13F-HR 1 form13f63005.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: June 30, 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 7/19/2005 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: 65 Form 13F Information Table Value Total: 263,334 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 6,707 845,725 SH DEFINED 845,725 Assurant Com 04621X108 2,765 76,590 SH DEFINED 76,590 Atlas America Com 049167109 372 10,000 SH SOLE 10,000 Baker Michael Corp Com 057149106 6,250 349,937 SH DEFINED 349,937 Berkley, WR Com 084423102 1,322 37,050 SH SOLE 37,050 Brush Engineered Com 117421107 4,492 315,025 SH DEFINED 315,025 Burlington Res Inc. Com 122014103 2,436 44,095 SH DEFINED 44,095 Celadon Group Com 150838100 590 34,650 SH DEFINED 34,650 Chesapeake Utilities Com 165303108 221 7,230 SH SOLE 7,230 CIT Group Com 125581108 2,623 61,037 SH DEFINED 61,037 Columbia Bankcorp Com 197227101 222 6,100 SH SOLE 6,100 EOG Res Inc. Com 26875P101 4,077 71,780 SH DEFINED 71,780 Emcor Group Com 29084Q100 2,902 59,340 SH DEFINED 59,340 Emerson Elec Co. Com 291011104 2,138 34,140 SH DEFINED 34,140 Energen Corp. Com 29265N108 5,846 166,800 SH DEFINED 166,800 Energy Partners Com 29270U105 1,311 50,000 SH SOLE 50,000 FTI Consulting Com 302941109 7,064 337,990 SH DEFINED 337,990 First Potomac Com 33610F109 484 19,500 SH DEFINED 19,500 Graftech Int Com 384313102 2,459 571,900 SH DEFINED 571,900 Griffon Corp. Com 398433102 1,205 54,280 SH DEFINED 54,280 John Hancock Bk SHBENINT 409735107 1,262 128,530 SH SOLE 128,530 KMG America Corp. Com 482563103 5,979 601,550 SH DEFINED 601,550 Nabi Biopharmac Com 629519109 5,326 349,675 SH DEFINED 349,675 OceanFirst Com 675234108 266 11,809 SH SOLE 11,809 PartnerRe Holdings Com G6852T105 6,202 96,269 SH DEFINED 96,269 PFF Bancorp Com 69331W104 1,639 54,118 SH SOLE 54,118 PPL Corporation Com 69351T106 7,942 133,740 SH DEFINED 133,740 Pentair Com 709631105 856 20,000 SH SOLE 20,000 Provident Bankshares Com 743859100 836 26,190 SH SOLE 26,190 Radyne Comstream Com 750611402 4,008 461,793 SH DEFINED 461,793 Rush Enterprises CLA 781846209 4,733 354,752 SH DEFINED 354,752 Rush Enterprises CLB 781846308 776 57,837 SH SOLE 57,837 SCS Transn Com 81111T102 501 28,200 SH SOLE 28,200 SunTrust Bks Com 867914103 3,219 44,565 SH DEFINED 44,565 Suncor Energy Com 867229106 9,370 198,020 SH DEFINED 198,020 US Homes Systems Com 90335C100 851 169,864 SH SOLE 169,864 USI Hldgs Com 90333H101 6,158 478,118 SH DEFINED 478,118 United America CLA 90933T109 7,512 437,008 SH DEFINED 437,008 Urstadt Biddle Pptys CLA 917286205 476 27,500 SH SOLE 27,500 Wabash Natl Com 929566107 8,732 360,370 SH DEFINED 360,370 Washington Mutual Com 939322103 2,859 70,254 SH DEFINED 70,254 Waste Industries Com 941057101 2,616 184,991 SH DEFINED 184,991 Advanced Energy Note 5.25 11/1 007973AA8 750 765,000 PRN SOLE 765,000 Akamai Tech Note 5.5 7/0 00971TAC5 9,620 9,598,000 PRN DEFINED 9,598,000 Allied Waste Inds SDCV 4.25 4/1 019589AD2 1,943 2,284,000 PRN DEFINED 2,284,000 Amkor Tech Note 5.75 6/0 031652AN0 8,075 8,623,000 PRN DEFINED 8,623,000 Atmel Corp. SDCV 5/2 049513AE4 4,426 9,520,000 PRN DEFINED 9,520,000 BEA Systems Note 4.0 12/1 073325AD4 1,093 1,110,000 PRN DEFINED 1,110,000 Bisys Group Note 4.0 3/1 055472AB0 12,762 12,897,000 PRN DEFINED 12,897,000 Brocade Commun Note 2.0 1/0 111621AB4 5,911 6,146,000 PRN DEFINED 6,146,000 Brooks Auto Note 4.75 6/0 11434AAB6 13,466 14,052,000 PRN DEFINED 14,052,000 Ciena Corp. Note 3.75 2/0 171779AA9 8,287 9,379,000 PRN DEFINED 9,379,000 Curagen Corp SDCV 6.0 2/0 23126RAC5 10,266 11,020,000 PRN DEFINED 11,020,000 E Trade Group Note 6.0 2/0 269246AB0 6,586 6,552,000 PRN DEFINED 6,552,000 Emulex Corp. Note 0.25 12/1 292475AD2 462 494,000 PRN DEFINED 494,000 Human Genome Note 5.0 2/0 444903AF5 5,493 5,656,000 PRN DEFINED 5,656,000 Human Genome Note 3.75 3/1 444903AH1 2,003 2,110,000 PRN DEFINED 2,110,000 King Pharmac. DBCV 2.75 11/1 495582AG3 1,909 2,000,000 PRN DEFINED 2,000,000 Mercury Interact Note 4.75 7/0 589405AB5 8,800 8,856,000 PRN DEFINED 8,856,000 Millennium Pharm Note 5.5 1/1 599902AB9 4,198 4,248,000 PRN DEFINED 4,248,000 Nektar Ther Note 5.0 2/0 457191AF1 1,473 1,510,000 PRN DEFINED 1,510,000 Nektar Ther Note 3.5 10/1 457191AH7 3,993 4,280,000 PRN DEFINED 4,280,000 Photronics Note 4.75 12/1 719405AC6 605 602,000 PRN SOLE 602,000 Quanta Svcs Note 4.0 7/0 74762EAA0 12,649 13,245,000 PRN DEFINED 13,245,000 Wind River System Note 3.75 12/1 973149AE7 957 965,000 PRN DEFINED 965,000