-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IlCGzmlW73esJQhii+5mPHFQRH45CvsGTXR/TjeBFV6LIyY/87LKyMnWuQA67Laz MLDFUseVWfcg3MSQEaUxUQ== 0000950159-04-000498.txt : 20040510 0000950159-04-000498.hdr.sgml : 20040510 20040510165912 ACCESSION NUMBER: 0000950159-04-000498 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040331 FILED AS OF DATE: 20040510 EFFECTIVENESS DATE: 20040510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREMAN VALUE MANAGEMENT L L C CENTRAL INDEX KEY: 0001055282 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-06700 FILM NUMBER: 04793950 BUSINESS ADDRESS: STREET 1: 10 EXCHANGE PLACE CITY: JERSEY CITY STATE: NJ ZIP: 07203 BUSINESS PHONE: 2017932000 MAIL ADDRESS: STREET 1: 10 EXCHANGE PLACE CITY: JERSEY CITY STATE: NJ ZIP: 07203 13F-HR 1 dreman13f.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2004 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: Dreman Value Management, L.L.C. Address: 520 East Cooper Ave., Suite 230-4 Aspen, CO 81611 Form 13F File Number: 28-6700 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 form. Person Signing this Report on Behalf of Reporting Manager: Name: Lloyd Jagai Title: Chief Operating Officer Phone: (201) 793-2000 Signature, Place, and Date of Signing: /s/ Lloyd Jagai Jersey City, New Jersey March 31, 2004 [Signature] [City, State] [Date] Report Type (Check only one.): [ X ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Voting Authority Market Value Investment Name of Issuer Title of class CUSIP (x$1000) Quantity Discretion SOLE SHARED NONE - --------------------------------------------------------------------------------------------------------------------- ABN AMRO CAP VII (ABNA) - 6.08 Preferred 00372Q201 5046 200000 Sole 200000 Ace Cash Express Inc. Common 004403101 7050 233900 Sole 233900 Affordable Resid (ARC) 8.25% P Preferred 008273203 5250 200000 Sole 200000 Alabama Power 5.3% Pfd. Preferred 010392561 2042 80000 Sole 80000 Albany Intl Corp New Cl A Common 012348108 3835 142600 Sole 142600 Allied Capital Corp Common 01903Q108 11182 369167 Sole 1470 15615 352082 Allstate Common 020002101 3514 77300 Sole 500 305 76495 Altria Group Inc Common 02209s103 887388 16297294 Sole 4058294 280942 11958058 Ameren Corp. Common 023608102 33904 735600 Sole 735600 American Express Common 025816109 10124 195250 Sole 200 195050 American Financial Realty Trus Common 02607P305 7800 460200 Sole 2100 17800 440300 American Home Mortage Inves Common 02660R107 6480 225000 Sole 225000 American International Group Common 026874107 168613 2363203 Sole 473549 36546 1853108 Amerus Group Co Common 03072m108 9825 243500 Sole 243500 Amsouth Bancorp Common 032165102 381 16200 Sole 600 15600 Anntaylor Stores Corp. Common 036115103 6617 154600 Sole 1500 17200 135900 Anworth Mortgage Asset Group Common 037347101 3556 254700 Sole 254700 Apartment Invt & Mgt C Preferred 03748r853 483 18000 Sole 18000 Apogent Technologies Inc Common 03760a101 7314 238400 Sole 1600 15100 221700 Apria Healthcare Group Common 037933108 6138 205000 Sole 205000 Aquila Inc Com Common 03840P102 272 57800 Sole 57800 Arkansas Best Corp Del Com Common 040790107 5538 207800 Sole 207800 Ashford Hospitality Trust Common 044103109 4203 412500 Sole 412500 Aviall Inc Common 05366B102 988 65000 Sole 3900 43200 17900 Banco Santander 6.4100% Pfd. S Preferred 80281R201 1990 80000 Sole 80000 Bank Mutual Corp. Common 063750103 5294 473100 Sole 473100 Bank Of America