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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 --------------

                                 FORM 10-KSB/A-1

                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                     FOR THE FISCAL YEAR ENDED JUNE 30, 2004

                         COMMISSION FILE NO.: 000-29299

                                CORVU CORPORATION
           (Name of Small Business Issuer as specified in its charter)

                   MINNESOTA                                41-1457090
        (State or other jurisdiction of                   (IRS Employer
        incorporation or organization)                Identification Number)

                  3400 WEST 66TH STREET, EDINA, MINNESOTA 55435
               (Address of principal executive offices)(Zip Code)

         Issuer's telephone number, including area code: (952) 944-7777

    Securities registered pursuant to Section 12(b) of the Exchange Act: NONE

      Securities registered pursuant to Section 12(g) of the Exchange Act:
                                  COMMON STOCK

Check whether the Issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
                                                                Yes |X|   No |_|

Check if disclosure of delinquent filers in response to Item 405 of Regulation
S-B is not contained herein, and will not be contained, to the best of
Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. |_|

Issuer's revenues for its most recent fiscal year:  $16,157,663.

The aggregate market value of the Common Stock held by nonaffiliates of the
Registrant as of August 31, 2004 was approximately $5,076,000 based upon the
closing price of the Registrant's Common Stock on such date.

There were 23,970,268 shares of Common Stock outstanding as of August 31, 2004.

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                       DOCUMENTS INCORPORATED BY REFERENCE
                                      NONE

Transitional Small Business Disclosure Format (check one).  YES |_|  NO |X|

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<PAGE>

This Form 10-KSB/A-1 is being filed to amend the information on the Company's
executive officers in Part III, Item 9 and amend and revise the exhibits in Part
III, Item 13, and the exhibit index.

PART III

ITEM 9. DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT

EXECUTIVE OFFICERS

The following table sets forth the name, age and position of each person who
served as an executive officer of our Company as of August 31, 2004.

------------------------- --------- -------------------------------------------
         NAME                AGE                         POSITION
------------------------- --------- -------------------------------------------
David C. Carlson             48     Chief Financial Officer
------------------------- --------- -------------------------------------------
Robert L. Clay               34     Vice President of Marketing
------------------------- --------- -------------------------------------------
Justin M. MacIntosh          54     President, Chief Executive Officer
------------------------- --------- -------------------------------------------
Alan M. Missroon, Jr.        41     Senior Vice President of Corporate Strategy
------------------------- --------- -------------------------------------------

DAVID C. CARLSON (Chief Financial Officer). Before joining CorVu Corporation as
Chief Financial Officer in July 1996, Mr. Carlson gained extensive experience in
the area of accounting and business operations. He served from July 1979 to July
1984 in the audit division of Arthur Andersen & Co. From July 1984 to April
1989, he held the position of Controller and later, Vice President of Finance at
Canterbury Downs, a horse racing facility. He joined the Minnesota Timberwolves,
a professional sports franchise, in April 1989 as Controller, a position he
subsequently held at a local health and fitness chain until May 1996; the sports
franchise and the health and fitness chain were under common ownership. Mr.
Carlson is responsible for all areas of financial management of the Company. He
became a member of the board of directors of CorVu Corporation in December 1996.

ROBERT L. CLAY (Vice President of Marketing). Mr. Clay joined CorVu in February
2004 as Vice President of Marketing. During his tenure at Radiant Systems from
2002 to 2004, Mr. Clay established Radiant's marketing organization. Prior to
Radiant, Mr. Clay served Clarus Corporation in several roles, including Vice
President of Marketing, Vice President of Products, and Director of Product
Management and Product Marketing. Mr. Clay holds a Master's degree in Business
Administration from Georgia State University, Atlanta, GA, and a Bachelor of
Science degree in Management from Georgia Institute of Technology, Atlanta, GA .

