        0
NEW JERSEY RES CORP COM        COM              646025106      320     7490 SH       SOLE                     7490        0        0
NEW PLAN EXCEL REALTY TRUST, I COM              648053106      140    10150 SH       SOLE                    10150        0        0
NUCOR CORP                     COM              670346105     8816   176325 SH       SOLE                   176325        0        0
OCEAN ENERGY INC.              COM              67481E106      268    18660 SH       SOLE                    18660        0        0
PALL CORP                      COM              696429307     9460   421610 SH       SOLE                   421610        0        0
PERFORMANCE FOOD GROUP CO COM  COM              713755106      229    10450 SH       SOLE                    10450        0        0
PHILLIPS PETROLEUM COMPANY     COM              718507106     6972   150755 SH       SOLE                   150755        0        0
POPE & TALBOT INC COM          COM              732827100      334    18160 SH       SOLE                    18160        0        0
QLT PHOTOTHERAPEUTICS INC COM  COM              746927102      200     3620 SH       SOLE                     3620        0        0
RADIAN GROUP INC COM           COM              750236101      234     4910 SH       SOLE                     4910        0        0
RALSTON PURINA CO COM          COM              751277302      250     9100 SH       SOLE                     9100        0        0
REPUBLIC SVCS INC CL A         COM              760759100      354    32330 SH       SOLE                    32330        0        0
ROYAL DUTCH PETRO-NY SHARES    COM              780257804      762    13180 SH       SOLE                    13180        0        0
SBC COMMUNICATIONS, INC COMMON COM              78387G103      635    15081 SH       SOLE                    15081        0        0
SHAW INDS INC COM              COM              820286102      213    14040 SH       SOLE                    14040        0        0
SIERRA PAC RES NEW COM         COM              826428104      136    10875 SH       SOLE                    10875        0        0
SIMPSON MFG INC COM            COM              829073105      289     7310 SH       SOLE                     7310        0        0
SINCLAIR BROADCAST GRP INC CL  COM              829226109      252    28140 SH       SOLE                    28140        0        0
SKYWEST INC COM                COM              830879102      364     9308 SH       SOLE                     9308        0        0
SLM HLDG CORP COM              COM              78442A109      319     9570 SH       SOLE                     9570        0        0
SOUTHERN CO                    COM              842587107      397    18230 SH       SOLE                    18230        0        0
SOUTHTRUST CORP                COM              844730101     5622   221015 SH       SOLE                   221015        0        0
SPECTRAL DIAGNOSTICS INC COM   COM              847574100       71    21700 SH       SOLE                    21700        0        0
STILLWATER MNG CO COM          COM              86074Q102      587    14670 SH       SOLE                    14670        0        0
SYSCO CORPORATION              COM              871829107      217     6000 SH       SOLE                     6000        0        0
TECHNITROL INC COM             COM              878555101      289     4960 SH       SOLE                     4960        0        0
TELEFLEX INC COM               COM              879369106      270     7645 SH       SOLE                     7645        0        0
TETRA TECH INC NEW COM         COM              88162G103      433    18250 SH       SOLE                    18250        0        0
TEXACO INC                     COM              881694103      204     3790 SH       SOLE                     3790        0        0
TEXAS INSTRUMENTS INC          COM              882508104      590     3688 SH       SOLE                     3688        0        0
THE CHASE MANHATTAN CORPORATIO COM              16161A108    10502   120455 SH       SOLE                   120455        0        0
TJX COS INC NEW COM            COM              872540109      358    16120 SH       SOLE                    16120        0        0
TYCO INTL LTD NEW COM          COM              902124106    10333   206140 SH       SOLE                   206140        0        0
U S FOODSERVICE COM            COM              90331R101      707    27470 SH       SOLE                    27470        0        0
UNIGRAPHICS SOLUTIONS INC CL A COM              904928108      349    11815 SH       SOLE                    11815        0        0
UNITED STATIONERS INC COM      COM              913004107      242     6790 SH       SOLE                     6790        0        0
UNITED TECHNOLOGIES CORP       COM              913017109      260     4110 SH       SOLE                     4110        0        0
WAL MART STORES INC            COM              931142103      209     3700 SH       SOLE                     3700        0        0
WASHINGTON MUT INC COM         COM              939322103     5834   220159 SH       SOLE                   220159        0        0
WASTE MANAGEMENT INC           COM              94106L109     5127   374555 SH       SOLE                   374555        0        0
WEBSTER FINL CORP WATERBURY CO COM              947890109      253    11019 SH       SOLE                    11019        0        0
WELLS FARGO NEW                COM              949746101      459    11270 SH       SOLE                    11270        0        0
WHIRLPOOL CORP                 COM              963320106    10121   172645 SH       SOLE                   172645        0        0
WILLIAMS CO                    COM              969457100     1592    36230 SH       SOLE                    36230        0        0