Corp Common 060505104 158730 1960118 Sole 489766 32022 1438330 Bank One Corporation Common 06423A103 57893 1061875 Sole 146750 5950 909175 Bankatlantic Bancorp Cl A Common 065908501 6592 388650 Sole 2900 23200 362550 Banknorth Group, Inc. Common 06646R107 3472 102011 Sole 102011 BB&T Corp. Common 054937107 466 13200 Sole 400 12800 Bear Stearns Cos Inc. Common 073902108 3712 42340 Sole 200 42140 Becton Dickinson & Co Common 075887109 106180 2190215 Sole 328825 46920 1814470 Best Buy Inc. Common 086516101 24289 469631 Sole 67783 6533 395315 Blue Green Corp. Common 096231105 7115 549000 Sole 5200 56500 487300 BOK Financial Corp. Common 05561Q201 5508 134348.4 Sole 1129 13113 120106.4 Borders Group Inc. Common 099709107 186953 7875034 Sole 1231249 153910 6489875 BP Prudhoe Bay Royalty Trust Common 055630107 5713 189500 Sole 189500 Briggs & Stratton Common 109043109 4500 66700 Sole 66700 Bristol Myers Squibb Common 110122108 301350 12437041 Sole 3203711 258761 8974569 British American Tobacco Common 110448107 3912 129831 Sole 52315 43221 34295 Bryn Mawr Bk Corp Common 117665109 671 29300 Sole 1800 19400 8100 Caci Intl Inc Cl A Common 127190304 4313 100300 Sole 500 5400 94400 CAE Inc. Common 124765108 5734 1309200 Sole 1309200 Cantel Medical Corp Common 138098108 428 23900 Sole 1700 13900 8300 Capital Lease Funding Common 140288101 3654 285000 Sole 285000 Capitol Bancorp Ltd Common 14056D105 3000 110700 Sole 110700 Cardinal Health Common 14149F109 390 5666 Sole 1270 4396 Carolina Gp - Loews Corp Common 540424207 27582 1008470 Sole 974970 23310 10190 Cascade Nat Gas Corp Com Common 147339105 1815 83300 Sole 83300 Catalina Marketing Corp. Common 148867104 5959 307300 Sole 2700 29800 274800 CBRL Group Inc Com Common 12489V106 6691 168800 Sole 168800 Center Financial Corp Common 15146e102 4731 297000 Sole 800 296200 Centerpoint Energy Inc. Common 15189T107 720 63000 Sole 3700 42000 17300 Ceres Group Inc Common 156772105 6844 968000 Sole 5700 60400 901900 Charles River Laboratories Common 159864107 5875 137100 Sole 1100 12000 124000 Charter Financial Corp. Common 16122m100 1539 39100 Sole 39100 Chesapeake Energy Corp Common 165167107 4912 366600 Sole 600 366000 Cheviot Financial Corp. Common 166774109 1321 100000 Sole 100000 Chevron Texaco Corp. Common 166764100 232805 2652149 Sole 627599 58565 1965985 Chevy Chase PFD 8% Preferred 166779207 5965 209300 Sole 109300 100000 Chubb Corp Common 171232101 3270 47030 Sole 100 46930 CIT Group Common 125581108 37597 988105 Sole 107540 880565 Citigroup, Inc Common 172967101 20643 399277 Sole 566 311 398400 C-Met Common 189758105 1800 18000 Sole 18000 CMS Energy Corp Common 125896100 7143 798100 Sole 798100 Cohen & Steers REIT & PR Common 19247x100 3126 116000 Sole 116000 Colonial Bancgroup Inc Common 195493309 8114 438580 Sole 1300 13700 423580 Columbia Bkg Sys Inc Common 197236102 351 12550 Sole 1050 8050 3450 Community First Bankshares Common 203902101 3166 98500 Sole 98500 Comstock Res Inc Com New Common 205768203 7221 363400 Sole 363400 Concurrent Computer Corp Common 206710204 486 141000 Sole 141000 Conmed Corp Common 207410101 6608 223700 Sole 223700 ConocoPhilips Common 20825C104 331515 4748827 Sole 896505 81270 3771052 Consolidated Edison Inc. Common 209115104 29102 659900 Sole 659900 Consolidated Graphics Inc. Common 209341106 7033 182900 Sole 182900 Correctional Pptys Corp Common 22025E104 6602 214340 Sole 2100 22420 189820 Cullen/Frost Bankers