13F-HR 1 form13f123005.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: December 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 01/12/2006 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: 288,677 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 7,276 832,500 SH DEFINED 832,500 American Natl Bankshare Com 027745108 418 18,000 SH SOLE 18,000 Assurant Com 04621X108 3,322 76,390 SH DEFINED 76,390 Atlas America Com 049167109 602 10,000 SH SOLE 10,000 Baker Michael Corp Com 057149106 8,894 348,087 SH DEFINED 348,087 Berkley, WR Com 084423102 1,764 37,050 SH SOLE 37,050 Brush Engineered Com 117421107 4,995 314,150 SH DEFINED 314,150 Burlington Res Inc. Com 122014103 3,784 43,895 SH DEFINED 43,895 Chesapeake Utilities Com 165303108 222 7,230 SH SOLE 7,230 CIT Group Com 125581108 3,154 60,912 SH DEFINED 60,912 Columbia Bankcorp Com 197227101 252 6,100 SH SOLE 6,100 Digi Intl Inc. Com 253798102 993 94,700 SH SOLE 94,700 EOG Res Inc. Com 26875P101 5,240 71,420 SH DEFINED 71,420 Emcor Group Com 29084Q100 6,550 96,998 SH DEFINED 96,998 Emerson Elec Co. Com 291011104 2,536 33,945 SH DEFINED 33,945 Energen Corp. Com 29265N108 6,039 166,265 SH DEFINED 166,265 Energy Partners Com 29270U105 1,667 76,525 SH DEFINED 76,525 FTI Consulting Com 302941109 9,232 336,440 SH DEFINED 336,440 First Potomac Com 33610F109 494 18,585 SH DEFINED 18,585 Griffon Corp. Com 398433102 1,290 54,180 SH DEFINED 54,180 John Hancock Bk SHBENINT 409735107 1,135 122,030 SH SOLE 122,030 KMG America Corp. Com 482563103 6,887 750,200 SH DEFINED 750,200 NGP Capital Resources Com 62912R107 6,854 522,000 SH DEFINED 522,000 Nabi Biopharmac Com 629519109 820 242,690 SH DEFINED 242,690 OceanFirst Com 675234108 269 11,809 SH SOLE 11,809 PartnerRe Holdings Com G6852T105 6,309 96,069 SH DEFINED 96,069 PFF Bancorp Com 69331W104 1,563 51,205 SH SOLE 51,205 PPL Corporation Com 69351T106 7,733 263,025 SH DEFINED 263,025 Pentair Com 709631105 690 20,000 SH SOLE 20,000 Provident Bankshares Com 743859100 884 26,190 SH SOLE 26,190 Radyne Comstream Com 750611402 5,235 359,299 SH DEFINED 359,299 Rush Enterprises CLA 781846209 5,724 384,705 SH DEFINED 384,705 Rush Enterprises CLB 781846308 2,480 172,199 SH SOLE 172,199 SCS Transn Com 81111T102 599 28,200 SH SOLE 28,200 SunTrust Bks Com 867914103 3,228 44,371 SH DEFINED 44,371 Suncor Energy Com 867229106 12,463 197,420 SH DEFINED 197,420 USI Hldgs Com 90333H101 6,540 474,918 SH DEFINED 474,918 United America CLA 90933T109 8,124 442,498 SH DEFINED 442,498 Urstadt Biddle Pptys CLA 917286205 446 27,500 SH SOLE 27,500 Wabash Natl Com 929566107 7,854 412,295 SH DEFINED 412,295 Washington Mutual Com 939322103 3,015 69,307 SH DEFINED 69,307 Waste Industries Com 941057101 2,383 184,991 SH DEFINED 184,991 Agere Sys Note 6.5 12/1 00845VAA8 2,689 2,724,000 PRN DEFINED 2,724,000 Allied Waste Inds SDCV 4.25 4/1 019589AD2 2,599 2,981,000 PRN DEFINED 2,981,000 Atmel Corp. SDCV 5/2 049513AE4 4,599 9,520,000 PRN DEFINED 9,520,000 BEA Systems Note 4.0 12/1 073325AD4 6,965 7,075,000 PRN DEFINED 7,075,000 Bisys Group Note 4.0 3/1 055472AB0 13,967 14,054,000 PRN DEFINED 14,054,000 Brocade Commun Note 2.0 1/0 111621AB4 4,213 4,277,000 PRN DEFINED 4,277,000 Brooks Auto Note 4.75 6/0 11434AAB6 16,453 17,038,000 PRN DEFINED 17,038,000 Ciena Corp. Note 3.75 2/0 171779AA9 8,675 9,381,000 PRN DEFINED 9,381,000 Curagen Corp SDCV 6.0 2/0 23126RAC5 2,937 3,020,000 PRN SOLE 3,020,000 E Trade Group Note 6.0 2/0 269246AB0 2,117 2,090,000 PRN DEFINED 2,090,000 Emulex Corp. Note 0.25 12/1 292475AD2 472 494,000 PRN DEFINED 494,000 King Pharmac. DBCV 2.75 11/1 495582AG3 2,040 2,097,000 PRN DEFINED 2,097,000 Mercury Interact Note 4.75 7/0 589405AB5 13,219 13,759,000 PRN DEFINED 13,759,000 Mercury Interact Note 5/0 589405AD1 2,494 2,485,000 PRN SOLE 2,485,000 Millennium Pharm Note 5.5 1/1 599902AB9 5,359 5,398,000 PRN DEFINED 5,398,000 Nabi Biopharm Note 2.875 4/1 629519AB5 2,975 4,000,000 PRN DEFINED 4,000,000 Nektar Ther Note 5.0 2/0 457191AF1 4,419 4,180,000 PRN DEFINED 4,180,000 Nektar Ther Note 3.5 10/1 457191AH7 4,186 4,280,000 PRN DEFINED 4,280,000 Photronics Note 4.75 12/1 719405AC6 597 602,000 PRN SOLE 602,000 Quanta Svcs Note 4.0 7/0 74762EAA0 12,888 13,314,000 PRN DEFINED 13,314,000 Sepracor SDCV 5.0 2/1 817315AL8 5,893 5,923,000 PRN DEFINED 5,923,000 Veeco Instrs Note 4.125 12/2 922417AB6 8,000 8,500,000 PRN DEFINED 8,500,000 Wind River System Note 3.75 12/1 973149AE7 962 961,000 PRN DEFINED 961,000