13F-HR 1 form13f123110.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: December 31, 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 01/17/11 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: 57 Form 13F Information Table Value Total: $574,060 List of Other Included Managers: NONE Name of Issuer Title of Class CUSIP Value Shrs or SH/PRN Investment Other Voting Authority Prn Amt Discretion Managers Sole American National Bankshares I COM 027745108 1527 64858 SH Defined 64858 Assurant, Inc. (AIZ) COM 04621x108 27807 721883 SH Defined 21883 Atlas Energy Inc. (ATLS) COM 049298102 756 17193 SH Defined 17193 BCSB Bancorp. (BCSB) COM 055367106 1565 138524 SH Defined 138524 Cardinal Financial Corp. (CFNL COM 14149f109 6315 543027 SH Defined 543027 Carpenter Technology Corp. (CR COM 144285103 19002 472217 SH Defined 472217 Chevron Corporation (CVX) COM 166764100 247 2705 SH Defined 2705 ConocoPhillips (COP) COM 20825c104 1927 28295 SH Defined 28295 EMCOR Group Inc. (EME) COM 29084q100 16057 554078 SH Defined 554078 EOG Resources Inc. (EOG) COM 26875p101 5674 62070 SH Define 62070 Emerson Electric (EMR) COM 291011104 3515 61488 SH Defined 61488 Energen Corporation (EGN) COM 29265n108 7497 155345 SH Defined 155345 FTI Consulting (FCN) COM 302941109 33549 899920 SH Defined 899920 First Potomac Realty Trust (FP COM 33610f109 218 12950 SH Defined 12950 Global Indemnity Plc (GBLI) COM g39319101 14098 689388 SH Defined 689388 Harmonic Inc. (HLIT) COM 413160102 23610 2755000 SH Defined 2755000 Heritage Financial Group Inc. COM 42726x102 397 31987 SH Defined 31987 John Hancock Bank Fund (BTO) COM 409735206 226 13118 SH Defined 13118 MasTec, Inc. (MTZ) COM 576323109 8552 586168 SH Defined 586168 Michael Baker Corp. (BKR) COM 057149106 27310 878137 SH Defined 878137 Middleburg Financial Corp. (MB COM 596094102 927 65000 SH Defined 65000 NGP Capital Resources (NGPC) COM 62912R107 4404 478693 SH Defined 478693 NTELOS Holdings Corp. (NTLS) COM 67020q107 11841 621585 SH Defined 621585 Nustar Energy LP (NS) COM 67058h102 249 3584 SH Defined 3584 OceanFirst Financial (OCFC) COM 675234108 906 70394 SH Defined 70394 OmniAmerican Bancorp Inc. (OA COM 68216r107 164 12139 SH Defined 12139 PPL Corporation (PPL) COM 69351t106 26553 1008834 SH Defined 1008834 PartnerRe Ltd. (PRE) COM G6852T105 30038 373842 SH Defined 373842 Pentair Inc. (PNR) COM 709631105 730 20000 SH Defined 20000 Prestige Brands Holdings (PBH) COM 74112d101 19021 1591715 SH Defined 1591715 Procter & Gamble (PG) COM 742718109 201 3126 SH Defined 3126 Ralcorp Holdings Inc. (RAH) COM 751028101 30008 461595 SH Defined 461595 Red Robin Gourmet Burgers (RRG COM 75689m101 5611 261325 SH Defined 261325 Republic Services (RSG) COM 760759100 23946 801934 SH Defined 801934 Rosetta Resources, Inc. (ROSE) COM 777779307 18818 499946 SH Defined 499946 Rudolph Technologies (RTEC) COM 781270103 281 34093 SH Defined 34093 Rush Enterprises Inc. Cl A (RU COM 781846209 11275 551597 SH Defined 551597 Rush Enterprises Inc. Cl B (RU COM 781846308 5345 295798 SH Defined 295798 Southern National Bancorp of V COM 843395104 1519 199862 SH Defined 199862 SunTrust Banks (STI) COM 867914103 663 22466 SH Defined 22466 Suncor Energy Inc. (SU) COM 867224107 13791 360175 SH Defined 360175 Tessera Technologies (TSRA) COM 88164l100 5947 268480 SH Defined 268480 Urstadt Biddle Properties Cl A COM 917286205 535 27500 SH Defined 27500 W. R. Berkley Corp. (WRB) COM 084423102 10304 376330 SH Defined 376330 j2 Global Communications (JCOM COM 46626e205 30312 1047047 SH Defined 1047047 ADC Telecommunications CONV 000886AB7 7452 7471000 PRN Defined 7471000 Advanced Micro Devices CONV 007903AN7 6423 6266000 PRN Defined 6266000 Affymetrix, Inc. CONV 00826TAG3 20004 20491000 PRN Defined 20491000 Dollar Financial Corp. CONV 256664AB9 4997 4978000 PRN Defined 4978000 Euronet Worldwide Inc. CONV 298736AF6 14664 14831000 PRN Defined 14831000 GMX Resources Inc. CONV 38011MAB4 5897 7000000 PRN Defined 7000000 GMX Resources Inc. CONV 38011MAJ7 280 375000 PRN Defined 375000 Hologic Inc. CONV 436440AA9 23911 25539000 PRN Defined 25539000 Kulicke & Soffa Industries CONV 501242AT8 838 881000 PRN Defined 881000 Lifetime Brands Inc. CONV 53222QAB9 484 483000 PRN Defined 483000 Sandisk Corp. CONV 80004CAC5 16902 17561000 PRN Defined 17561000 School Specialty Inc. CONV 807863AL9 18969 19455000 PRN Defined 19455000