Inc Common 229899109 648 15150 Sole 900 10050 4200 Curtiss-Wright Corp. Common 231561101 7805 166520 Sole 1260 17340 147920 Cyberguard Corp. Common 231910100 498 50600 Sole 2800 32300 15500 Cytyc Corporation Common 232946103 12505 562000 Sole 2100 22800 537100 Dairy Farmers (Dairy) 7.875% S Preferred 23385H208 4360 40000 Sole 40000 Delta Petroleum Corp Common 247907207 10660 991600 Sole 4400 46700 940500 Denbury Resources Common 247916208 9636 571530 Sole 3260 39710 528560 Devon Energy Common 25179M103 89863 1545401 Sole 348772 38209 1158420 Diebold Inc. Common 253651103 419 8700 Sole 500 5700 2500 Dillards Inc -Cl A Common 254067101 625 32610 Sole 1280 21660 9670 Doral Financial - 7.25% Pfd Preferred 25811P407 226 8660 Sole 8660 DPL Inc. Common 233293109 9448 503900 Sole 3000 27800 473100 Dress Barn Inc Com Common 261570105 4359 248500 Sole 248500 DRS Technologies Inc Common 23330x100 6105 218200 Sole 218200 Dte Energy Common 233331107 14579 354300 Sole 354300 Du Pont (E I) De Nemours Common 263534109 1519 35975 Sole 4000 31975 El Paso Corporation Common 28336L109 62801 8832837 Sole 1364470 175182 7293185 El Paso Tennessee Pipe - 8.25% Preferred 283727204 20240 440000 Sole 440000 Electronic Data Systems Corp Common 285661104 211022 10905576 Sole 2038485 230695 8636396 Emerson Electric Co. Common 291011104 102499 1710597 Sole 260244 22222 1428131 Empire District Electric Co. Common 291641108 8197 361900 Sole 361900 Emulex Corp. Common 292475209 3311 155500 Sole 155500 Endurance Specialty Holdings Common g30397106 2203 62000 Sole 700 5600 55700 Energy Partners Ltd. Common 29270u105 5351 400800 Sole 3000 31300 366500 Enerplus Resources Fund Common 29274D604 1307 44600 Sole 44600 Equity Inns Inc Pfd Preferred 294703301 2700 100000 Sole 100000 Evergreen Inc. Advantage Fund Common 30023y105 4582 296200 Sole 296200 Exxon Mobil Corp Common 30231G102 599 14398 Sole 4208 90 10100 Fannie Mae Common 313586109 500491 6731556 Sole 1614746 118892 4997918 Federated Dept Stores Common 31410H101 77313 1430397 Sole 245554 38524 1146319 Fieldstone Investment Corp Common 31659U102 7219 375000 Sole 375000 First Fed Cap Corp Com Common 319960100 7756 363800 Sole 2100 23350 338350 First Niagara Financial Group Common 33582V108 6067 444800 Sole 444800 First Tennessee National Common 337162101 2103 29078 Sole 10755 12238 6085 Firstfed Financial Corp/Ca Common 337907109 9344 202550 Sole 202550 Flagstar Bancorp Inc Com Common 337930101 750 29244 Sole 1880 19360 8004 Fleet Boston Corp Common 339030108 115504 2572460 Sole 396167 71528 2104765 Fleetwood Enterprises Common 339099103 9855 802500 Sole 3600 38700 760200 Florida Rock Inds Inc Com Common 341140101 8327 197550 Sole 197550 Ford Motor Co Common 345370860 47927 3531887 Sole 512945 23207 2995735 Franklin Resources Common 354613101 2573 46210 Sole 46210 Freddie Mac Common 313400301 604495 10235268 Sole 2422345 186873 7626050 Freidman Billings Ramsey-A Common 358434108 12938 479361.5 Sole 2702.5 30910 445749 Fremont General Corp Common 357288109 9379 306500 Sole 1800 17300 287400 Fresh Del Monte Produce Inc Common G36738105 734 28500 Sole 1100 19100 8300 Frontier Oil Corp Com Common 35914P105 5990 309100 Sole 1300 12700 295100 FTI Consulting Inc. Common 302941109 5633 338100 Sole 1000 12400 324700 Fulton Financial Corp Common 360271100 7532 338195 Sole 600 337595 Gap Inc. Co. Common 364760108 79439 3624048 Sole 465220 24846 3133982 General Electric Co Common 