An improved multifilamentary fibrous material is formed having particles of a matrix-forming thermoplastic polymer substantially uniformly dispersed among adjoining filaments in the absence of fusion bonding. The polymer particles initially are dispersed in an aqueous medium containing an effective amount of a dissolved polymeric binding agent and the viscosity of the medium subsequently is substantially increased to at least 50,000 cps. to form a gelled impregnation bath having a plastic flow characteristic with shear-thinning behavior wherein the polymer particles are substantially uniformly suspended. The resulting impregnation bath is caused to flow between the adjoining filaments of the multifilamentary fibrous material with a concomitant viscosity reduction which aids in the incorporation of the polymer particles. The concentration of the aqueous medium in the product is controlled to yield a uniform, handleable, drapable, tacky, and highly stable product. Upon the application of heat and pressure the improved product can be transformed into a fiber-reinforced composite article wherein the solid particles form the matrix phase.