13F-HR 1 form13f062907.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: June 29, 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 7-10-07 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: 59 Form 13F Information Table Value Total: $361,590 List of Other Included Managers: NONE Name of Issuer Title of Class CUSIP Value Shrs or SH/PRN Put/ Investment Other Voting Authority Prn Amt Call Discretion Managers Sole Allied Waste ComPar$.01 019589308 11,173 830,100 SH DEFINED 830,100 American Natl Bankshare Com 027745108 1,687 74,989 SH DEFINED 74,989 Assurant Com 04621X108 4,256 72,230 SH DEFINED 72,230 Atlas America Com 049167109 739 13,758 SH SOLE 13,758 Baker Michael Corp Com 057149106 14,925 401,737 SH DEFINED 401,737 Berkley, WR Com 084423102 1,808 55,575 SH SOLE 55,575 Brush Engineered Com 117421107 5,848 139,275 SH DEFINED 139,275 CNX Gas Corp Com 12618H309 1,899 62,050 SH DEFINED 62,050 CIT Group Com 125581108 14,366 262,010 SH DEFINED 262,010 Cardinal Financial Com 14149F109 5,562 564,100 SH DEFINED 564,100 ConocoPhillips Com 20825C104 2,345 29,871 SH DEFINED 29,871 EOG Res Inc. Com 26875P101 5,103 69,845 SH DEFINED 69,845 Emcor Group Com 29084Q100 13,479 184,901 SH DEFINED 184,901 Emerson Elec Co. Com 291011104 3,146 67,220 SH DEFINED 67,220 Energen Corp. Com 29265N108 9,133 166,240 SH DEFINED 166,240 FTI Consulting Com 302941109 18,654 490,520 SH DEFINED 490,520 First Mariner Banc Com 320795107 2,285 177,577 SH DEFINED 177,577 First Potomac Com 33610F109 301 12,950 SH DEFINED 12,950 Griffon Corp. Com 398433102 1,154 53,000 SH DEFINED 53,000 John Hancock Bk SHBENINT 409735107 872 96,230 SH SOLE 96,230 Horizon Offshore ComNew 44043J204 9,164 477,313 SH DEFINED 477,313 KMG America Corp. Com 482563103 6,981 1,329,675 SH DEFINED 1,329,675 Lamson & Sessions Com 513696104 9,314 350,550 SH DEFINED 350,550 Middleburg Financial Com 596094102 813 25,000 SH SOLE 25,000 NGP Capital Resources Com 62912R107 10,351 619,056 SH DEFINED 619,056 Neoware Com 64065P102 1,115 82,350 SH DEFINED 82,350 Oceanfirst Fin Com 675234108 259 14,729 SH DEFINED 14,729 PartnerRe Holdings Com G6852T105 7,363 95,008 SH DEFINED 95,008 PFF Bancorp Com 69331W104 1,358 48,621 SH SOLE 48,621 PPL Corporation Com 69351T106 12,000 256,475 SH DEFINED 256,475 Patriot Ntl Bancorp Com 70336F104 659 30,000 SH SOLE 30,000 Pentair Com 709631105 771 20,000 SH SOLE 20,000 Prestige Brands Com 74112D101 6,103 470,175 SH DEFINED 470,175 Provident Bankshares Com 743859100 858 26,190 SH SOLE 26,190 Radyne Comstream Com 750611402 14,370 1,346,727 SH DEFINED 1,346,727 Rosetta Resources Com 777779307 786 36,500 SH SOLE 36,500 Rush Enterprises CLA 781846209 8,618 396,792 SH DEFINED 396,792 Rush Enterprises CLB 781846308 4,129 197,199 SH SOLE 197,199 SAIA Inc. Com 78709Y105 769 28,200 SH SOLE 28,200 Southern National Banc Com 843395104 387 27,500 SH SOLE 27,500 SunTrust Bks Com 867914103 3,669 42,794 SH DEFINED 42,794 Suncor Energy Com 867229106 17,089 190,050 SH DEFINED 190,050 United America CLA 90933T109 11,161 448,783 SH DEFINED 448,783 Urstadt Biddle Pptys CLA 917286205 468 27,500 SH SOLE 27,500 Wabash Natl Com 929566107 9,497 649,170 SH DEFINED 649,170 Washington Mutual Com 939322103 2,874 67,397 SH DEFINED 67,397 Waste Industries Com 941057101 5,954 174,391 SH DEFINED 174,391 Watsco Inc. Com 942622200 14,306 262,980 SH DEFINED 262,980 Agere Sys Note 6.5 12/1 00845VAA8 12,208 11,993,000 PRN DEFINED 11,993,000 Allied Waste Inds SDCV 4.25 4/1 019589AD2 2,348 2,446,000 PRN DEFINED 2,446,000 Ciena Corp. Note 3.75 2/0 171779AA9 18,275 18,434,000 PRN DEFINED 18,434,000 Enzon Pharma. Note 4.5 7/0 293904AB4 1,477 1,500,000 PRN DEFINED 1,500,000 Hanover Compressor Note 4.75 3/1 410768AC9 1,574 1,592,000 PRN DEFINED 1,592,000 Nektar Ther Note 3.5 10/1 457191AH7 11,267 11,418,000 PRN DEFINED 11,418,000 Int'l Rectifier Note 4.25 7/1 460254AE5 341 341,000 PRN SOLE 341,000 Level 3 Communic Note 6.0 9/1 52729NAG5 17,007 17,490,000 PRN DEFINED 17,490,000 Level 3 communic Note 6.0 3/1 52729NAS9 1,923 1,995,000 PRN SOLE 1,995,000 Quanta Svcs Note 4.0 7/0 74762EAA0 12,823 12,823,000 PRN DEFINED 12,823,000 Sonic Automotive Note 5.25 5/0 83545GAE2 2,426 2,453,000 PRN DEFINED 2,453,000