13F-HR 1 form13f063008.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: June 30, 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 7-15-08 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: 56 Form 13F Information Table Value Total: $353,461 List of Other Included Managers: NONE Name of Issuer Title of Class CUSIP Value Shrs or SH/PRN Put/ Investment Other Voting Authority Prn Amt Call Discretion Managers Sole Allied Waste ComPar$.01 019589308 10,329 818,500 SH DEFINED 818,500 American Natl Bankshare Com 027745108 1,416 77,572 SH DEFINED 77,572 Assurant Com 04621X108 15,249 231,190 SH DEFINED 231,190 Atlas America Com 049167109 775 17,193 SH SOLE 17,193 BCSB Bancorp Com 055367106 642 60,000 SH SOLE 60,000 Baker Michael Corp Com 057149106 14,539 664,480 SH DEFINED 664,480 Berkley, WR Com 084423102 8,716 360,742 SH DEFINED 360,742 Brush Engineered Com 117421107 3,889 159,275 SH DEFINED 159,275 CKX Inc. Com 12562M106 2,507 286,550 SH DEFINED 286,550 Cal Dive Int'l Inc Com 12802T101 5,203 364,095 SH DEFINED 364,095 Cardinal Financial Com 14149F109 3,614 577,275 SH DEFINED 577,275 ConocoPhillips Com 20825C104 2,786 29,515 SH DEFINED 29,515 EOG Res Inc. Com 26875P101 8,971 68,380 SH DEFINED 68,380 Emcor Group Com 29084Q100 17,142 600,847 SH DEFINED 600,847 Emerson Elec Co. Com 291011104 3,280 66,330 SH DEFINED 66,330 Energen Corp. Com 29265N108 12,816 164,240 SH DEFINED 164,240 FTI Consulting Com 302941109 28,448 415,536 SH DEFINED 415,536 First Mariner Banc Com 320795107 589 189,966 SH DEFINED 189,966 First Potomac Com 33610F109 197 12,950 SH DEFINED 12,950 Griffon Corp. Com 398433102 248 28,350 SH DEFINED 28,350 John Hancock Bk SHBENINT 409735107 268 58,780 SH SOLE 58,780 Hercules Com 427056106 4,027 237,875 SH DEFINED 237,875 Middleburg Financial Com 596094102 480 25,000 SH SOLE 25,000 NGP Capital Resources Com 62912R107 6,386 414,399 SH DEFINED 414,399 Oceanfirst Fin Com 675234108 256 14,174 SH DEFINED 14,174 PartnerRe Holdings Com G6852T105 6,501 94,033 SH DEFINED 94,033 PPL Corporation Com 69351T106 13,199 252,525 SH DEFINED 252,525 Patriot Ntl Bancorp Com 70336F104 458 30,000 SH SOLE 30,000 Pentair Com 709631105 700 20,000 SH SOLE 20,000 Prestige Brands Com 74112D101 12,006 1,126,285 SH DEFINED 1,126,285 Provident Bankshares Com 743859100 167 26,190 SH SOLE 26,190 Radyne Comstream Com 750611402 10,866 950,699 SH DEFINED 950,699 Rosetta Resources Com 777779307 2,622 92,000 SH SOLE 92,000 Rudolph Tech Com 781270103 262 34,093 SH SOLE 34,093 Rush Enterprises CLA 781846209 7,029 585,230 SH DEFINED 585,230 Rush Enterprises CLB 781846308 3,212 295,798 SH SOLE 295,798 SAIA Inc. Com 78709Y105 308 28,200 SH SOLE 28,200 Southern National Banc Com 843395104 220 27,500 SH SOLE 27,500 SunTrust Bks Com 867914103 1,547 42,704 SH DEFINED 42,704 Suncor Energy Com 867229106 21,446 369,000 SH DEFINED 369,000 Tessera Technologies Com 88164L100 4,584 280,000 SH DEFINED 280,000 United America CLA 90933T109 13,132 982,197 SH DEFINED 982,197 Urstadt Biddle Pptys CLA 917286205 403 27,500 SH SOLE 27,500 Watsco Inc. Com 942622200 10,879 260,268 SH DEFINED 260,268 Adaptec Note .75 12/2 00651FAG3 16,426 16,826,000 PRN DEFINED 16,826,000 Agere Sys Note 6.5 12/1 00845VAA8 14,016 13,809,000 PRN DEFINED 13,809,000 Allied Waste Inds SDCV 4.25 4/1 019589AD2 5,997 6,313,000 PRN DEFINED 6,313,000 Fair Isaac Note 1.5 8/1 303250AD6 7,434 7,500,000 PRN DEFINED 7,500,000 Finisar Note 5.25 10/1 31787AAC5 4,950 5,000,000 PRN DEFINED 5,000,000 Kulicke & Soffa Note .5 11/3 501242AL5 5,832 6,028,000 PRN DEFINED 6,028,000 Level 3 Communic Note 6.0 9/1 52729NAG5 17,108 17,961,000 PRN DEFINED 17,961,000 Level 3 Communic Note 6.0 3/1 52729NAS9 2,328 2,503,000 PRN SOLE 2,503,000 QLT Note 3.0 9/1 746927AB8 4,839 4,900,000 PRN DEFINED 4,900,000 Sepracor Note 10/1 817315AW4 9,196 10,050,000 PRN DEFINED 10,050,000 Sonic Automotive Note 5.25 5/0 83545GAE2 2,476 2,553,000 PRN DEFINED 2,553,000 Veeco Instruments Note 4.125 12/2 922417AB6 545 551,000 PRN SOLE 551,000