369604103 70457 2308505 Sole 386312 77690 1844503 Genesee & Wyoming Inc-Cl A Common 371559105 12154 492075 Sole 492075 Genlyte Group Inc Com Common 372302109 5212 92800 Sole 92800 Glacier Bancorp New Com Common 37637Q105 10312 319744 Sole 2065 21852 295827 Global Industries LTD Common 379336100 1180 200000 Sole 200000 Golden West Financial Corp Common 381317106 3845 34350 Sole 34350 Government Properties Trust Common 38374W107 612 46500 Sole 500 8100 37900 Great Lakes REIT Common 390752103 5327 344100 Sole 344100 Great Plains Energy Inc. Common 391164100 11056 327200 Sole 327200 Greater Bay Bancorp Com Common 391648102 12580 430070 Sole 1440 17280 411350 Harland John H Co Com Common 412693103 6006 193000 Sole 193000 Harsco Corp Com Common 415864107 5014 110200 Sole 110200 Hawaiian Electronic Inds Common 419870100 5739 110700 Sole 110700 HCA Healthcare Company Common 404119109 101766 2505345 Sole 341100 49440 2114805 Headwaters Inc. Common 42210p102 17488 682600 Sole 4300 47400 630900 Healthcare Rlty Tr Com Common 421946104 7835 183500 Sole 183500 Helen of Troy Ltd Common G4388N106 11654 375800 Sole 375800 Herley Industries Inc Common 427398102 7444 394300 Sole 394300 Highland Hospitality Corp. Common 430141101 8426 718900 Sole 3500 37800 677600 Home Depot Inc. Common 437076102 155006 4149035 Sole 640504 81316 3427215 HRPT Porperties Trust Common 40426W101 5038 445800 Sole 445800 Hughes Supply Inc. Common 444482103 776 14800 Sole 900 9800 4100 Humana Inc Common 444859102 25503 1340875 Sole 184805 17625 1138445 Hyperion Total Return Fund Common 449145101 2373 232600 Sole 232600 Impac Mortgage Holding Inc Common 45254P102 18224 670000 Sole 670000 Imperial Tobacco Group Plc Common 453142101 40185 917277 Sole 60381 30906 825990 Independence Cmnty Bk Com Common 453414104 12449 305500 Sole 305500 Indymac Bancorp Inc Com Common 456607100 11335 312350 Sole 1650 18200 292500 Integrated Electrc Srv Com Common 45811E103 3424 304600 Sole 5700 62500 236400 International Bncshrs Com Common 459044103 7768 147427.2 Sole 147427.2 IShares Russell 2000 Value Common 464287630 548 3200 Sole 3200 Ishares Tr Russell 2000 Common 464287655 2681 22800 Sole 22800 Isle of Capri Casinos Common 464592104 3489 138800 Sole 138800 J & J Snack Foods Corp Com Common 466032109 7617 168600 Sole 168600 J.P. Morgan Chase & Co. Common 46625H100 9261 220775 Sole 340 220435 Jefferson-Pilot Corp Common 475070108 1575 28632.5 Sole 28632.5 John Hancock Finl Svcs Inc Common 41014s106 2652 60700 Sole 60700 Johnson & Johnson Common 478160104 462 9100 Sole 9100 Kaman Corp Cl A Common 483548103 7476 502400 Sole 502400 Kerr-Mcgee Common 492386107 77975 1514105 Sole 379467 38123 1096515 Keycorp Common 493267108 141225 4662430 Sole 1285904 105286 3271240 Keyspan Common 49337w100 5936 155300 Sole 155300 KNBT Bancorp Inc. Common 482921103 1189 67200 Sole 100 1900 65200 Labone Inc. Common 50540L105 6898 226100 Sole 200 225900 Laboratory Corp. Of America Ho Common 50540r409 113877 2901371 Sole 447205 60211 2393955 Lehman Brothers Holding 6.5% S Preferred 524908720 3836 140500 Sole 140500 Levitt Corp. - CL A Common 52742P108 9237 377000 Sole 1500 17500 358000 Lilly (Eli) & Co Common 532457108 550 8220 Sole 8200 20 Linens N Things Inc Common 535679104 6091 172000 Sole 172000 Lowes Cos. Common 548661107 34567 615837 Sole 101010 9752 505075 LTC Properties 8% Series F Preferred 502175607 2096 80000 Sole 80000 Luminent Common 550278204 5250 350000 