13F-HR 1 form13f033109.txt Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: March 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 4-14-09 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: $239,796 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 1,164 74,607 SH DEFINED 76,607 Assurant Com 04621X108 15,379 706,120 SH DEFINED 706,120 Atlas America Com 049167109 150 17,193 SH SOLE 17,193 BCSB Bancorp Com 055367106 525 60,000 SH SOLE 60,000 Baker Michael Corp Com 057149106 16,249 624,979 SH DEFINED 624,979 Berkley, WR Com 084423102 8,837 391,867 SH DEFINED 391,867 Brush Engineered Com 117421107 2,168 156,300 SH DEFINED 156,300 CKX Inc. Com 12562M106 1,346 328,200 SH SOLE 328,200 Cal Dive Int'l Inc Com 12802T101 2,423 357,931 SH DEFINED 357,931 Cardinal Financial Com 14149F109 3,271 569,876 SH DEFINED 569,876 Carpenter Tech Com 144285103 5,632 398,877 SH DEFINED 398,877 ConocoPhillips Com 20825C104 1,145 29,244 SH DEFINED 29,244 EOG Res Inc. Com 26875P101 3,701 67,580 SH DEFINED 67,580 Emcor Group Com 29084Q100 10,205 594,333 SH DEFINED 594,333 Emerson Elec Co. Com 291011104 1,880 65,788 SH DEFINED 65,788 Energen Corp. Com 29265N108 4,780 164,100 SH DEFINED 164,100 FTI Consulting Com 302941109 17,270 349,025 SH DEFINED 349,025 First Potomac Com 33610F109 95 12,950 SH DEFINED 12,950 John Hancock Bk SHBENINT 409735107 154 14,355 SH SOLE 14,355 Middleburg Financial Com 596094102 286 25,000 SH SOLE 25,000 NGP Capital Resources Com 62912R107 2,609 524,961 SH DEFINED 524,961 Oceanfirst Fin Com 675234108 116 11,344 SH DEFINED 11,344 PartnerRe Holdings Com G6852T105 5,755 92,719 SH DEFINED 92,719 PPL Corporation Com 69351T106 7,174 249,882 SH DEFINED 249,882 Patriot Ntl Bancorp Com 70336F104 89 30,000 SH SOLE 30,000 Pentair Com 709631105 433 20,000 SH SOLE 20,000 Prestige Brands Com 74112D101 6,815 1,315,541 SH DEFINED 1,315,541 Republic SVCS Com 760759100 6,246 364,248 SH DEFINED 364,248 Rosetta Resources Com 777779307 2,664 538,196 SH DEFINED 538,196 Rudolph Tech Com 781270103 103 34,093 SH SOLE 34,093 Rush Enterprises CLA 781846209 5,144 576,718 SH DEFINED 576,718 Rush Enterprises CLB 781846308 2,316 295,798 SH SOLE 295,798 Southern National Banc Com 843395104 178 27,500 SH SOLE 27,500 SunTrust Bks Com 867914103 496 42,270 SH DEFINED 42,270 Suncor Energy Com 867229106 8,157 367,275 SH DEFINED 367,275 Tessera Technologies Com 88164L100 3,286 245,780 SH DEFINED 245,780 United America CLA 90933T109 4,435 1,103,222 SH DEFINED 1,103,222 Urstadt Biddle Pptys CLA 917286205 369 27,500 SH SOLE 27,500 Watsco Inc. Com 942622200 4,360 128,117 SH DEFINED 128,117 Agere Sys Note 6.5 12/1 00845VAA8 17,070 17,006,000 PRN DEFINED 17,006,000 Allied Waste Inds SDCV 4.25 4/1 019589AD2 9,263 10,124,000 PRN DEFINED 10,124,000 American Tower Note 5.0 2/1 029912AF9 558 565,000 PRN SOLE 565,000 CTS Corporation Note 2.125 5/0 126501AC9 4,212 4,342,000 PRN DEFINED 4,342,000 Coeur D'Alene Mine Note 1.25 1/1 192108AQ1 934 1,535,000 PRN SOLE 1,535,000 Euronet Worldwide DBCV 1.625 12/1 298736AD1 3,368 3,500,000 PRN DEFINED 3,500,000 Griffon Corp Note 4.0 7/1 398433AC6 219 236,000 PRN DEFINED 236,000 Jakks Pac Inc. Note 4.625 6/1 47012EAB2 4,074 4,300,000 PRN DEFINED 4,300,000 Level 3 Communic Note 6.0 9/1 52729NAG5 4,937 5,116,000 PRN DEFINED 5,116,000 Magma Design Auto Note 2.0 5/1 559181AC6 3,437 5,500,000 PRN DEFINED 5,500,000 Maxtor Corp Note 6.8 4/3 577729AC0 8,295 8,674,000 PRN DEFINED 8,674,000 ON Semiconductor Note 4/1 682189AE5 3,286 3,538,000 PRN DEFINED 3,538,000 Sepracor Inc Note 10/1 817315AW4 18,383 19,050,000 PRN DEFINED 19,050,000 Sonic Automotive Note 5.25 5/0 83545GAE2 880 3,484,000 PRN DEFINED 3,484,000 Wesco Intl DBCV 2.625 10/1 95082PAE5 3,475 4,000,000 PRN DEFINED 4,000,000