UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 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 April 26, 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: 56
Form 13F Information Table Value Total: $518,709
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 17535 863274 SH SOLE 798774 0 64500
Alltrista Corp COM 020040101 6738 297800 SH SOLE 269500 0 28300
Arnold Industries COM 042595108 12783 997700 SH SOLE 928800 0 68900
Avatar Holdings COM 053494100 5400 270000 SH SOLE 247700 0 22300
Castle Energy COM PAR$0.50N 148449309 4467 861200 SH SOLE 779900 0 81300
Congoleum Cl A CLA 207195108 539 162600 SH SOLE 127300 0 35300
CorVel Corp COM 221006109 13465 517900 SH SOLE 467700 0 50200
Covance Inc COM 222816100 514 47800 SH SOLE 47800 0 0
Diagnostic Products COM 252450101 6024 246500 SH SOLE 246500 0 0
Dress Barn COM 261570105 14184 736840 SH SOLE 681140 0 55700
El Paso Electric COM NEW 283677854 11519 1110300 SH SOLE 1015500 0 94800
Esco Electronics COM TR RCPT 269030102 8879 530100 SH SOLE 466200 0 63900
Ethyl Corp COM 297659104 817 266800 SH SOLE 240600 0 26200
FPIC Insurance Group COM 302563101 9135 522000 SH SOLE 476600 0 45400
Fidelity Natl Finl COM 316326107 10245 741697 SH SOLE 673510 0 68187
First Bancorp P R COM 318672102 4669 264900 SH SOLE 240700 0 24200
First Health Group COM 320960107 9370 296300 SH SOLE 277100 0 19200
Franklin Electric COM 353514102 9683 151600 SH SOLE 135200 0 16400
Guilford Mills COM 401794102 7409 963800 SH SOLE 887600 0 76200
Handleman COM 410252100 9595 1081100 SH SOLE 984200 0 96900
Hardinge Inc COM 412324303 3740 364900 SH SOLE 336100 0 28800
Horace Mann Educatrs COM 440327104 10685 579500 SH SOLE 529300 0 50200
Information Res COM 456905108 1453 181600 SH SOLE 178400 0 3200
Interstate Bakeries COM 46072H108 9738 683400 SH SOLE 674900 0 8500
Jacobs Engineering COM 469814107 14290 448300 SH SOLE 410000 0 38300
Justin Industries COM 482171105 11765 653600 SH SOLE 599000 0 54600
Landstar System Inc COM 515098101 27539 503000 SH SOLE 454000 0 49000
Lanier Worldwide COM 51589L105 6672 3235000 SH SOLE 2959800 0 275200
Lawson Products COM 520776105 9161 384700 SH SOLE 355000 0 29700
Libbey Inc COM 529898108 214 7800 SH SOLE 7800 0 0
MagneTek Inc COM 559424106 7997 888500 SH SOLE 815300 0 73200
Mid-America Apt COM 59522J103 7405 325500 SH SOLE 288300 0 37200
Midas COM 595626102 19037 793200 SH SOLE 696000 0 97200
NCH Corp COM 628850109 9710 214300 SH SOLE 196600 0 17700
New Plan Excel Rtly COM 648053106 11663 848200 SH SOLE 770500 0 77700
Octel Corp COM 675727101 8918 914700 SH SOLE 831100 0 83600
PFF Bancorp COM 69331W104 9525 614500 SH SOLE 558400 0 56100
Penn-America Group COM 707247102 3421 480200 SH SOLE 443400 0 36800
Presidential Life Co COM 740884101 6938 504600 SH SOLE 462100 0 42500
Queens County Banc COM 748242104 6621 366558 SH SOLE 330902 0 35656
Royal Appliance Mfg COM 780076105 4005 811100 SH SOLE 794400 0 16700
Scientific Games COM 808747109 2170 131500 SH SOLE 122000 0 9500
Stein Mart Inc COM 858375108 13367 1620300 SH SOLE 1485700 0 134600
Strattec Security COM 863111100 6982 203100 SH SOLE 172000 0 31100
TBC Corp COM 872180104 6408 1265800 SH SOLE 1198900 0 66900
Tanger Factory Outlt COM 875465106 8034 418700 SH SOLE 386100 0 32600
Tenneco Automotive COM 880349105 9200 1159000 SH SOLE 1060900 0 98100
US Industries COM 912080108 12032 1087600 SH SOLE 997600 0 90000
United Stationers COM 913004107 26723 748800 SH SOLE 688100 0 60700
Varian Inc COM 922206107 23505 612500 SH SOLE 554700 0 57800
Varian Medical Sys COM 92220P105 13861 303800 SH SOLE 284900 0 18900
Ventiv Health COM 922793104 890 88400 SH SOLE 88400 0 0
Wausau-Mosinee Paper COM 943315101 9787 756500 SH SOLE 689000 0 67500
White Mountains Ins COM G9618E107 10851 80900 SH SOLE 72300 0 8600
Wolverine World Wide COM 978097103 12521 1138300 SH SOLE 1037900 0 100400
XTRA Corp COM 984138107 8911 234500 SH SOLE 214100 0 20400
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