13F-HR/A 1 form13f123003.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: December 31, 2003 Check here if Amendment [x]; Amendment Number: 32 This Amendment (Check only one): [x] 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 02/10/04 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: 56 Form 13F Information Table Value Total: 189,129 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 267 20,800 SH SOLE 20,800 Baker Michael Corp Com 057149106 2,766 267,237 SH SOLE 267,237 Berkley, WR Com 084423102 863 24,700 SH SOLE 24,700 Burlington Res Inc. Com 122014103 1,251 22,595 SH SOLE 22,595 Chesapeake Utilities Com 165303108 250 9,575 SH SOLE 9,575 CIT Group Com 125581108 2,248 62,525 SH SOLE 62,525 Columbia Bankcorp Com 197227101 195 6,100 SH SOLE 6,100 EOG Res Inc. Com 26875P101 1,697 36,747 SH SOLE 36,747 Emcor Group Com 29084Q100 5,167 117,700 SH SOLE 117,700 Emerson Elec Co. Com 291011104 2,278 35,185 SH SOLE 35,185 FTI Consulting Com 302941109 6,428 275,000 SH SOLE 275,000 First Potomac Com 33610F109 468 25,000 SH SOLE 25,000 Gladstone Coml Com 376536108 482 28,600 SH SOLE 28,600 Griffon Corp. Com 398433102 1,152 56,860 SH SOLE 56,860 Hilb Rogal Com 431294107 831 25,900 SH SOLE 25,900 Imation Corp. Com 45245A107 4,442 126,400 SH SOLE 126,400 Insituform Tech CLA 457667103 2,402 145,575 SH SOLE 145,575 John Hancock Bk SHBENINT 409735107 2,290 221,725 SH SOLE 221,725 Middleby Com 596278101 3,829 94,600 SH SOLE 94,600 Nabi Biopharmac Com 629519109 4,680 368,250 SH SOLE 368,250 NiSource Inc. Com 65473P105 3,052 139,100 SH SOLE 139,100 PartnerRe Holdings Com G6852T105 5,787 99,698 SH SOLE 99,698 PFF Bancorp Com 69331W104 1,366 37,653 SH SOLE 37,653 PPL Corporation Com 69351T106 6,451 147,450 SH SOLE 147,450 Pentair Com 709631105 457 10,000 SH SOLE 10,000 Provident Bankshares Com 743859100 294 10,000 SH SOLE 10,000 SCS Transn Com 81111T102 496 28,200 SH SOLE 28,200 Southern Finl Bancorp Com 842870107 641 14,888 SH SOLE 14,888 SunTrust Bks Com 867914103 3,306 46,236 SH SOLE 46,236 Tredegar Corp. Com 894650100 211 13,600 SH SOLE 13,600 USI Hldgs Com 90333H101 3,025 231,800 SH SOLE 231,800 Urstadt Biddle Pptys CLA 917286205 389 27,500 SH SOLE 27,500 Wabash Natl Com 929566107 11,190 381,925 SH SOLE 381,925 Washington Mutual Com 939322103 2,871 71,552 SH SOLE 71,552 Waste Industries Com 941057101 3,247 282,375 SH SOLE 282,375 Yardville Nat'l Com 985021104 1,317 51,175 SH SOLE 51,175 Amdocs Ltd. Note 2.0 6/0 02342TAB5 7,914 7,927,000 PRN SOLE 7,927,000 Anadigics Note 5.0 11/1 032515AB4 3,656 3,750,000 PRN SOLE 3,750,000 Anixter Int'l Note 6/2 035290AC9 6,376 18,720,000 PRN SOLE 18,720,000 Atmel Corp. SDCV 5/2 049513AE4 1,073 2,500,000 PRN SOLE 2,500,000 Bisys Group Note 4.0 3/1 055472AB0 9,553 9,660,000 PRN SOLE 9,660,000 Calpine Corp. Note 4.0 12/2 131347BA3 3,267 3,335,000 PRN SOLE 3,335,000 Ciena Corp. Note 3.75 2/0 171779AA9 5,482 5,980,000 PRN SOLE 5,980,000 Corning DBCV 11/0 219350AJ4 2,107 2,747,000 PRN SOLE 2,747,000 Curagen Corp SDCV 6.0 2/0 23126RAC5 7,709 8,777,000 PRN SOLE 8,777,000 E Trade Group Note 6.0 2/0 269246AB0 8,602 8,400,000 PRN SOLE 8,400,000 Human Genome Note 5.0 2/0 444903AF5 2,812 2,950,000 PRN SOLE 2,950,000 Mercury Interact Note 4.75 7/0 589405AB5 2,020 2,000,000 PRN SOLE 2,000,000 PMC Sierra Note 3.75 8/1 69344FAB2 4,524 4,513,000 PRN SOLE 4,513,000 Quanta Svcs Note 4.0 7/0 74762EAA0 9,430 10,272,000 PRN SOLE 10,272,000 RF Microdevices Note 3.75 8/1 749941AB6 11,576 11,579,000 PRN SOLE 11,579,000 Sanmina Corp SDCV 9/1 800907AD9 4,125 8,000,000 PRN SOLE 8,000,000 Sepracor SDCV 5.0 2/1 817315AL8 1,924 2,000,000 PRN SOLE 2,000,000 Vishay Inter Tech Note 6/0 928298AD0 1,887 3,067,000 PRN SOLE 3,067,000 WMX Technologies Note 2.0 1/2 92929QAF4 1,114 1,173,000 PRN SOLE 1,173,000 Wind River System Note 3.75 12/1 973149AE7 5,892 6,300,000 PRN SOLE 6,300,000