Sole 350000 Luminent Mortgage Capital Inc. Common 550278303 13312 940800 Sole 794100 146700 Marsh & Mclennan Cos Common 571748102 3074 66390 Sole 66390 Matrix Service Co. Common 576853105 5876 434300 Sole 3200 31400 399700 Meadowbrook Insurance Group Common 58319P108 3338 657100 Sole 657100 Medco Health Solutions, Inc. Common 58405u102 73958 2175223 Sole 316959 10942 1847322 Medical Properties Trust Inc. Common 58463j106 2750 275000 Sole 275000 Mediware Information Systems Common 584946107 885 50300 Sole 3050 33450 13800 Mercantile Bankshares Corp. Common 587405101 3177 74000 Sole 74000 Merchants Bancshares Inv - Ver Common 588448100 586 20280 Sole 1200 13455 5625 Merck & Co Common 589331107 203405 4602998 Sole 799354 141105 3662539 Meritage Corp. Common 59001A102 4425 59600 Sole 59600 Merrill Lynch & Co Common 590188108 4190 70350 Sole 70350 Metal Management, Inc. Common 591097209 2788 76000 Sole 76000 Mettler-Toledo International Common 592688105 14554 327800 Sole 1600 17600 308600 MFA Mortgage Investments, Inc. Common 55272x102 17674 1749950 Sole 1167900 52800 529250 Midwest Banc Holdings Inc Common 598251106 4394 185700 Sole 185700 MIRANT TR I PFD CV SER A Preferred 60467Q102 200 23550 Sole 1000 15200 7350 Moog Inc Cl A Common 615394202 15233 446455 Sole 1900 22405 422150 Morg Stan Dean Wttr Dscvr & Co Common 617446448 4600 80280 Sole 80280 National Bank Of Canada Common 633067103 10281 294950 Sole 294950 National Health Invs Com Common 63633D104 8162 265000 Sole 900 9400 254700 Navigant Intl Inc Com Common 63935R108 5152 285900 Sole 285900 NCI Building Systems, Inc. Common 628852105 3580 152600 Sole 152600 Ndchealth Corp Com Common 639480102 524 19300 Sole 1100 12900 5300 Nestle S A Sponsored ADR Common 641069406 2967 46540 Sole 41790 4750 Newcastle Investment Corp. Common 65105M108 15596 462800 Sole 184200 28700 249900 Nicor Inc. Common 654086107 3815 108300 Sole 108300 Nisource Inc - Sails Common 65473P600 5900 2322753 Sole 640590 1682163 Nobel Learning Communities Common 654889104 1132 161900 Sole 9900 107800 44200 Noble International Ltd Common 655053106 6843 262500 Sole 2000 20200 240300 Novastar Financial Inc. Common 669947400 16230 246100 Sole 246100 Nui Corp Com Common 629431107 4091 241900 Sole 241900 Nuveen Pfd. & Cvrt Income Fund Common 67073d102 3629 240000 Sole 240000 Nuveen Quality Preferred II Common 67072c105 3500 211200 Sole 211200 Oak Hill Financial Inc. Common 671337103 1277 39000 Sole 39000 Ocular Sciences Inc Common 675744106 859 29480 Sole 1700 19280 8500 OGE Energy Corp. Common 670837103 13881 525000 Sole 525000 Ohio Casualty Corp Common 677240103 12217 611150 Sole 220645 13280 377225 Oil States International Inc Common 678026105 8040 598200 Sole 3500 39100 555600 Omega Healthcare 8.375% Pfd Se Preferred 681936407 10480 400000 Sole 400000 Oriental Financial Group Common 68618W100 4169 130900 Sole 130900 Oshkosh Truck Corp. Common 688239201 7784 139750 Sole 640 7520 131590 Pacific Premier Bancorp. Inc. Common 69478x105 1345 100000 Sole 100000 PC-Tel Inc. Common 69325Q105 7986 773100 Sole 4300 44000 724800 Pediatrix Medical Group Common 705324101 7673 121800 Sole 121800 Pengrowth Energy Trust Common 706902103 1370 100000 Sole 100000 Penn Va Corp Com Common 707882106 13817 228000 Sole 950 9140 217910 Peoples Energy Corp Com Common 711030106 23856 534300 Sole 375500 158800 Pepco Holdings Inc. Common 713291102 7871 385100 Sole 385100 Pepsico Inc Common 713448108 