JUSTIN M. MACINTOSH (President, Chief Executive Officer). After a career in the
equity and real estate markets in Australia, Mr. MacIntosh founded MACS Software
Company, a provider of business application software, in 1977. He served as
Chairman and CEO of MACS until he founded the former parent company of CorVu in
Australia in 1990. Since the incorporation of CorVu Corporation in Minnesota in
September 1995, Mr. MacIntosh has served as Chairman, President and Chief
Executive Officer, and as a director of the Company.

ALAN M. MISSROON, JR. (Senior Vice President of Corporate Strategy). Mr.
Missroon gained his knowledge of the business intelligence market while working
at Burroughs Corporation (Unisys) and during his eight years (from July 1987 to
November 1995) at IQ Software Corporation in which he held a variety of
positions in sales, sales management, product design, and marketing. From
December 1995 to December 1996, he worked at Praxis International. During 2002
and 2003, Mr. Missroon was responsible for directing the salesforce in the
Americas region. In September 2003, Mr. Missroon was appointed as Senior Vice
President of Corporate Strategy, leading strategic relations with the analyst
and investor community and guiding the strategic direction of CorVu and its
products. He joined CorVu Corporation in January 1997 and was elected as one of
the directors of CorVu Corporation in February 1997. Mr. Missroon resigned from
CorVu's Board of Directors in July 2004.

<PAGE>

Additional information required by this item is incorporated by reference to the
sections labeled "Corporate Governance", "Election of Directors", "Section 16(a)
Reporting Compliance" and "Code of Ethics" that appear in the definitive proxy
statement for the 2004 Annual Meeting of Shareholders.

ITEM 13.         EXHIBITS

See "Exhibit Index" immediately following the signature page of this Form
10-KSB/A-1.


                                    SIGNATURE

         In accordance with Section 13 or 15(d) of the Exchange Act, the
Registrant has caused this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                          CORVU CORPORATION



Dated:  January 12, 2005                  By:   /s/ Justin M. MacIntosh
                                                ---------------------------
                                                Justin M. MacIntosh
                                                Chief Executive Officer


<PAGE>

                                CORVU CORPORATION
                                EXHIBIT INDEX FOR
               FORM 10-KSB/A-1 FOR FISCAL YEAR ENDED JUNE 30, 2004

EXHIBIT
NUMBER                                     DESCRIPTION
-----------       --------------------------------------------------------------

       3.1        Articles of Incorporation of the Registrant as amended to
                  date--incorporated by reference to Exhibit 3.1 to Registrant's
                  Form 10-SB, File No. 000-29299

       3.2        Bylaws--incorporated by reference to Exhibit 3.2 to the
                  Registrant's Form 10-SB, File No. 000-29299

         4        Rights of Holders of Series A Convertible Preferred Stock--see
                  Article 3 of Articles of Incorporation (Exhibit 3.1)

      10.1*       Employment Agreement between Registrant and Justin MacIntosh,
                  dated July 1, 1999--incorporated by reference to Exhibit 10.4
                  to Registrant's Form 10-SB, File No. 000-29299

      10.2*       Employment Agreement between Registrant and David C. Carlson,
                  dated July 15, 1996 and amended July 20, 1999--incorporated by
                  reference to Exhibit 10.5 to Registrant's Form 10-SB, File No.
                  000-29299

      10.3*       Employment Agreement between Registrant and Alan M. Missroon,
                  dated January 2, 1997--incorporated by reference to Exhibit
                  10.6 to Registrant's Form 10-SB, File No. 000-29299

      10.4        Lease Agreement between United Properties Investment LLC. and
                  CorVu Corporation for premises at 3400 West 66th Street,
                  Edina, Minnesota-incorporated by reference to Exhibit 10.7 to
                  Registrant's Form 10-KSB for the fiscal year ended June 30,
                  2002, File No. 000-29299

      10.5        Underlease between Michael John Haynes, Raymond John Evans,
                  Terrance Guy Hawker and CorVu PLC and CorVu Corporation for
                  premises at Craven House, 40 Uxbridge Road, London
                  W5--incorporated by reference to Exhibit 10.9 to Registrant's
                  Form 10-SB, File No. 000-29299

