13F-HR 1 form13f033007.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: March 30, 2007 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 4-24-2007 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: 60 Form 13F Information Table Value Total: $355,052 List of Other Included Managers: NONE Name of Issuer Title of Class CUSIP Value Shrs or SH/PRN Put/ Investment Other Voting Authority Prn Amt Call Discretion Managers Sole Allied Waste ComPar$.01 019589308 10,451 830,100 SH DEFINED 830,100 American Natl Bankshare Com 027745108 1,156 50,511 SH DEFINED 50,511 Assurant Com 04621X108 3,876 72,280 SH DEFINED 72,280 Atlas America Com 049167109 518 9,173 SH SOLE 9,173 Baker Michael Corp Com 057149106 9,870 406,187 SH DEFINED 406,187 Berkley, WR Com 084423102 1,841 55,575 SH SOLE 55,575 Brush Engineered Com 117421107 6,753 139,325 SH DEFINED 139,325 CNX Gas Corp Com 12618H309 1,758 62,050 SH DEFINED 62,050 CIT Group Com 125581108 13,866 262,010 SH DEFINED 262,010 Cardinal Financial Com 14149F109 1,214 121,641 SH DEFINED 121,641 ConocoPhillips Com 20825C104 2,042 29,871 SH DEFINED 29,871 EOG Res Inc. Com 26875P101 4,983 69,845 SH DEFINED 69,845 Emcor Group Com 29084Q100 10,905 184,901 SH DEFINED 184,901 Emerson Elec Co. Com 291011104 2,897 67,220 SH DEFINED 67,220 Energen Corp. Com 29265N108 8,460 166,240 SH DEFINED 166,240 FTI Consulting Com 302941109 16,477 490,520 SH DEFINED 490,520 First Mariner Banc Com 320795107 2,023 133,087 SH DEFINED 133,087 First Potomac Com 33610F109 370 12,950 SH DEFINED 12,950 Griffon Corp. Com 398433102 1,318 53,250 SH DEFINED 53,250 John Hancock Bk SHBENINT 409735107 929 96,230 SH SOLE 96,230 Horizon Offshore ComNew 44043J204 6,928 479,113 SH DEFINED 479,113 KMG America Corp. Com 482563103 6,866 1,483,000 SH DEFINED 1,483,000 Lamson & Sessions Com 513696104 9,742 350,550 SH DEFINED 350,550 Middleburg Financial Com 596094102 815 25,000 SH SOLE 25,000 NGP Capital Resources Com 62912R107 9,794 619,481 SH DEFINED 619,481 Neoware Com 64065P102 829 82,350 SH DEFINED 82,350 PartnerRe Holdings Com G6852T105 6,512 95,008 SH DEFINED 95,008 PFF Bancorp Com 69331W104 1,475 48,621 SH SOLE 48,621 PPL Corporation Com 69351T106 10,496 256,625 SH DEFINED 256,625 Patriot Ntl Bancorp Com 70336F104 675 30,000 SH SOLE 30,000 Pentair Com 709631105 623 20,000 SH SOLE 20,000 Prestige Brands Com 74112D101 5,576 470,575 SH DEFINED 470,575 Provident Bankshares Com 743859100 861 26,190 SH SOLE 26,190 Radyne Comstream Com 750611402 10,458 1,146,701 SH DEFINED 1,146,701 Rosetta Resources Com 777779307 750 36,500 SH SOLE 36,500 Rush Enterprises CLA 781846209 7,622 396,792 SH DEFINED 396,792 Rush Enterprises CLB 781846308 3,571 197,199 SH SOLE 197,199 SAIA Inc. Com 78709Y105 670 28,200 SH SOLE 28,200 Southern National Banc Com 843395104 391 25,000 SH SOLE 25,000 SunTrust Bks Com 867914103 3,554 42,794 SH DEFINED 42,794 Suncor Energy Com 867229106 14,512 190,075 SH DEFINED 190,075 USI Hldgs Com 90333H101 8,482 503,371 SH DEFINED 503,371 United America CLA 90933T109 10,412 448,783 SH DEFINED 448,783 Urstadt Biddle Pptys CLA 917286205 538 27,500 SH SOLE 27,500 Wabash Natl Com 929566107 10,010 649,170 SH DEFINED 649,170 Washington Mutual Com 939322103 2,721 67,397 SH DEFINED 67,397 Waste Industries Com 941057101 4,791 174,391 SH DEFINED 174,391 Watsco Inc. Com 942622200 13,430 262,980 SH DEFINED 262,980 Agere Sys Note 6.5 12/1 00845VAA8 12,324 12,018,000 PRN DEFINED 12,018,000 Allied Waste Inds SDCV 4.25 4/1 019589AD2 2,331 2,443,000 PRN DEFINED 2,443,000 Amazon.com Inc. Note 4.75 2/0 023135AF3 11,358 11,444,000 PRN DEFINED 11,444,000 Ciena Corp. Note 3.75 2/0 171779AA9 18,053 18,348,000 PRN DEFINED 18,348,000 Hanover Compressor Note 4.75 3/1 410768AC9 1,514 1,539,000 PRN DEFINED 1,539,000 Nektar Ther Note 3.5 10/1 457191AH7 10,744 10,898,000 PRN DEFINED 10,898,000 ISIS Pharmaceut Note 5.5 5/0 464337AC8 4,035 4,000,000 PRN SOLE 4,000,000 Level 3 Communic Note 6.0 9/1 52729NAG5 15,253 15,695,000 PRN DEFINED 15,695,000 Level 3 communic Note 6.0 3/1 52729NAS9 1,304 1,351,000 PRN SOLE 1,351,000 Quanta Svcs Note 4.0 7/0 74762EAA0 12,695 12,823,000 PRN DEFINED 12,823,000 Sonic Automotive Note 5.25 5/0 83545GAE2 2,406 2,453,000 PRN DEFINED 2,453,000 Veeco Instrs Note 4.125 12/2 922417AB6 8,224 8,415,000 PRN DEFINED 8,415,000