544 10100 Sole 3000 7100 Perot Systems Corp - Cl A Common 714265105 6022 452800 Sole 452800 PER-SE Technologies Inc. Common 713569309 1326 118400 Sole 118400 Pff Bancorp Inc Com Common 69331W104 11161 292711 Sole 1685 15821 275205 Pfizer Common 717081103 201929 5761182 Sole 1039494 107738 4613950 Phillips-Van Heusen Common 718592108 7861 424900 Sole 424900 Pioneer High Income Trust Common 72369H106 4889 295200 Sole 295200 Piper Jaffray Common 724078100 1679 31029 Sole 3875 455 26699 PNC Financial Services Group Common 693475105 154640 2790341 Sole 596178 46174 2147989 Popular Inc Common 733174106 4088 94850 Sole 94850 Precision Castparts Corp Common 740189105 14149 321350 Sole 1530 16870 302950 Procter & Gamble Co Common 742718109 368 3505 Sole 1205 2300 Progress Energy Common 743263105 20433 434000 Sole 434000 Provident Bankshares Com Common 743859100 8295 264350 Sole 800 9000 254550 Provident Financial Group Common 743866105 2785 69315 Sole 69315 Provident Financial Services Common 74386T105 1462 78200 Sole 78200 Province Healthcare Co Com Common 743977100 5602 352300 Sole 800 14500 337000 Prudential Financial, Inc. Common 744320102 837 18690 Sole 18690 Public Service Enterprises Common 744573106 14644 311700 Sole 311700 PXRE Group Ltd. Common G73018106 1674 59900 Sole 59900 Quanta Common 74763s100 4000 400000 Sole 400000 Quest Diagnostics Inc. Common 74834L100 122614 1480305 Sole 222630 29370 1228305 R & G Financial Corp Cl B Common 749136107 14509 420075 Sole 2100 22650 395325 RailAmerica Inc Common 750753105 5113 424300 Sole 424300 Ralcorp Holdings Inc Common 751028101 10021 329300 Sole 600 328700 Range Resources Corp. Common 75281A109 1116 92000 Sole 5600 60300 26100 Redwood Trust Inc Common 758075402 1088 17500 Sole 900 11500 5100 Reliant Resources Inc. Common 75952B105 16770 2042600 Sole 4800 83900 1953900 Remington Oil & Gas Corp. Common 759594302 3824 193600 Sole 193600 Reynolds RJ Tob Hldgs Inc Common 76182K105 288989 4776663 Sole 2025107 60126 2691430 Royal Dutch Pet -Ny Reg Common 780257804 241 5063 Sole 63 5000 S & T Bancorp Inc. Common 783859101 3111 103500 Sole 103500 Safeco Corp Common 786429100 41065 952342 Sole 158021 9491 784830 Safety Insurance Group Inc. Common 78648T100 428 22600 Sole 900 15200 6500 Safeway Inc Common 786514208 36606 1778681 Sole 303135 72471 1403075 San Juan Basin Royalty Tr Common 798241105 2440 121500 Sole 99000 16000 6500 Saul Centers Inc (BFSPA) Preferred 804395200 2063 75000 Sole 75000 SBC Communications Inc Common 78387G103 36823 1500518 Sole 1500350 168 Scansource Inc Common 806037107 4002 83500 Sole 83500 Schering-Plough Common 806605101 66087 4074493 Sole 603468 38865 3432160 Scottish Re Group Ltd. Common G7885t104 15951 659400 Sole 3100 33300 623000 Seacoast Banking Corp Common 811707306 346 16700 Sole 1200 10800 4700 Selective Ins Group Com Common 816300107 12366 352600 Sole 352600 Sensient Technologies Corp. Common 81725T100 7259 388800 Sole 388800 Serologicals Corp. Common 817523103 10920 535300 Sole 535300 Sierra Pacific Resources Common 826428104 3995 539800 Sole 539800 Signature Bank Common 82669G104 1047 50000 Sole 50000 SLM Corp. Common 78442p106 2387 57030 Sole 57030 Southern Union 7.55% Yield Preferred 844030601 10640 385500 Sole 385500 Southern Union Co Common 844030106 11599 612100 Sole 3100 34300 574700 Sovereign Bancorp. Inc. Common 845905108 116933 5459095 Sole 795228 90892 4572975 St. Paul Companies Inc. Common 792860108 