UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 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 October 31, 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: $539,742
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 9280 824874 SH SOLE 766574 0 58300
Alltrista Corp COM 020040101 5889 283800 SH SOLE 256100 0 27700
Arnold Industries COM 042595108 16867 999500 SH SOLE 937200 0 62300
Avatar Holdings COM 053494100 5171 268600 SH SOLE 246300 0 22300
Castle Energy COM PAR$0.50N 148449309 6275 843700 SH SOLE 762400 0 81300
Chattem Inc COM 162456107 894 93500 SH SOLE 81100 0 12400
Congoleum Cl A CLA 207195108 731 160200 SH SOLE 125900 0 34300
CorVel Corp COM 221006109 14201 510600 SH SOLE 465300 0 45300
Diagnostic Products COM 252450101 12685 237100 SH SOLE 237100 0 0
Dress Barn COM 261570105 17897 852240 SH SOLE 785740 0 66500
El Paso Electric COM NEW 283677854 15051 1093000 SH SOLE 1007300 0 85700
Esco Technologies COM 296315104 8462 487000 SH SOLE 460500 0 26500
FPIC Insurance Group COM 302563101 7518 537000 SH SOLE 496000 0 41000
First Bancorp P R COM 318672102 7380 302000 SH SOLE 277800 0 24200
First Health Group COM 320960107 8385 260000 SH SOLE 258800 0 1200
Franklin Electric COM 353514102 10447 151400 SH SOLE 136600 0 14800
Guilford Mills COM 401794102 1762 939500 SH SOLE 866300 0 73200
Handleman COM 410252100 12052 973900 SH SOLE 892200 0 81700
Hardinge Inc COM 412324303 4618 384800 SH SOLE 356000 0 28800
Highwoods Properties COM 431284108 15978 676300 SH SOLE 625400 0 50900
Horace Mann Educatrs COM 440327104 9524 581600 SH SOLE 536200 0 45400
IMC Global COM 449669100 11990 826900 SH SOLE 760200 0 66700
Interstate Bakeries COM 46072H108 17331 1185000 SH SOLE 1100600 0 84400
Koger Equity COM 500228101 3339 196400 SH SOLE 171100 0 25300
Landstar System Inc COM 515098101 22188 497200 SH SOLE 448200 0 49000
Lanier Worldwide COM 51589L105 3433 3433000 SH SOLE 3151500 0 281500
Lawson Products COM 520776105 9208 380700 SH SOLE 353800 0 26900
Libbey Inc COM 529898108 7274 233700 SH SOLE 214200 0 19500
MagneTek Inc COM 559424106 9411 885700 SH SOLE 819500 0 66200
Manor Care COM 564055101 4964 316400 SH SOLE 313000 0 3400
Mid-America Apt COM 59522J103 10702 447100 SH SOLE 411600 0 35500
Midas COM 595626102 10912 779400 SH SOLE 691800 0 87600
Milacron COM 598709103 9078 681900 SH SOLE 627100 0 54800
NCH Corp COM 628850109 7236 204900 SH SOLE 187200 0 17700
New Plan Excel Rtly COM 648053106 631 46100 SH SOLE 46100 0 0
Nuevo Energy COM 670509108 9967 542400 SH SOLE 496800 0 45600
Octel Corp COM 675727101 8614 918800 SH SOLE 843300 0 75500
PFF Bancorp COM 69331W104 13529 622000 SH SOLE 571300 0 50700
Penn-America Group COM 707247102 3633 484400 SH SOLE 447600 0 36800
Presidential Life Co COM 740884101 7503 502300 SH SOLE 463900 0 38400
Queens County Banc COM 748242104 10465 362433 SH SOLE 326777 0 35656
Regis Corp COM 758932107 9897 659800 SH SOLE 604900 0 54900
Royal Appliance Mfg COM 780076105 4776 804300 SH SOLE 787600 0 16700
Stein Mart Inc COM 858375108 17218 1592400 SH SOLE 1470700 0 121700
Sterling Bancorp COM 859158107 3584 183800 SH SOLE 157800 0 26000
Strattec Security COM 863111100 7538 226700 SH SOLE 202600 0 24100
TBC Corp COM 872180104 5680 1165100 SH SOLE 1107700 0 57400
Tanger Factory Outlt COM 875465106 8998 409000 SH SOLE 379500 0 29500
Tenneco Automotive COM 880349105 11266 2171700 SH SOLE 1996200 0 175500
US Industries COM 912080108 11208 1127800 SH SOLE 1037800 0 90000
United Stationers COM 913004107 19793 736500 SH SOLE 681600 0 54900
Varian Medical Sys COM 92220P105 41 900 SH SOLE 900 0 0
Ventiv Health COM 922793104 6473 512700 SH SOLE 473000 0 39700
Wausau-Mosinee Paper COM 943315101 6452 832500 SH SOLE 765000 0 67500
White Mountains Ins COM G9618E107 21694 79500 SH SOLE 70900 0 8600
Whitehall Jewellers COM 965063100 3066 386300 SH SOLE 346700 0 39600
Wisconsin Cent Trans COM 976592105 8750 828400 SH SOLE 755900 0 72500
Wolverine World Wide COM 978097103 10275 1103400 SH SOLE 1012700 0 90700
XTRA Corp COM 984138107 10558 237600 SH SOLE 219200 0 18400
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