13F-HR 1 form13f063006.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: June 30, 2006 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 07/11/06 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: $337,231 List of Other Included Managers: NONE Name of Issuer Title of Class CUSIP Value Shrs or SH/PRN Put/ Investment Other Voting Authority Prn Amt Call Discretion Managers Sole Allied Waste ComPar$.01 019589308 9,468 833,500 SH DEFINED 833,500 American Natl Bankshare Com 027745108 416 18,000 SH SOLE 18,000 Assurant Com 04621X108 3,525 72,835 SH DEFINED 72,835 Atlas America Com 049167109 411 9,173 SH SOLE 9,173 Baker Michael Corp Com 057149106 7,459 343,743 SH DEFINED 343,743 Berkley, WR Com 084423102 1,897 55,575 SH SOLE 55,575 Brush Engineered Com 117421107 3,162 151,675 SH DEFINED 151,675 CNX Gas Corp Com 12618H309 1,614 53,800 SH DEFINED 53,800 Chesapeake Utilities Com 165303108 217 7,230 SH SOLE 7,230 CIT Group Com 125581108 3,178 60,772 SH DEFINED 60,772 ConocoPhillips Com 20825C104 1,972 30,101 SH DEFINED 30,101 Digi Intl Inc. Com 253798102 699 55,800 SH SOLE 55,800 EFJ Inc. Com 26843B101 373 62,100 SH SOLE 62,100 EOG Res Inc. Com 26875P101 4,931 71,120 SH DEFINED 71,120 Emcor Group Com 29084Q100 9,258 190,216 SH DEFINED 190,216 Emerson Elec Co. Com 291011104 2,834 33,820 SH DEFINED 33,820 Energen Corp. Com 29265N108 6,385 166,240 SH DEFINED 166,240 Energy Partners Com 29270U105 2,482 130,975 SH DEFINED 130,975 FTI Consulting Com 302941109 8,965 334,880 SH DEFINED 334,880 First Potomac Com 33610F109 386 12,960 SH DEFINED 12,960 Griffon Corp. Com 398433102 1,398 53,580 SH DEFINED 53,580 John Hancock Bk SHBENINT 409735107 998 105,680 SH SOLE 105,680 Horizon Offshore ComNew 44043J204 3,497 166,863 SH SOLE 166,863 KMG America Corp. Com 482563103 8,801 992,200 SH DEFINED 992,200 NGP Capital Resources Com 62912R107 10,037 686,056 SH DEFINED 686,056 OceanFirst Com 675234108 254 11,434 SH SOLE 11,434 PartnerRe Holdings Com G6852T105 6,139 95,853 SH DEFINED 95,853 PFF Bancorp Com 69331W104 1,678 50,610 SH SOLE 50,610 PPL Corporation Com 69351T106 8,447 261,525 SH DEFINED 261,525 Pentair Com 709631105 683 20,000 SH SOLE 20,000 Prestige Brands Com 74112D101 4,075 408,750 SH DEFINED 408,750 Provident Bankshares Com 743859100 953 26,190 SH SOLE 26,190 Radyne Comstream Com 750611402 2,393 210,279 SH DEFINED 210,279 Rosetta Resources Com 777779307 606 36,500 SH SOLE 36,500 Rush Enterprises CLA 781846209 6,980 384,155 SH DEFINED 384,155 Rush Enterprises CLB 781846308 2,910 172,199 SH SOLE 172,199 SCS Transn Com 81111T102 776 28,200 SH SOLE 28,200 SunTrust Bks Com 867914103 3,354 43,980 SH DEFINED 43,980 Suncor Energy Com 867229106 15,180 187,380 SH DEFINED 187,380 USI Hldgs Com 90333H101 7,723 575,887 SH DEFINED 575,887 United America CLA 90933T109 9,200 441,473 SH DEFINED 441,473 Urstadt Biddle Pptys CLA 917286205 448 27,500 SH SOLE 27,500 Wabash Natl Com 929566107 9,968 648,945 SH DEFINED 648,945 Washington Mutual Com 939322103 3,086 67,712 SH DEFINED 67,712 Waste Industries Com 941057101 3,990 175,941 SH DEFINED 175,941 Agere Sys Note 6.5 12/1 00845VAA8 11,914 12,005,000 PRN DEFINED 12,005,000 Allied Waste Inds SDCV 4.25 4/1 019589AD2 2,256 2,447,000 PRN DEFINED 2,447,000 Amazon.com Inc. Note 4.75 2/0 023135AF3 11,077 11,500,000 PRN DEFINED 11,500,000 BEA Systems Note 4.0 12/1 073325AD4 6,123 6,170,000 PRN DEFINED 6,170,000 Brocade Commun Note 2.0 1/0 111621AB4 4,766 4,777,000 PRN DEFINED 4,777,000 Brooks Auto Note 4.75 6/0 11434AAB6 16,677 17,051,000 PRN DEFINED 17,051,000 Ciena Corp. Note 3.75 2/0 171779AA9 10,058 10,471,000 PRN DEFINED 10,471,000 Curagen Corp SDCV 6.0 2/0 23126RAC5 7,490 7,558,000 PRN SOLE 7,558,000 Emulex Corp. Note 0.25 12/1 292475AD2 482 494,000 PRN DEFINED 494,000 I2 Technologies Note 5.25 12/1 465754AF6 994 1,000,000 PRN DEFINED 1,000,000 Mercury Interact Note 4.75 7/0 589405AB5 14,647 14,668,000 PRN DEFINED 14,668,000 Mercury Interact Note 5/0 589405AD1 3,659 3,485,000 PRN SOLE 3,485,000 Millennium Pharm Note 5.5 1/1 599902AB9 10,577 10,598,000 PRN DEFINED 10,598,000 Nektar Ther Note 5.0 2/0 457191AF1 4,645 4,680,000 PRN DEFINED 4,680,000 Nektar Ther Note 3.5 10/1 457191AH7 4,197 4,305,000 PRN DEFINED 4,305,000 Quanta Svcs Note 4.0 7/0 74762EAA0 12,727 12,910,000 PRN DEFINED 12,910,000 Sanmina SCI Corp Note 3.0 3/1 783890AF3 6,826 7,013,000 PRN DEFINED 7,013,000 Sepracor SDCV 5.0 2/1 817315AL8 14,166 14,245,000 PRN DEFINED 14,245,000 Veeco Instrs Note 4.125 12/2 922417AB6 8,265 8,490,000 PRN DEFINED 8,490,000 Wind River System Note 3.75 12/1 973149AE7 2,479 2,509,000 PRN DEFINED 2,509,000