13F-HR 1 form13f123109.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: December 31, 2009 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 01/19/2010 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: $459,831 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 American Natl Bankshare Com 027745108 1,420 64,858 SH DEFINED 64,858 Assurant Com 04621X108 21,557 731,240 SH DEFINED 731,240 Atlas America Com 049167109 518 17,193 SH SOLE 17,193 BCSB Bancorp Com 055367106 1,239 138,424 SH DEFINED 138,424 Baker Michael Corp Com 057149106 25,488 615,657 SH DEFINED 615,657 Berkley, WR Com 084423102 9,362 379,942 SH DEFINED 379,942 Brush Engineered Com 117421107 2,549 137,475 SH DEFINED 137,475 Cardinal Financial Com 14149F109 4,772 546,052 SH DEFINED 546,052 Carpenter Tech Com 144285103 10,151 376,652 SH DEFINED 376,652 ConocoPhillips Com 20825C104 1,451 28,409 SH DEFINED 28,409 EOG Res Inc. Com 26875P101 6,376 65,525 SH DEFINED 65,525 Emcor Group Com 29084Q100 15,082 560,675 SH DEFINED 560,675 Emerson Elec Co. Com 291011104 2,752 64,598 SH DEFINED 64,598 Energen Corp. Com 29265N108 7,578 161,920 SH DEFINED 161,920 FTI Consulting Com 302941109 16,191 343,310 SH DEFINED 343,310 First Potomac Com 33610F109 163 12,950 SH DEFINED 12,950 John Hancock Bk SHBENINT 409735107 188 13,293 SH SOLE 13,293 J2Global Comm Com 46626E205 14,800 727,297 SH DEFINED 727,297 MasTec Inc. Com 576323109 7,360 588,793 SH DEFINED 588,793 Middleburg Financial Com 596094102 787 65,000 SH SOLE 65,000 NGP Capital Resources Com 62912R107 4,701 578,228 SH DEFINED 578,228 Oceanfirst Fin Com 675234108 805 71,344 SH DEFINED 71,344 PartnerRe Holdings Com G6852T105 17,669 236,660 SH DEFINED 236,660 PPL Corporation Com 69351T106 9,418 291,497 SH DEFINED 291,497 Pentair Com 709631105 646 20,000 SH SOLE 20,000 Prestige Brands Com 74112D101 12,617 1,605,190 SH DEFINED 1,605,190 Ralcorp Holdings Com 751028101 11,996 200,900 SH DEFINED 200,900 Republic SVCS Com 760759100 22,683 801,253 SH DEFINED 801,253 Rosetta Resources Com 777779307 10,091 506,596 SH DEFINED 506,596 Rudolph Tech Com 781270103 229 34,093 SH SOLE 34,093 Rush Enterprises CLA 781846209 6,697 563,222 SH DEFINED 563,222 Rush Enterprises CLB 781846308 3,109 295,798 SH SOLE 295,798 Southern National Banc Com 843395104 1,439 199,862 SH SOLE 199,862 SunTrust Bks Com 867914103 849 41,872 SH DEFINED 41,872 Suncor Energy Com 867229106 12,753 361,175 SH DEFINED 361,175 Tessera Technologies Com 88164L100 5,433 233,480 SH DEFINED 233,480 United America CLA 90933T109 15,917 2,009,768 SH DEFINED 2,009,768 Urstadt Biddle Pptys CLA 917286205 419 27,500 SH SOLE 27,500 Verizon Com 92343V104 23,158 699,000 SH DEFINED 699,000 Watsco Inc. Com 942622200 6,032 123,162 SH DEFINED 123,162 Advanced Micro Note 5.75 8/1 007903AN7 2,823 2,862,000 PRN SOLE 2,862,000 American Tower Note 5.0 2/1 029912AF9 3,474 3,474,000 PRN SOLE 3,474,000 Griffon Corp Note 4.0 7/1 398433AC6 9,302 9,267,000 PRN DEFINED 9,267,000 Hologic Inc FRNT 2.0 12/1 436440AA9 10,720 12,557,000 PRN DEFINED 12,557,000 Hutchinson Tech Note 2.25 3/1 448407AE6 4,486 4,509,000 PRN DEFINED 4,509,000 Jakks Pac Inc. Note 4.625 6/1 47012EAB2 4,209 4,300,000 PRN DEFINED 4,300,000 Level 3 Communic Note 6.0 3/1 52729NAS9 4,151 4,151,000 PRN DEFINED 4,151,000 Level 3 Communic Note 2.875 7/1 52729NBA7 6,808 6,974,000 PRN DEFINED 6,974,000 Lucent Tech DBCV 2.875 6/1 549463AG2 12,404 12,513,000 PRN DEFINED 12,513,000 MasTec Inc Note 4.0 6/1 576323AG4 2,105 2,000,000 PRN DEFINED 2,000,000 Maxtor Corp Note 6.8 4/3 577729AC0 19,847 19,650,000 PRN DEFINED 19,650,000 Mentor Graphics FRNT 8/0 587200AD8 727 763,000 PRN SOLE 763,000 Noram Energy SDCV 6.0 3/1 655419AC3 715 733,900 PRN SOLE 733,900 ON Semiconductor Note 4/1 682189AE5 6,459 6,211,000 PRN SOLE 6,211,000 Par Pharmaceutical Note 2.875 9/3 717125AC2 12,033 12,310,000 PRN DEFINED 12,310,000 School Specialty NOTE 3.75 8/0 807863AE5 16,491 16,806,000 PRN DEFINED 16,806,000 Sunpower Corp DBCV .75 8/0 867652AB5 16,772 17,380,000 PRN DEFINED 17,380,000 Transocean Inc. Note 1.625 12/1 893830AU3 1,294 1,307,000 PRN SOLE 1,307,000 Wesco Intl DBCV 2.625 10/1 95082PAE5 8,566 8,675,000 PRN DEFINED 8,675,000