13F-HR 1 form13f033108.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: March 31, 2008 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 4-17-08 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: 58 Form 13F Information Table Value Total: $349,460 List of Other Included Managers: NONE Name of Issuer Title of Class CUSIP Value Shrs or SH/PRN Put/ Investment Other Voting Authority Prn Amt Call Discretion Managers Sole Allied Waste ComPar$.01 019589308 8,887 822,075 SH DEFINED 822,075 American Natl Bankshare Com 027745108 1,567 74,599 SH DEFINED 74,599 Assurant Com 04621X108 14,081 231,370 SH DEFINED 231,370 Atlas America Com 049167109 751 12,427 SH SOLE 12,427 Baker Michael Corp Com 057149106 8,478 288,437 SH DEFINED 288,437 Berkley, WR Com 084423102 6,151 222,125 SH DEFINED 222,125 Brush Engineered Com 117421107 4,094 159,500 SH DEFINED 159,500 CIT Group Com 125581108 5,522 466,022 SH DEFINED 466,022 Cal Dive Int'l Inc Com 12802T101 3,789 365,047 SH DEFINED 365,047 Cardinal Financial Com 14149F109 4,993 562,875 SH DEFINED 562,875 ConocoPhillips Com 20825C104 2,271 29,802 SH DEFINED 29,802 EOG Res Inc. Com 26875P101 8,266 68,885 SH DEFINED 68,885 Emcor Group Com 29084Q100 13,387 602,762 SH DEFINED 602,762 Emerson Elec Co. Com 291011104 3,440 66,840 SH DEFINED 66,840 Energen Corp. Com 29265N108 10,232 164,240 SH DEFINED 164,240 FTI Consulting Com 302941109 31,240 439,751 SH DEFINED 439,751 First Mariner Banc Com 320795107 1,150 191,666 SH DEFINED 191,666 First Potomac Com 33610F109 199 12,950 SH DEFINED 12,950 Griffon Corp. Com 398433102 244 28,350 SH DEFINED 28,350 John Hancock Bk SHBENINT 409735107 343 58,780 SH SOLE 58,780 Hercules Com 427056106 4,351 237,875 SH DEFINED 237,875 Middleburg Financial Com 596094102 565 25,000 SH SOLE 25,000 NGP Capital Resources Com 62912R107 7,525 458,256 SH DEFINED 458,256 Oceanfirst Fin Com 675234108 251 14,354 SH DEFINED 14,354 PartnerRe Holdings Com G6852T105 7,215 94,558 SH DEFINED 94,558 PPL Corporation Com 69351T106 11,636 253,400 SH DEFINED 253,400 Patriot Ntl Bancorp Com 70336F104 443 30,000 SH SOLE 30,000 Pentair Com 709631105 638 20,000 SH SOLE 20,000 Prestige Brands Com 74112D101 9,260 1,132,010 SH DEFINED 1,132,010 Provident Bankshares Com 743859100 281 26,190 SH SOLE 26,190 Radyne Comstream Com 750611402 12,194 1,431,247 SH DEFINED 1,431,247 Rosetta Resources Com 777779307 1,810 92,000 SH SOLE 92,000 Rudolph Tech Com 781270103 333 34,093 SH SOLE 34,093 Rush Enterprises CLA 781846209 9,309 587,704 SH DEFINED 587,704 Rush Enterprises CLB 781846308 4,366 295,798 SH SOLE 295,798 SAIA Inc. Com 78709Y105 447 28,200 SH SOLE 28,200 Southern National Banc Com 843395104 234 27,500 SH SOLE 27,500 SunTrust Bks Com 867914103 2,355 42,704 SH DEFINED 42,704 Suncor Energy Com 867229106 18,143 188,300 SH DEFINED 188,300 Superior Essex Com 86815V105 703 25,000 SH SOLE 25,000 Tessera Technologies Com 88164L100 2,704 130,000 SH DEFINED 130,000 United America CLA 90933T109 11,355 589,541 SH DEFINED 589,541 United Rentals Com 911363109 3,204 170,050 SH DEFINED 170,050 Urstadt Biddle Pptys CLA 917286205 433 27,500 SH SOLE 27,500 Waste Industries Com 941057101 6,870 190,039 SH DEFINED 190,039 Watsco Inc. Com 942622200 11,524 278,213 SH DEFINED 278,213 Adaptec Note .75 12/2 00651FAG3 15,956 16,535,000 PRN DEFINED 16,535,000 Agere Sys Note 6.5 12/1 00845VAA8 13,898 13,760,000 PRN DEFINED 13,760,000 Allied Waste Inds SDCV 4.25 4/1 019589AD2 5,739 6,272,000 PRN DEFINED 6,272,000 Fair Isaac Note 1.5 8/1 303250AD6 7,341 7,500,000 PRN DEFINED 7,500,000 Getty Images SDCV .5 6/0 374276AH6 6,973 7,061,000 PRN DEFINED 7,061,000 Kulicke & Soffa Note .5 11/3 501242AL5 2,819 3,015,000 PRN DEFINED 3,015,000 Level 3 Communic Note 6.0 9/1 52729NAG5 15,959 17,982,000 PRN DEFINED 17,982,000 Level 3 Communic Note 6.0 3/1 52729NAS9 2,021 2,503,000 PRN SOLE 2,503,000 Nortel Networks Note 4.25 9/0 656568AB8 12,973 13,137,000 PRN DEFINED 13,137,000 Photronics Note 2.25 4/1 719405AE2 5,500 5,500,000 PRN DEFINED 5,500,000 Sonic Automotive Note 5.25 5/0 83545GAE2 2,502 2,553,000 PRN DEFINED 2,553,000 Veeco Instruments Note 4.125 12/2 922417AB6 545 551,000 PRN SOLE 551,000