     LINE COUNT: 124
</TABLE>

<TABLE>                 <C>                    <C>
                                                                                                         PAGE 1

RUN DATE: 04/24/00  2:25 P.M.                        DAIN RAUSCHER INCORPORATED


                                                  DISCRETIONARY OWNERSHIP FOR 13F
                                                        AS OF DATE: 03/31/00
                                                                           INVESTMENT                     VOTING AUTHORITY

                                                                           DISCRETION                         (SHARES)
                                                                        -----------------  ---------------------------------------
          NAME          TITLE                     FAIR     SHARES OR              SHARED
           OF             OF       CUSIP        MARKET     PRINCIPAL   SOLE SHARED OTHER          SOLE        SHARED        NONE
         ISSUER         CLASS      NUMBER        VALUE       AMOUNT     (A)   (B)   (C) MGR        (A)          (B)          (C)
- ---------------------- ------   ---------- -------------- ------------ ----- ----- ----- -- ------------ ------------ ------------
AMERICAN PWR CONVERSI  COMMON   029066107        523,075       12,200          X                       0       12,200            0
BAXTER INTL INC COM    COMMON   071813109        376,755        6,010          X                       0        6,010            0
BESTFOODS              COMMON   08658U101        219,085        4,680          X                       0        4,680            0
BOWATER INC            COMMON   102183100        220,439        4,130          X                       0        4,130            0
BURLINGTON RESOURCES   COMMON   122014103        330,114        8,922          X                       0        8,922            0
CARDINAL HEALTH INC    COMMON   14149Y108        238,091        5,190          X                       0        5,190            0
CITIGROUP INC.         COMMON   172967101        211,359        3,530          X                       0        3,530            0
DELPHI AUTOMOTIVE SYS  COMMON   247126105        240,000       15,000          X                       0       15,000            0
DONNELLEY R R & SONS   COMMON   257867101        231,784       11,070          X                       0       11,070            0
DUKE PWR CO            COMMON   264399106        310,275        5,910          X                       0        5,910            0
EL PASO ENERGY CORP    COMMON   283905107        373,065        9,240          X                       0        9,240            0
ELECTRONIC DATA SYS C  COMMON   285661104        249,691        3,890          X                       0        3,890            0
FEDERATED DEPT STORES  COMMON   31410H101        313,917        7,430          X                       0        7,430            0
FIRST DATA CORP COM    COMMON   319963104        375,856        8,470          X                       0        8,470            0
FIRST UNION CORP       COMMON   337358105        293,902        7,890          X                       0        7,890            0
FMC CORP COM NEW       COMMON   302491303        264,985        4,690          X                       0        4,690            0
GANNETT INC DEL        COMMON   364730101        244,201        3,470          X                       0        3,470            0
GOODRICH B F CO        COMMON   382388106        230,078        8,020          X                       0        8,020            0
GTE CORP               COMMON   362320103        456,530        6,430          X                       0        6,430            0
HOUSEHOLD INTL CORP    COMMON   441815107        293,280        7,860          X                       0        7,860            0
INGERSOLL-RAND COMPAN  COMMON   456866102        247,357        5,590          X                       0        5,590            0
INTEL CORP             COMMON   458140100        375,232        2,844          X                       0        2,844            0
MBIA INC               COMMON   55262C100        292,073        5,610          X                       0        5,610            0
NUCOR CORP             COMMON   670346105        268,500        5,370          X                       0        5,370            0
PALL CORP              COMMON   696429307        316,825       14,120          X                       0       14,120            0
PHILLIPS PETE CO       COMMON   718507106        265,012        5,730          X                       0        5,730            0
THE CHASE MANHATTEN C  COMMON   16161A108        345,264        3,960          X                       0        3,960            0
TYCO INTL LTD NEW      COMMON   902124106        308,269        6,150          X                       0        6,150            0
WASTE MANAGEMENT INC   COMMON   94106L109        170,416       12,450          X                       0       12,450            0
WHIRLPOOL CORP         COMMON   963320106        328,886        5,610          X                       0        5,610            0

     TOTAL                                     8,914,318

</TABLE>

<TABLE>                 <C>                       <C>
                                                                                                         PAGE 1

