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, 2000
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: Kestrel Investment Management Corporation
Address: 411 Borel Avenue
Suite 403
San Mateo, CA 94402
13F File Number: 28-4060
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: David J. Steirman
Title: President
Phone: 650-572-9450
Signature, Place, and Date of Signing:
David J. Steirman San Mateo CA August 1, 2000
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.
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 59
Form 13F Information Table Value Total: $533,886
List of Other Included Managers:
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FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTM OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETMANAGER SOLE SHARED NONE
Advanta Corp A CLA 007942105 10333 847874 SH SOLE 783374 0 64500
Alltrista Corp COM 020040101 6252 292500 SH SOLE 264800 0 27700
Arnold Industries COM 042595108 12171 1009000 SH SOLE 940100 0 68900
Avatar Holdings COM 053494100 6226 270700 SH SOLE 248400 0 22300
Castle Energy COM PAR$0.50N 148449309 5410 861300 SH SOLE 780000 0 81300
Congoleum Cl A CLA 207195108 650 162600 SH SOLE 127300 0 35300
CorVel Corp COM 221006109 12857 520800 SH SOLE 470600 0 50200
Diagnostic Products COM 252450101 7885 246400 SH SOLE 246400 0 0
Dress Barn COM 261570105 19212 868340 SH SOLE 794740 0 73600
El Paso Electric COM NEW 283677854 12451 1112900 SH SOLE 1018100 0 94800
Esco Electronics COM TR RCPT 269030102 9003 529600 SH SOLE 465700 0 63900
FPIC Insurance Group COM 302563101 8653 551600 SH SOLE 506200 0 45400
Fidelity Natl Finl COM 316326107 2709 147934 SH SOLE 143876 0 4058
First Bancorp P R COM 318672102 5652 304500 SH SOLE 280300 0 24200
First Health Group COM 320960107 9719 296200 SH SOLE 277000 0 19200
Franklin Electric COM 353514102 10454 154300 SH SOLE 137900 0 16400
Guilford Mills COM 401794102 4093 963000 SH SOLE 886800 0 76200
Handleman COM 410252100 13508 1080600 SH SOLE 983700 0 96900
Hardinge Inc COM 412324303 3864 370200 SH SOLE 341400 0 28800
Highwoods Properties COM 431284108 10618 439000 SH SOLE 411400 0 27600
Horace Mann Educatrs COM 440327104 8744 582900 SH SOLE 532700 0 50200
Information Res COM 456905108 662 168200 SH SOLE 165000 0 3200
Interstate Bakeries COM 46072H108 15726 1123300 SH SOLE 1030000 0 93300
Jacobs Engineering COM 469814107 8770 268300 SH SOLE 249800 0 18500
Justin Industries COM 482171105 14354 656200 SH SOLE 601600 0 54600
Koger Equity COM 500228101 2384 141300 SH SOLE 116700 0 24600
Landstar System Inc COM 515098101 30002 503700 SH SOLE 454700 0 49000
Lanier Worldwide COM 51589L105 3991 3361200 SH SOLE 3086000 0 275200
Lawson Products COM 520776105 9508 386100 SH SOLE 356400 0 29700
Libbey Inc COM 529898108 4157 129400 SH SOLE 118600 0 10800
MagneTek Inc COM 559424106 7141 892600 SH SOLE 819400 0 73200
Manor Care COM 564055101 2526 360800 SH SOLE 313000 0 47800
Mid-America Apt COM 59522J103 10805 450200 SH SOLE 411200 0 39000
Midas COM 595626102 15900 795000 SH SOLE 697800 0 97200
Milacron COM 598709103 8459 583400 SH SOLE 527100 0 56300
NCH Corp COM 628850109 7603 210100 SH SOLE 192400 0 17700
New Plan Excel Rtly COM 648053106 13436 1033500 SH SOLE 955800 0 77700
Nuevo Energy COM 670509108 7339 388800 SH SOLE 354600 0 34200
Octel Corp COM 675727101 7224 924700 SH SOLE 841100 0 83600
PFF Bancorp COM 69331W104 11552 633000 SH SOLE 576900 0 56100
Penn-America Group COM 707247102 3812 484100 SH SOLE 447300 0 36800
Presidential Life Co COM 740884101 7035 507000 SH SOLE 464500 0 42500
Queens County Banc COM 748242104 6828 370308 SH SOLE 334652 0 35656
Royal Appliance Mfg COM 780076105 4687 824100 SH SOLE 807400 0 16700
Stein Mart Inc COM 858375108 16642 1623600 SH SOLE 1489000 0 134600
Sterling Bancorp COM 859158107 243 15400 SH SOLE 12000 0 3400
Strattec Security COM 863111100 7660 235700 SH SOLE 204200 0 31500
TBC Corp COM 872180104 5850 1264900 SH SOLE 1198000 0 66900
Tanger Factory Outlt COM 875465106 9872 420100 SH SOLE 387500 0 32600
Tenneco Automotive COM 880349105 6663 1269100 SH SOLE 1171000 0 98100
US Industries COM 912080108 13551 1117600 SH SOLE 1027600 0 90000
United Stationers COM 913004107 24284 750100 SH SOLE 689400 0 60700
Varian Inc COM 922206107 7975 172900 SH SOLE 156900 0 16000
Varian Medical Sys COM 92220P105 11886 303800 SH SOLE 284900 0 18900
Ventiv Health COM 922793104 4538 407900 SH SOLE 377000 0 30900
Wausau-Mosinee Paper COM 943315101 6685 780700 SH SOLE 713200 0 67500
White Mountains Ins COM G9618E107 12944 80900 SH SOLE 72300 0 8600
Wolverine World Wide COM 978097103 11235 1137700 SH SOLE 1037300 0 100400
XTRA Corp COM 984138107 9493 240700 SH SOLE 220300 0 20400
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