13F-HR 1 form13f093004.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: September 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 10/12/2004 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: 68 Form 13F Information Table Value Total: 239,953 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 Allied Waste ComPar$.01 019589308 6,536 738,575 SH DEFINED 738,575 Amkor Tech Com 031652100 717 196,500 SH SOLE 196,500 Assurant Com 04621X108 2,032 78,150 SH DEFINED 78,150 Atlas America Com 049167109 218 10,000 SH SOLE 10,000 Baker Michael Corp Com 057149106 4,991 317,887 SH DEFINED 317,887 Berkley, WR Com 084423102 1,041 24,700 SH SOLE 24,700 Burlington Res Inc. Com 122014103 1,825 44,740 SH DEFINED 44,740 Celadon Group Com 150838100 660 34,650 SH DEFINED 34,650 Chesapeake Utilities Com 165303108 218 8,680 SH SOLE 8,680 CIT Group Com 125581108 2,312 61,832 SH DEFINED 61,832 Columbia Bankcorp Com 197227101 178 6,100 SH SOLE 6,100 EOG Res Inc. Com 26875P101 2,399 36,430 SH DEFINED 36,430 Emcor Group Com 29084Q100 4,381 116,442 SH DEFINED 116,442 Emerson Elec Co. Com 291011104 2,146 34,680 SH DEFINED 34,680 Energen Corp. Com 29265N108 4,338 84,150 SH DEFINED 84,150 FTI Consulting Com 302941109 6,497 343,750 SH DEFINED 343,750 First Potomac Com 33610F109 517 25,000 SH DEFINED 25,000 Gladstone Coml Com 376536108 464 28,600 SH SOLE 28,600 Griffon Corp. Com 398433102 1,156 54,780 SH DEFINED 54,780 Hilb Rogal Com 431294107 938 25,900 SH DEFINED 25,900 Imation Corp. Com 45245A107 4,427 124,395 SH DEFINED 124,395 Insituform Tech CLA 457667103 1,687 90,350 SH DEFINED 90,350 John Hancock Bk SHBENINT 409735107 2,157 219,475 SH DEFINED 219,475 Key Energy Com 492914106 1,208 109,300 SH SOLE 109,300 Nabi Biopharmac Com 629519109 4,893 365,725 SH DEFINED 365,725 NiSource Inc. Com 65473P105 2,305 109,720 SH DEFINED 109,720 OceanFirst Com 675234108 312 12,874 SH SOLE 12,874 PartnerRe Holdings Com G6852T105 5,366 98,124 SH DEFINED 98,124 PFF Bancorp Com 69331W104 1,398 36,518 SH SOLE 36,518 PPL Corporation Com 69351T106 6,778 143,655 SH DEFINED 143,655 Pentair Com 709631105 698 20,000 SH SOLE 20,000 Provident Bankshares Com 743859100 879 26,190 SH SOLE 26,190 Radyne Comstream Com 750611402 5,213 691,349 SH DEFINED 691,349 SCS Transn Com 81111T102 534 28,200 SH SOLE 28,200 SunTrust Bks Com 867914103 3,185 45,239 SH DEFINED 45,239 Suncor Energy Com 867229106 6,416 200,425 SH DEFINED 200,425 Tredegar Corp. Com 894650100 247 13,600 SH SOLE 13,600 US Homes Systems Com 90335C100 2,531 364,685 SH DEFINED 364,685 USI Hldgs Com 90333H101 3,967 290,602 SH DEFINED 290,602 United National CLA 91103X102 5,930 408,432 SH DEFINED 408,432 Urstadt Biddle Pptys CLA 917286205 419 27,500 SH SOLE 27,500 Wabash Natl Com 929566107 10,358 377,050 SH DEFINED 377,050 Washington Mutual Com 939322103 2,757 70,550 SH DEFINED 70,550 Waste Industries Com 941057101 3,307 292,325 SH DEFINED 292,325 Advanced Energy Note 5.25 11/1 007973AA8 751 770,000 PRN SOLE 770,000 Akamai Tech Note 5.5 7/0 00971TAC5 9,777 9,610,000 PRN DEFINED 9,610,000 Allied Waste Inds SDCV 4.25 4/1 019589AD2 881 1,000,000 PRN DEFINED 1,000,000 Amkor Tech Note 5.75 6/0 031652AN0 6,769 7,600,000 PRN DEFINED 7,600,000 Aspen Tech SDCV 5.25 6/1 045327AB9 3,311 3,300,000 PRN DEFINED 3,300,000 Atmel Corp. SDCV 5/2 049513AE4 4,313 9,520,000 PRN DEFINED 9,520,000 BEA Systems Note 4.0 12/1 073325AD4 999 1,000,000 PRN DEFINED 1,000,000 Bisys Group Note 4.0 3/1 055472AB0 12,428 12,615,000 PRN DEFINED 12,615,000 Brocade Commun Note 2.0 1/0 111621AB4 4,752 5,070,000 PRN DEFINED 5,070,000 Brooks Auto Note 4.75 6/0 11434AAB6 9,634 10,000,000 PRN DEFINED 10,000,000 Ciena Corp. Note 3.75 2/0 171779AA9 7,474 8,813,000 PRN DEFINED 8,813,000 Curagen Corp SDCV 6.0 2/0 23126RAC5 9,645 9,980,000 PRN DEFINED 9,980,000 E Trade Group Note 6.0 2/0 269246AB0 6,400 6,257,000 PRN DEFINED 6,257,000 Emulex Corp. Note 0.25 12/1 292475AD2 2,721 3,000,000 PRN DEFINED 3,000,000 Human Genome Note 5.0 2/0 444903AF5 3,056 3,077,000 PRN DEFINED 3,077,000 Mercury Interact Note 4.75 7/0 589405AB5 8,263 8,318,000 PRN DEFINED 8,318,000 Photronics Note 4.75 12/1 719405AC6 2,250 2,246,000 PRN DEFINED 2,246,000 PMC Sierra Note 3.75 8/1 69344FAB2 872 876,000 PRN DEFINED 876,000 Quanta Svcs Note 4.0 7/0 74762EAA0 10,963 11,648,000 PRN DEFINED 11,648,000 Safeguard Sci. Note 5.0 6/1 786449AE8 733 733,000 PRN DEFINED 733,000 Sanmina Corp SDCV 9/1 800907AD9 4,342 8,174,000 PRN DEFINED 8,174,000 Sepracor SDCV 5.0 2/1 817315AL8 1,636 1,596,000 PRN SOLE 1,596,000 WMX Technologies Note 2.0 1/2 92929QAF4 1,181 1,204,000 PRN SOLE 1,204,000 Wind River System Note 3.75 12/1 973149AE7 6,266 6,387,000 PRN DEFINED 6,387,000