13F-HR 1 form13f033112.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: March 31, 2012 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 4/12/12 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: 60 Form 13F Information Table Value Total: $667,180 List of Other Included Managers: NONE Voting Authority ------- Value Shares/ Sh/ Put/ Invstmt Other Name of Issuer Title of class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole ------------------------------ ---------------- --------- -------- ------------- --- ---- ------- ---------- ----- American National Bankshares I COM 027745108 2033 95454 SH Defined 95454 Assurant, Inc. (AIZ) COM 04621x108 24954 616144 SH Defined 616144 BCSB Bancorp. (BCSB) COM 055367106 1801 138524 SH Defined 138524 BioScrip, Inc. (BIOS) COM 09069n108 9301 1369739 SH Defined 1369739 CA, Inc. (CA) COM 12673p105 35484 1287504 SH Defined 1287504 Cardinal Financial Corp. (CFNL COM 14149f109 5462 483353 SH Defined 483353 Chevron Corporation (CVX) COM 166764100 236 2205 SH Defined 2205 Chicopee Bancorp Inc. (CBNK) COM 168565109 948 65389 SH Defined 65389 Cisco Systems Inc. (CSCO) COM 17275r102 35158 1662306 SH Defined 1662306 ConocoPhillips (COP) COM 20825c104 836 11004 SH Defined 11004 EMCOR Group Inc. (EME) COM 29084q100 16273 587032 SH Defined 587032 EOG Resources Inc. (EOG) COM 26875p101 10846 97627 SH Defined 97627 ESSA Bancorp Inc. (ESSA) COM 29667d104 2735 279112 SH Defined 279112 Emerson Electric (EMR) COM 291011104 1675 32094 SH Defined 32094 Energen Corporation (EGN) COM 29265n108 11700 238047 SH Defined 238047 FTI Consulting (FCN) COM 302941109 31489 839263 SH Defined 839263 First Connecticut Bancorp (FB COM 319850103 627 47542 SH Defined 47542 GMX Resources (GMXR) COM 38011m108 2775 2184982 SH Defined 2184982 GSI Group Inc. (GSIG) COM 36191c205 5348 443470 SH Defined 443470 Global Indemnity Plc (GBLI) COM g39319101 13223 678433 SH Defined 678433 Hanesbrands Inc. (HBI) COM 410345102 4875 165034 SH Defined 165034 Harmonic Inc. (HLIT) COM 413160102 23976 4383127 SH Defined 4383127 Heritage Financial Group Inc. COM 42726x102 628 53165 SH Defined 53165 Lumos Networks Corp (LMOS) COM 550283105 3962 368251 SH Defined 368251 MasTec, Inc. (MTZ) COM 576323109 11701 646808 SH Defined 646808 Michael Baker Corp. (BKR) COM 057149106 21251 891029 SH Defined 891029 Middleburg Financial Corp. (MB COM 596094102 674 42897 SH Defined 42897 NGP Capital Resources (NGPC) COM 62912R107 1742 265967 SH Defined 265967 NTELOS Holdings Corp. (NTLS) COM 67020q305 3354 162023 SH Defined 162023 Newpark Resources Inc. (NR) COM 651718504 87 10600 SH Defined 10600 ON Semiconductor Corp. (ONNN) COM 682189105 18684 2073641 SH Defined 2073641 OceanFirst Financial (OCFC) COM 675234108 935 65657 SH Defined 65657 OmniAmerican Bancorp Inc. (OA COM 68216r107 2682 138510 SH Defined 138510 PPL Corporation (PPL) COM 69351t106 18347 649238 SH Defined 649238 PartnerRe Ltd. (PRE) COM G6852T105 40947 603137 SH Defined 603137 Pentair Inc. (PNR) COM 709631105 952 20000 SH Defined 20000 Public Storage, Inc. (PSA) COM 74460d109 233 1683 SH Defined 1683 Republic Services (RSG) COM 760759100 27160 888732 SH Defined 888732 Rosetta Resources, Inc. (ROSE) COM 777779307 21095 432637 SH Defined 432637 Rudolph Technologies (RTEC) COM 781270103 379 34093 SH Defined 34093 Rush Enterprises Inc. Cl A (RU COM 781846209 7110 335055 SH Defined 335055 Rush Enterprises Inc. Cl B (RU COM 781846308 5111 295798 SH Defined 295798 Shore Bancshares Inc. (SHBI) COM 825107105 732 103203 SH Defined 103203 Solutia Inc. (SOA) COM 834376501 8108 290195 SH Defined 290195 Southern National Bancorp of V COM 843395104 4538 672289 SH Defined 672289 Suncor Energy Inc. (SU) COM 867224107 11397 348525 SH Defined 348525 Westfield Financial Inc. (WFD) COM 96008p104 557 70439 SH Defined 70439 j2 Global, Inc. (JCOM) COM 48123v102 26807 934693 SH Defined 934693 Advanced Micro Devices CONV 007903AN7 10554 10411000 PRN Defined 10411000 Alcatel-Lucent USA Inc. CONV 549463AH0 41806 42551000 PRN Defined 42551000 Digital River Inc. CONV 25388BAC8 5760 5946000 PRN Defined 5946000 Electronic Data Systems CONV 285661AF1 247 247000 PRN Defined 247000 Euronet Worldwide Inc. CONV 298736AF6 20982 20904000 PRN Defined 20904000 GMX Resources Inc. CONV 38011MAJ7 150 330000 PRN Defined 330000 Greenbrier Cos Inc. CONV 393657AD3 5585 5780000 PRN Defined 5780000 Hologic Inc. CONV 436440AA9 28011 28187000 PRN Defined 28187000 Live Nation Inc. CONV 538034AB5 20047 20964000 PRN Defined 20964000 Radioshack Corp. 144A CONV 750438AC7 16716 17550000 PRN Defined 17550000 Rambus Inc. CONV 750917AC0 19457 19457000 PRN Defined 19457000 School Specialty Inc. CONV 807863AM7 16938 23282000 PRN Defined 23282000