      10.6*       CorVu Corporation 1996 Stock Option Plan, as amended through
                  December 18, 2003--incorporated by reference to Exhibit 10.1
                  to Registrant's Form 10-QSB for the fiscal quarter ended
                  September 30, 2004, File No. 000-29299

      10.7*       Minnesota American, Inc. 1993 Stock Incentive Plan as amended
                  and approved by the shareholders at their meeting on January
                  30, 1996--incorporated by reference to Exhibit 10.16 to
                  Registrant's Form 10-SB, File No. 000-29299

      10.8*       Amendment to Employment Agreement between CorVu Corporation
                  and Justin MacIntosh, dated January 1, 2001--incorporated by
                  reference to Exhibit 10.16 to Registrant's Form 10-KSB for the
                  fiscal year ended June 30, 2001, File No. 000-29299

      10.9        Letter Agreement dated June 19, 2002 between CorVu Corporation
                  and GlobalNet Venture Partners, LLC-incorporated by reference
                  to Exhibit 10.7 to Registrant's Form 10-KSB for the fiscal
                  year ended June 30, 2002, File No. 000-29299

     10.10        Stock Purchase Agreement dated June 19, 2002 between CorVu
                  Corporation and GlobalNet Venture Partners, LLC--incorporated
                  by reference to Exhibit A to Schedule 13D of GlobalNet Venture
                  Partners, LLC filed September 19, 2002

<PAGE>

     10.11        Amendment dated September 3, 2002 to Stock Purchase Agreement
                  dated June 19, 2002 between CorVu Corporation and GlobalNet
                  Venture Partners, LLC--incorporated by reference to Exhibit B
                  to Schedule 13D of GlobalNet Venture Partners, LLC filed
                  September 19, 2002

     10.12        Secured Promissory Note dated September 3, 2002 in the
                  principal amount of $324,000 from GlobalNet Venture Partners,
                  LLC to CorVu Corporation--incorporated by reference to Exhibit
                  C to Schedule 13D of GlobalNet Venture Partners, LLC filed
                  September 19, 2002

     10.13        Pledge Agreement dated September 3, 2002 between GlobalNet
                  Venture Partners, LLC and CorVu Corporation-incorporated by
                  reference to Exhibit D to Schedule 13D of GlobalNet Venture
                  Partners, LLC filed September 19, 2002

     10.14*       Amendment No. 2 to Employment Agreement between CorVu
                  Corporation and Justin MacIntosh, dated February 28,
                  2003-incorporated by reference to Exhibit 10.23 to
                  Registrant's Form 10-KSB for the fiscal year ended June 30,
                  2003, File No. 000-29299

     10.15*       Amendment No. 3 to Employment Agreement between CorVu
                  Corporation and Justin MacIntosh, dated December 18,
                  2003-incorporated by reference to Exhibit 10.23 to
                  Registrant's Form 10-KSB for the fiscal year ended June 30,
                  2004, File No. 000-29299

     10.16***     Commercial Lease between Perpetual Trustee Company Limited and
                  CorVu Australia Pty. Ltd., dated March 1, 2004, for premises
                  Suite 1, Level 8, Tower A, Zenith Centre, 801 Pacific Highway,
                  Chatswood, NSW

        21**      Subsidiaries of CorVu Corporation

        23**      Consent of Independent Registered Public Accounting Firm
                  Virchow, Krause & Company, LLP

        24**      Power of Attorney (contained on Signature Page of Form 10-KSB
                  for the fiscal year ended June 30, 2004, File No. 000-29299)

      31.1***     Certification of Chief Executive Officer Pursuant to Section
                  302 of the Sarbanes-Oxley Act of 2002

      31.2***     Certification of Chief Financial Officer Pursuant to Section
                  302 of the Sarbanes-Oxley Act of 2002

        32***     Certification of Chief Executive Officer and Chief Financial
                  Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of
                  2002

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*   Indicates a management contract or compensatory plan or arrangement required
    to be filed as an exhibit.
**  Previously filed on October 8, 2004 as exhibits to Registrant's Form 10-KSB
    for its fiscal year ended June 30, 2004.
*** Filed herewith.