13F-HR 1 form13f093008.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: September, 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 10-28-08 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: 55 Form 13F Information Table Value Total: $331,926 List of Other Included Managers: NONE Name of Issuer Title of Class CUSIP Value Shrs or SH/PRN Put/ Investment Other Voting Authority Prn Amt Call Discretion Managers Sole Allied Waste ComPar$.01 019589308 9,094 818,500 SH DEFINED 818,500 American Natl Bankshare Com 027745108 1,408 78,249 SH DEFINED 78,249 Assurant Com 04621X108 12,714 231,165 SH DEFINED 231,165 Atlas America Com 049167109 587 17,193 SH SOLE 17,193 BCSB Bancorp Com 055367106 628 60,000 SH SOLE 60,000 Baker Michael Corp Com 057149106 23,124 664,480 SH DEFINED 664,480 Berkley, WR Com 084423102 9,336 396,442 SH DEFINED 396,442 Brush Engineered Com 117421107 2,958 159,275 SH DEFINED 159,275 CKX Inc. Com 12562M106 1,765 286,550 SH DEFINED 286,550 Cal Dive Int'l Inc Com 12802T101 3,859 364,095 SH DEFINED 364,095 Cardinal Financial Com 14149F109 4,664 577,275 SH DEFINED 577,275 Carpenter Tech Com 144285103 6,762 263,625 SH DEFINED 263,625 ConocoPhillips Com 20825C104 2,162 29,515 SH DEFINED 29,515 EOG Res Inc. Com 26875P101 6,117 68,380 SH DEFINED 68,380 Emcor Group Com 29084Q100 15,814 600,847 SH DEFINED 600,847 Emerson Elec Co. Com 291011104 2,706 66,330 SH DEFINED 66,330 Energen Corp. Com 29265N108 7,437 164,240 SH DEFINED 164,240 FTI Consulting Com 302941109 25,489 352,836 SH DEFINED 352,836 First Mariner Banc Com 320795107 255 161,386 SH DEFINED 161,386 First Potomac Com 33610F109 223 12,950 SH DEFINED 12,950 John Hancock Bk SHBENINT 409735107 296 58,780 SH SOLE 58,780 Hercules Com 427056106 2,653 134,075 SH DEFINED 134,075 Middleburg Financial Com 596094102 437 25,000 SH SOLE 25,000 NGP Capital Resources Com 62912R107 6,381 437,924 SH DEFINED 437,924 Oceanfirst Fin Com 675234108 230 12,699 SH DEFINED 12,699 PartnerRe Holdings Com G6852T105 6,400 93,988 SH DEFINED 93,988 PPL Corporation Com 69351T106 9,348 252,525 SH DEFINED 252,525 Patriot Ntl Bancorp Com 70336F104 353 30,000 SH SOLE 30,000 Pentair Com 709631105 691 20,000 SH SOLE 20,000 Prestige Brands Com 74112D101 10,001 1,126,285 SH DEFINED 1,126,285 Rosetta Resources Com 777779307 1,689 92,000 SH SOLE 92,000 Rudolph Tech Com 781270103 286 34,093 SH SOLE 34,093 Rush Enterprises CLA 781846209 7,491 585,230 SH DEFINED 585,230 Rush Enterprises CLB 781846308 3,715 295,798 SH SOLE 295,798 Southern National Banc Com 843395104 226 27,500 SH SOLE 27,500 SunTrust Bks Com 867914103 1,921 42,704 SH DEFINED 42,704 Suncor Energy Com 867229106 15,550 369,000 SH DEFINED 369,000 Tessera Technologies Com 88164L100 3,862 236,375 SH DEFINED 236,375 United America CLA 90933T109 16,184 1,126,209 SH DEFINED 1,126,209 Urstadt Biddle Pptys CLA 917286205 516 27,500 SH SOLE 27,500 Watsco Inc. Com 942622200 6,571 130,697 SH DEFINED 130,697 Adaptec Note .75 12/2 00651FAG3 16,837 16,964,000 PRN DEFINED 16,964,000 Agere Sys Note 6.5 12/1 00845VAA8 14,662 14,517,000 PRN DEFINED 14,517,000 Allied Waste Inds SDCV 4.25 4/1 019589AD2 6,023 6,424,000 PRN DEFINED 6,424,000 Coeur D'Alene Mine Note 1.25 1/1 192108AQ1 1,089 1,500,000 PRN SOLE 1,500,000 Digital River Note 1.25 1/0 25388BAB0 12,168 12,400,000 PRN DEFINED 12,400,000 Electronic Data Note 3.875 7/1 285661AF1 5,136 5,322,000 PRN DEFINED 5,322,000 Finisar Note 5.25 10/1 31787AAC5 8,978 9,000,000 PRN DEFINED 9,000,000 Kulicke & Soffa Note .5 11/3 501242AL5 5,990 6,191,000 PRN DEFINED 6,191,000 Level 3 Communic Note 6.0 9/1 52729NAG5 17,078 18,168,000 PRN DEFINED 18,168,000 Level 3 Communic Note 6.0 3/1 52729NAS9 2,190 2,503,000 PRN SOLE 2,503,000 Magma Design Auto Note 2.0 5/1 559181AC6 4,263 5,500,000 PRN DEFINED 5,500,000 Red Hat DBCV .5 1/1 756577AB8 1,085 1,119,000 PRN DEFINED 1,119,000 Sonic Automotive Note 5.25 5/0 83545GAE2 3,428 3,553,000 PRN DEFINED 3,553,000 Veeco Instruments Note 4.125 12/2 922417AB6 1,096 1,116,000 PRN SOLE 1,116,000