13F-HR 1 form13f093010.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: September 30, 2010 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 10/26/10 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: 54 Form 13F Information Table Value Total: $501,022 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 National Bankshares I COM 027745108 1423 64858 SH Defined 64858 Assurant, Inc. (AIZ) COM 04621x108 29450 723583 SH Defined 723583 Atlas Energy Inc. (ATLS) COM 049298102 492 17193 SH Defined 17193 BCSB Bancorp. (BCSB) COM 055367106 1315 138424 SH Defined 138424 Cardinal Financial Corp. (CFNL COM 14149f109 5218 543027 SH Defined 543027 Carpenter Technology Corp. (CR COM 144285103 15918 472217 SH Defined 472217 Chevron Corporation (CVX) COM 166764100 219 2705 SH Defined 2705 ConocoPhillips (COP) COM 20825c104 1625 28295 SH Defined 28295 EMCOR Group Inc. (EME) COM 29084q100 13666 555768 SH Defined 555768 EOG Resources Inc. (EOG) COM 26875p101 5843 62845 SH Defined 62845 Emerson Electric (EMR) COM 291011104 3378 64148 SH Defined 64148 Energen Corporation (EGN) COM 29265n108 7102 155345 SH Defined 155345 FTI Consulting (FCN) COM 302941109 31218 899920 SH Defined 899920 First Potomac Realty Trust (FP COM 33610f109 194 12950 SH Defined 12950 Global Indemnity Plc (GBLI) COM g39319101 11065 689411 SH Defined 689411 Harmonic Inc. (HLIT) COM 413160102 18954 2755000 SH Defined 2755000 John Hancock Bank Fund (BTO) COM 409735206 194 13118 SH Defined 13118 MasTec, Inc. (MTZ) COM 576323109 6049 586168 SH Defined 586168 Michael Baker Corp. (BKR) COM 057149106 28512 865035 SH Defined 865035 Middleburg Financial Corp. (MB COM 596094102 915 65000 SH Defined 65000 NGP Capital Resources (NGPC) COM 62912R107 5021 554189 SH Defined 554189 NTELOS Holdings Corp. (NTLS) COM 67020q107 10527 622160 SH Defined 622160 Nustar Energy LP (NS) COM 67058h102 266 4304 SH Defined 4304 OceanFirst Financial (OCFC) COM 675234108 864 70394 SH Defined 70394 PPL Corporation (PPL) COM 69351t106 27484 1009334 SH Defined 1009334 PartnerRe Ltd. (PRE) COM G6852T105 29012 361842 SH Defined 61842 Pentair Inc. (PNR) COM 709631105 673 20000 SH Defined 20000 Prestige Brands Holdings (PBH) COM 74112d101 15831 1600665 SH Defined 1600665 Ralcorp Holdings Inc. (RAH) COM 751028101 26994 461595 SH Defined 461595 Red Robin Gourmet Burgers (RRG COM 75689m101 5189 264625 SH Defined 264625 Republic Services (RSG) COM 760759100 24481 802934 SH Defined 802934 Rosetta Resources, Inc. (ROSE) COM 777779307 11850 504471 SH Defined 504471 Rudolph Technologies (RTEC) COM 781270103 283 34093 SH Defined 34093 Rush Enterprises Inc. Cl A (RU COM 781846209 8567 558497 SH Defined 558497 Rush Enterprises Inc. Cl B (RU COM 781846308 4067 295798 SH Defined 295798 Southern National Bancorp of V COM 843395104 1437 199862 SH Defined 199862 SunTrust Banks (STI) COM 867914103 1075 41629 SH Defined 41629 Suncor Energy Inc. (SU) COM 867224107 11727 360275 SH Defined 360275 Tessera Technologies (TSRA) COM 88164l100 4991 269780 SH Defined 269780 Urstadt Biddle Properties Cl A COM 917286205 497 27500 SH Defined 27500 Verizon Communications (VZ) COM 92343v104 381 11700 SH Defined 11700 W. R. Berkley Corp. (WRB) COM 084423102 10187 376330 SH Defined 376330 j2 Global Communications (JCOM COM 46626e205 24909 1047047 SH Defined 1047047 ADC Telecommunications CONV 000886AB7 7404 7469000 PRN Defined 7469000 Advanced Micro Devices CONV 007903AN7 6376 6266000 PRN Defined 6266000 Affymetrix Inc. CONV 00826TAG3 17889 19082000 PRN Defined 19082000 Dollar Financial Corp. CONV 256664AB9 4531 5000000 PRN Defined 5000000 Hologic Inc. CONV 436440AA9 16240 17557000 PRN Defined 17557000 Kulicke & Soffa Industries CONV 501242AT8 838 895000 PRN Defined 895000 Lifetime Brands Inc. CONV 53222QAB9 496 500000 PRN Defined 500000 MasTec, Inc. CONV 576323AG4 1995 2000000 PRN Defined 2000000 Sandisk Corp. CONV 80004CAC5 16142 17594000 PRN Defined 17594000 School Specialty Inc. CONV 807863AL9 18915 19500000 PRN Defined 19500000 Transocean Inc. CONV 893830AU3 1127 1136000 PRN Defined 1136000