13F-HR 1 form13f33105.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: March 31, 2005 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, CCO Phone: 410-832-5500 Signature, Place and Date of Signing: Karla K. Moore Lutherville, MD 4/19/2005 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: 267,872 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 6,197 847,700 SH DEFINED 847,700 Assurant Com 04621X108 2,603 77,237 SH DEFINED 77,237 Atlas America Com 049167109 362 10,000 SH SOLE 10,000 Baker Michael Corp Com 057149106 7,583 343,887 SH DEFINED 343,887 Berkley, WR Com 084423102 1,225 24,700 SH SOLE 24,700 Brush Engineered Com 117421107 4,227 222,150 SH DEFINED 222,150 Burlington Res Inc. Com 122014103 2,219 44,315 SH DEFINED 44,315 Celadon Group Com 150838100 643 34,650 SH DEFINED 34,650 Chesapeake Utilities Com 165303108 192 7,230 SH SOLE 7,230 CIT Group Com 125581108 2,328 61,269 SH DEFINED 61,269 Columbia Bankcorp Com 197227101 194 6,100 SH SOLE 6,100 EOG Res Inc. Com 26875P101 3,527 72,356 SH DEFINED 72,356 Emcor Group Com 29084Q100 5,351 114,294 SH DEFINED 114,294 Emerson Elec Co. Com 291011104 2,231 34,362 SH DEFINED 34,362 Energen Corp. Com 29265N108 5,556 83,420 SH DEFINED 83,420 Energy Partners Com 29270U105 1,298 50,000 SH SOLE 50,000 FTI Consulting Com 302941109 7,017 339,950 SH DEFINED 339,950 First Potomac Com 33610F109 560 24,500 SH DEFINED 24,500 Gladstone Coml Com 376536108 470 28,600 SH SOLE 28,600 Graftech Int Com 384313102 3,556 625,000 SH DEFINED 625,000 Griffon Corp. Com 398433102 1,167 54,530 SH DEFINED 54,530 Imation Corp. Com 45245A107 3,224 92,770 SH DEFINED 92,770 John Hancock Bk SHBENINT 409735107 1,920 198,325 SH DEFINED 198,325 KMG America Corp. Com 482563103 5,870 602,075 SH DEFINED 602,075 Nabi Biopharmac Com 629519109 4,526 362,662 SH DEFINED 362,662 NiSource Inc. Com 65473P105 727 31,906 SH DEFINED 31,906 OceanFirst Com 675234108 296 12,874 SH SOLE 12,874 PartnerRe Holdings Com G6852T105 6,251 96,761 SH DEFINED 96,761 PFF Bancorp Com 69331W104 1,508 54,627 SH SOLE 54,627 PPL Corporation Com 69351T106 7,628 141,293 SH DEFINED 141,293 Pentair Com 709631105 780 20,000 SH SOLE 20,000 Provident Bankshares Com 743859100 863 26,190 SH SOLE 26,190 Radyne Comstream Com 750611402 5,611 686,774 SH DEFINED 686,774 Rush Enterprises CLA 781846209 966 61,579 SH DEFINED 61,579 SCS Transn Com 81111T102 524 28,200 SH SOLE 28,200 SunTrust Bks Com 867914103 3,233 44,862 SH DEFINED 44,862 Suncor Energy Com 867229106 7,982 198,500 SH DEFINED 198,500 Tredegar Corp. Com 894650100 229 13,600 SH SOLE 13,600 US Homes Systems Com 90335C100 1,848 355,300 SH DEFINED 355,300 USI Hldgs Com 90333H101 8,019 680,752 SH DEFINED 680,752 United America CLA 90933T109 7,654 406,272 SH DEFINED 406,272 Urstadt Biddle Pptys CLA 917286205 419 27,500 SH SOLE 27,500 Wabash Natl Com 929566107 9,277 380,200 SH DEFINED 380,200 Washington Mutual Com 939322103 2,787 70,550 SH DEFINED 70,550 Waste Industries Com 941057101 3,187 229,250 SH DEFINED 229,250 Advanced Energy Note 5.25 11/1 007973AA8 750 765,000 PRN SOLE 765,000 Akamai Tech Note 5.5 7/0 00971TAC5 9,699 9,598,000 PRN DEFINED 9,598,000 Allied Waste Inds SDCV 4.25 4/1 019589AD2 1,791 2,134,000 PRN DEFINED 2,134,000 Amkor Tech Note 5.75 6/0 031652AN0 8,206 8,625,000 PRN DEFINED 8,625,000 Aspen Tech SDCV 5.25 6/1 045327AB9 3,029 3,028,000 PRN DEFINED 3,028,000 Atmel Corp. SDCV 5/2 049513AE4 4,408 9,510,000 PRN DEFINED 9,510,000 BEA Systems Note 4.0 12/1 073325AD4 986 1,000,000 PRN DEFINED 1,000,000 Bisys Group Note 4.0 3/1 055472AB0 12,768 12,887,000 PRN DEFINED 12,887,000 Brocade Commun Note 2.0 1/0 111621AB4 5,800 6,090,000 PRN DEFINED 6,090,000 Brooks Auto Note 4.75 6/0 11434AAB6 13,397 13,767,000 PRN DEFINED 13,767,000 Ciena Corp. Note 3.75 2/0 171779AA9 8,014 9,349,000 PRN DEFINED 9,349,000 Curagen Corp SDCV 6.0 2/0 23126RAC5 9,719 10,020,000 PRN DEFINED 10,020,000 E Trade Group Note 6.0 2/0 269246AB0 6,366 6,252,000 PRN DEFINED 6,252,000 Emulex Corp. Note 0.25 12/1 292475AD2 2,775 2,994,000 PRN DEFINED 2,994,000 Human Genome Note 5.0 2/0 444903AF5 5,482 5,589,000 PRN DEFINED 5,589,000 Human Genome Note 3.75 3/1 444903AH1 1,067 1,110,000 PRN DEFINED 1,110,000 Mercury Interact Note 4.75 7/0 589405AB5 8,527 8,581,000 PRN DEFINED 8,581,000 Nektar Ther Note 5.0 2/0 457191AF1 507 510,000 PRN DEFINED 510,000 Nektar Ther Note 3.5 10/1 457191AH7 4,005 4,280,000 PRN DEFINED 4,280,000 Photronics Note 4.75 12/1 719405AC6 2,631 2,634,000 PRN DEFINED 2,634,000 Quanta Svcs Note 4.0 7/0 74762EAA0 12,589 13,253,000 PRN DEFINED 13,253,000 Sanmina Corp SDCV 9/1 800907AD9 566 1,044,000 PRN DEFINED 1,044,000 Wind River System Note 3.75 12/1 973149AE7 955 965,000 PRN DEFINED 965,000