RUN DATE: 04/24/00  2:33 P.M.                      FIRST UNION SECURITIES, CHICAGO


                                                  DISCRETIONARY OWNERSHIP FOR 13F
                                                        AS OF DATE: 04/20/00
                                                                           INVESTMENT                     VOTING AUTHORITY
                                                                           DISCRETION                         (SHARES)
                                                                        -----------------  ---------------------------------------
          NAME          TITLE                     FAIR     SHARES OR              SHARED
           OF             OF       CUSIP        MARKET     PRINCIPAL   SOLE SHARED OTHER          SOLE        SHARED        NONE
         ISSUER         CLASS      NUMBER        VALUE       AMOUNT     (A)   (B)   (C) MGR        (A)          (B)          (C)
- ---------------------- ------   ---------- -------------- ------------ ----- ----- ----- -- ------------ ------------ ------------
AMERICAN PWR CONVERSI  COMMON   029066107        535,080       12,480    X     X     X                 0        9,160        3,320
BAXTER INTL INC COM    COMMON   071813109        436,368        6,961    X     X     X                 0        4,981        1,980
BESTFOODS              COMMON   08658U101        232,658        4,970    X     X     X                 0        3,620        1,350
BOWATER INC            COMMON   102183100        235,917        4,420    X     X     X                 0        3,130        1,290
BURLINGTON RESOURCES   COMMON   122014103        369,334        9,982    X     X     X                 0        7,115        2,867
CARDINAL HEALTH INC C  COMMON   14149Y108        251,166        5,475    X     X     X                 0        3,840        1,635
CHASE MANHATTEN CORPO  COMMON   16161A108        370,547        4,250    X     X     X                 0        3,000        1,250
CITIGROUP INC.         COMMON   172967101        220,939        3,690    X     X     X                 0        2,830          860
DELPHI AUTOMOTIVE SYS  COMMON   247126105        262,720       16,420    X     X     X                 0       11,670        4,750
DONNELLEY R R & SONS   COMMON   257867101        233,244       11,140    X     X     X                 0        8,620        2,520
DUKE PWR CO            COMMON   264399106        353,325        6,730    X     X     X                 0        4,858        1,872
EL PASO ENERGY CORP D  COMMON   283905107        437,059       10,825    X     X     X                 0        7,860        2,965
ELECTRONIC DATA SYSTE  COMMON   285661104        290,127        4,520    X     X     X                 0        3,260        1,260
FEDERATED DEPARTMENT   COMMON   31410H101        365,040        8,640    X     X     X                 0        6,250        2,390
FIRST DATA CORP COM    COMMON   319963104        447,300       10,080    X     X     X                 0        7,400        2,680
FIRST UNION CORP       COMMON   337358105        350,523        9,410    X     X     X                 0        6,750        2,660
FMC CORP COM NEW       COMMON   302491303        281,370        4,980    X     X     X                 0        3,550        1,430
GANNETT INC DEL        COMMON   364730101        266,721        3,790    X     X     X                 0        2,710        1,080
GTE CORP               COMMON   362320103        522,205        7,355    X     X     X                 0        5,180        2,175
HOUSEHOLD INTL CORP    COMMON   441815107        310,067        8,310    X     X     X                 0        5,990        2,320
INGERSOLL-RAND COMPAN  COMMON   456866102        220,365        4,980    X     X     X                 0        3,650        1,330
INTEL CORP             COMMON   458140100        441,067        3,343    X     X     X                 0        2,423          920
JOHNSON & JOHNSON      COMMON   478160104        206,184        2,935    X     X     X                 0        2,080          855
MBIA INC               COMMON   55262C100        301,129        5,784    X     X     X                 0        4,334        1,450
NUCOR CORP             COMMON   670346105        297,000        5,940    X     X     X                 0        4,280        1,660
PALL CORP              COMMON   696429307        323,100       14,400    X     X     X                 0       10,320        4,080
PHILLIPS PETROLEUM CO  COMMON   718507106        274,262        5,930    X     X     X                 0        4,190        1,740
TYCO INTL LTD NEW COM  COMMON   902124106        355,386        7,090    X     X     X                 0        5,020        2,070
WASHINGTON MUT INC     COMMON   939322103        200,340        7,560    X     X     X                 0        5,320        2,240
WASTE MANAGEMENT INC   COMMON   94106L109        181,770       13,280    X     X     X                 0       10,020        3,260
WHIRLPOOL CORP         COMMON   963320106        349,405        5,960    X     X     X                 0        4,250        1,710

     TOTAL                                     9,921,719

</TABLE>


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