35455 886127 Sole 37200 13487 835440 Standard & Poors Trust Unit SeriesCommon 78462f103 1175 10386 Sole 1965 8421 Standard Pacific Corporation Common 85375C101 7476 124600 Sole 124600 Staples Inc Common 855030102 155862 6155650 Sole 958937 114538 5082175 Star Gas Partners, L.P. Common 85512C105 4852 190200 Sole 190200 Sterling Financial Corp./Spoka Common 859319105 4405 119870 Sole 119870 Stillwater Mining Co. Common 86074Q102 5486 349400 Sole 349400 Suntrust Banks Inc Common 867914103 1490 21376 Sole 21376 Taylor Capital Group Inc Common 876851106 1272 55200 Sole 55200 Tenet Healthcare Corp Common 88033G100 153 13700 Sole 13700 Tesoro Petroleum Corp Common 881609101 11980 637550 Sole 2200 18300 617050 Tierone Corp. Common 88650R108 1384 59000 Sole 59000 Torchmark Corp Common 891027104 2137 39720 Sole 100 39620 Tortoise Energy Infrastructure Common 89147l100 7718 308100 Sole 308100 Transocean Sedco Forex Inc Common G90078109 53701 1925436 Sole 221690 42626 1661120 Triad Gty Inc Com Common 895925105 1319 25000 Sole 1500 16400 7100 Triad Hospitals Common 89579k109 13696 444400 Sole 1900 20800 421700 Tsakos Energy Navigation Limit Common G9108L108 4865 161100 Sole 161100 Tyco International Ltd Common 902124106 124050 4329860 Sole 661627 75844 3592389 U S Bancorp Common 902973304 102012 3689407 Sole 902475 83986 2702946 Ultra Pete Corp Common 903914109 20046 667970 Sole 2330 29840 635800 Unilever N V Ny Shares Common 904784709 1081 15569 Sole 11423 4146 Union Planters Corp Common 908068109 18136 607603 Sole 456920 35181 115502 Unit Corporation Common 909218109 2712 98900 Sole 98900 United Defense Inds Inc Common 91018B104 5045 158700 Sole 158700 United National Group LTD-A Common 91103X102 3038 179100 Sole 179100 Universal Compression Common 913431102 1084 32959 Sole 32959 Universal Corp/Va Common 913456109 171961 3383722 Sole 635918 80699 2667105 URS Corp New Com Common 903236107 11854 411900 Sole 1400 14300 396200 US Tobacco Inc. Common 902911106 369313 10230247 Sole 2684986 207539 7337722 Valmont Industries Common 920253101 5686 284600 Sole 284600 Vector Group Ltd Common 92240M108 17034 1001987 Sole 388432 30778 582776.8 Verizon Communications Common 92343V104 10669 291973 Sole 291900 73 Virginia Financial Group Inc Common 927810101 323 9300 Sole 400 8900 Wachovia Corp Common 929903102 81144 1726476 Sole 306509 35378 1384589 Wal-Mart Stores Common 931142103 478 8005 Sole 4305 3700 Washington Mutual Inc Common 939322103 476768 11162920 Sole 2752207 206171 8204542 Webster Finl Corp Waterbury Common 947890109 11638 229500 Sole 229500 Wells Fargo & Co (New) Common 949746101 5549 97910 Sole 1660 96250 WestCoast Hospital 9.50% 2/19/ Preferred 95751T206 3254 125000 Sole 125000 Western Digital Corp Common 958102105 6044 538200 Sole 2300 40500 495400 Williams Coal Seam Gas Trust Common 969450105 3263 233400 Sole 233400 Winston Hotels Inc. Preferred Preferred 97563A300 2026 80000 Sole 80000 WPS Resources Corp Com Common 92931B106 7849 164200 Sole 164200 Wyeth Common 983024100 1400 37291 Sole 8765 16716 11810 Yellow Roadway Corp. Common 985577105 5469 162290 Sole 162290 York Intl Corp New Com Common 986670107 4949 125900 Sole 125900
Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 325 Form 13F Information Table Value Total: 9,729,538 (thousands) List of Other Included Managers: N/A Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. Not Applicable -----END PRIVACY-ENHANCED MESSAGE-----