13F-HR 1 form13f063004.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: June 30, 2004 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: Corbyn Investment Management, Inc. Address: Suite 108 2330 W. Joppa Rd. Lutherville, MD 21093 13F File Number: 28-4242 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 submission. Person Signing this Report on Behalf of Reporting Manager: Name: Karla K. Moore Title: Corporate Secretary Phone: 410-832-5500 Signature, Place and Date of Signing: Karla K. Moore Lutherville, MD 7/15/2004 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. Form 13F Summary Page Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 69 Form 13F Information Table Value Total: 238,782 List of Other Included Managers: NONE Name of Issuer Title of Class CUSIP Value Shrs or SH/PRN Put/ Investment Other Voting Authority Prn Amt Call Discretion Managers Sole-Shared-None Alfa Corp. Com 015385107 291 20,800 SH DEFINED 20,800 Allied Waste ComPar$.01 019589308 1,629 123,600 SH DEFINED 123,600 Assurant Com 04621X108 2,063 78,200 SH DEFINED 78,200 Atlas America Com 049167109 201 10,000 SH SOLE 10,000 Baker Michael Corp Com 057149106 4,870 319,162 SH DEFINED 319,162 Berkley, WR Com 084423102 1,061 24,700 SH SOLE 24,700 Burlington Res Inc. Com 122014103 1,635 45,190 SH DEFINED 45,190 Celadon Group Com 150838100 663 37,675 SH DEFINED 37,675 Chesapeake Utilities Com 165303108 217 9,575 SH SOLE 9,575 CIT Group Com 125581108 2,386 62,307 SH DEFINED 62,307 Columbia Bankcorp Com 197227101 178 6,100 SH SOLE 6,100 EOG Res Inc. Com 26875P101 2,194 36,747 SH DEFINED 36,747 Emcor Group Com 29084Q100 5,159 117,300 SH DEFINED 117,300 Emerson Elec Co. Com 291011104 2,234 35,160 SH DEFINED 35,160 Energen Corp. Com 29265N108 4,050 84,400 SH DEFINED 84,400 FTI Consulting Com 302941109 5,705 345,775 SH DEFINED 345,775 First Potomac Com 33610F109 479 25,000 SH DEFINED 25,000 Gladstone Coml Com 376536108 472 28,600 SH SOLE 28,600 Griffon Corp. Com 398433102 1,226 55,010 SH DEFINED 55,010 Hilb Rogal Com 431294107 924 25,900 SH DEFINED 25,900 Imation Corp. Com 45245A107 5,369 126,000 SH DEFINED 126,000 Insituform Tech CLA 457667103 1,470 90,375 SH DEFINED 90,375 John Hancock Bk SHBENINT 409735107 2,049 221,725 SH DEFINED 221,725 Key Energy Com 492914106 1,032 109,300 SH SOLE 109,300 Nabi Biopharmac Com 629519109 5,231 367,850 SH DEFINED 367,850 NiSource Inc. Com 65473P105 2,584 125,325 SH DEFINED 125,325 OceanFirst Com 675234108 310 12,949 SH SOLE 12,949 PartnerRe Holdings Com G6852T105 5,636 99,348 SH DEFINED 99,348 PFF Bancorp Com 69331W104 1,397 37,503 SH SOLE 37,503 PPL Corporation Com 69351T106 6,740 146,850 SH DEFINED 146,850 Pentair Com 709631105 673 20,000 SH SOLE 20,000 Provident Bankshares Com 743859100 755 26,190 SH SOLE 26,190 Radyne Comstream Com 750611402 1,890 236,200 SH DEFINED 236,200 SCS Transn Com 81111T102 744 28,200 SH SOLE 28,200 SunTrust Bks Com 867914103 3,005 46,236 SH DEFINED 46,236 Suncor Energy Com 867229106 5,135 200,500 SH DEFINED 200,500 Tredegar Corp. Com 894650100 219 13,600 SH SOLE 13,600 US Homes Systems Com 90335C100 847 118,513 SH DEFINED 118,513 USI Hldgs Com 90333H101 3,662 231,800 SH DEFINED 231,800 United National CLA 91103X102 5,640 373,250 SH DEFINED 373,250 Urstadt Biddle Pptys CLA 917286205 407 27,500 SH SOLE 27,500 Wabash Natl Com 929566107 10,511 381,525 SH DEFINED 381,525 Washington Mutual Com 939322103 2,763 71,515 SH DEFINED 71,515 Waste Industries Com 941057101 3,151 282,325 SH DEFINED 282,325 Yardville Nat'l Com 985021104 1,215 48,610 SH DEFINED 48,610 Akamai Tech Note 5.5 7/0 00971TAC5 9,669 9,570,000 PRN DEFINED 9,570,000 Amkor Tech Note 5.75 6/0 031652AN0 7,369 7,570,000 PRN DEFINED 7,570,000 Anadigics Note 5.0 11/1 032515AB4 3,626 3,750,000 PRN DEFINED 3,750,000 Aspen Tech SDCV 5.25 6/1 045327AB9 3,281 3,275,000 PRN DEFINED 3,275,000 Atmel Corp. SDCV 5/2 049513AE4 4,214 9,520,000 PRN DEFINED 9,520,000 Bisys Group Note 4.0 3/1 055472AB0 11,784 12,115,000 PRN DEFINED 12,115,000 Brocade Commun Note 2.0 1/0 111621AB4 4,543 4,990,000 PRN DEFINED 4,990,000 Brooks Auto Note 4.75 6/0 11434AAB6 7,302 7,500,000 PRN DEFINED 7,500,000 Ciena Corp. Note 3.75 2/0 171779AA9 7,664 8,763,000 PRN DEFINED 8,763,000 Curagen Corp SDCV 6.0 2/0 23126RAC5 9,786 9,925,000 PRN DEFINED 9,925,000 E Trade Group Note 6.0 2/0 269246AB0 10,522 10,295,000 PRN DEFINED 10,295,000 Human Genome Note 5.0 2/0 444903AF5 2,948 3,072,000 PRN DEFINED 3,072,000 Key Energy Note 5.0 9/1 492914AF3 1,115 1,133,000 PRN DEFINED 1,133,000 Mercury Interact Note 4.75 7/0 589405AB5 8,225 8,318,000 PRN DEFINED 8,318,000 Parker Drilling Note 5.5 8/0 701081AD3 413 414,000 PRN SOLE 414,000 Photronics Note 4.75 12/1 719405AC6 2,243 2,246,000 PRN DEFINED 2,246,000 PMC Sierra Note 3.75 8/1 69344FAB2 868 876,000 PRN DEFINED 876,000 Quanta Svcs Note 4.0 7/0 74762EAA0 10,409 11,504,000 PRN DEFINED 11,504,000 RF Microdevices Note 3.75 8/1 749941AB6 5,419 5,442,000 PRN DEFINED 5,442,000 Safeguard Sci. Note 5.0 6/1 786449AE8 4,079 4,066,000 PRN DEFINED 4,066,000 Sanmina Corp SDCV 9/1 800907AD9 4,275 8,174,000 PRN DEFINED 8,174,000 Sepracor SDCV 5.0 2/1 817315AL8 1,616 1,596,000 PRN SOLE 1,596,000 WMX Technologies Note 2.0 1/2 92929QAF4 1,162 1,192,000 PRN SOLE 1,192,000 Wind River System Note 3.75 12/1 973149AE7 6,178 6,387,000 PRN DEFINED 6,387,000