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: June 30, 2006 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: Marc Kramer Title: V.P. of Operations Phone: (201) 793-2000 Signature, Place, and Date of Signing: /s/ Marc Kramer Jersey City, New Jersey August 9, 2006 ---------------- ------------------------ ------------- [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 Title of Value Investment Name of Issuer class CUSIP (x$1000) Quantity Discretion SOLE SHARED NONE -------------------------------------------------------------------------------------------------------------------------- 3M Company Common 88579Y101 267904 3330748 Sole 585117 407747 2337884 Abbey National PLC 7.375% Pfd. Preferred 002920700 1517 58000 Sole 58000 ABN AMRO CAP VII (ABNA) - 6.08 Preferred 00372Q201 4528 200000 Sole 200000 ABX Air Inc. Common 00080S101 10358 1714900 Sole 1714900 Adeza Biomedical Corp Common 006864102 5473 390400 Sole 25500 364900 Advantage Energy Income Fund Common 00762l101 8540 489403 Sole 489403 Aeroflex Inc Com Common 007768104 15294 1310500 Sole 218300 90300 1001900 AES Corporation Common 00130H105 417 22600 Sole 7700 14900 Aetna Inc Common 00817y108 129563 3249786 Sole 552795 347336 2349655 Affordable Resid (ARC) 8.25% P Preferred 008273203 4570 200000 Sole 200000 AGCO Corp. Common 001084102 7559 287200 Sole 238000 31900 17300 Agrium Inc Common 008916108 5296 228100 Sole 166900 37800 23400 Air Prods & Chems Inc Common 009158106 484 7575 Sole 7575 Alabama Power 5.3% Pfd. Preferred 010392561 1814 80000 Sole 80000 Alaska Comm Systems Group Common 01167P101 5781 457000 Sole 107000 350000 Aleris International Inc. Common 014477103 27501 599800 Sole 78500 17400 503900 Allegheny Energy Inc. Common 017361106 12014 324100 Sole 324100 Alliant Techsystems Inc Common 018804104 458 6000 Sole 2600 3400 Allied Healthcare Internationa Common 01923a109 2944 1098600 Sole 1098600 Allstate Common 020002101 2796 51095 Sole 5200 45895 Altria Group Inc Common 02209s103 1184191 16195910 Sole 4521749 1648037 10026124 Ambac Finl Group Inc Com Common 023139108 397 4900 Sole 2200 2700 AMComp Inc. Common 02342j101 2899 275000 Sole 275000 Ameren Corp. Common 023608102 5974 118300 Sole 118300 American Ecology Corp Common 025533407 12365 466600 Sole 466600 American Express Common 025816109 4401 82695 Sole 145 82550 American Home Mortage Inves Common 02660R107 6082 165000 Sole 165000 American International Group Common 026874107 265522 4492205 Sole 906016 480196 3105993 Americanwest Bancorporation Common 03058P109 5898 260400 Sole 260400 Ameriprise Financial Inc. Common 03076c106 883 19770 Sole 19770 Amerisafe Inc. Common 03071h100 8358 671900 Sole 671900 Amerus Group Co. 7.2500% Preferred 03072M702 17850 700000 Sole 700000 Ametek Inc. Common 031100100 526 11100 Sole 4600 6500 Anadarko Petroleum Common 032511107 161239 3400449 Sole 594984 537854 2267611 Anixter International Inc. Common 035290105 28896 608850 Sole 101350 24700 482800 Annaly Mtg Mgmt Inc. Common 035710409 7391 576950 Sole 161350 32800 382800 Apache Corp Com Common 037411105 276150 4045653 Sole 661328 443239 2941086 Apollo Investment Corp. Common 03761u106 15952 863200 Sole 112600 750600 Applied Films Corp Common 038197109 10994 385900 Sole 385900 Applied Signal Technology Common 038237103 4184 245523 Sole 245523 Applix Inc Common 038316105 1355 183600 Sole 51200 85800 46600 Arc Energy Trust (Canadian) Common 001986108 3845 152700 Sole 152700 Arch Capital Group Ltd Common g0450a105 22036 370600 Sole 15200 13500 341900 Arch Capital Group Ltd. Pfd. S Preferred g0450A147 6106 240000 Sole 240000 Archer Daniels Midland Common 039483102 504 12200 Sole 5300 6900 Argon St. Inc. Common 040149106 8623 323800 Sole 323800 Ashland Inc. Common 044209104 550 8250 Sole 3250 5000 Asta Funding Common 046220109 3257 87100 Sole 87100 AT&T Inc Common 00206R102 31795 1140000 Sole 1140000 Atwood Oceanics Inc. Common 050095108 31903 643200 Sole 103900 19300 520000 Aviall Inc Common 05366B102 14365 302300 Sole 9700 292600 Avid Technology Inc. Common 05367p100 11114 333450 Sole 5450 328000 Axis Capital Holdings 7.25 % P Preferred ep0168971 5453 218100 Sole 218100 Bally Technologies Common 05874B107 9739 591300 Sole 591300 Banco Santander 6.4100% Pfd. S Preferred 80281R300 1920 80000 Sole 80000 Bank Of America Corp Common 060505104 366220 7647825 Sole 1820656 879008 4948161 Bankatlantic Bancorp Cl A Common 065908501 7570 510100 Sole 510100 Bard (C.R.) Inc. Common 067383109 911 12440 Sole 12440 Bausch & Lomb Inc. Common 071707103 1346 27450 Sole 13500 13950 Baxter International Inc Common 071813109 265 7200 Sole 7200 BB&T Corp. Common 054937107 308 7400 Sole 7400 Bear Stearns Cos Inc. Common 073902108 4852 34640 Sole 2700 31940 Beckman Coulter Inc. Common 075811109 3422 61600 Sole 35000 13000 13600 Becton Dickinson & Co Common 075887109 46877 774636 Sole 134310 158475 481851 Beverly Hills Bancorp Inc. Common 087866109 1474 153200 Sole 42700 110500 Biomet Inc. Common 090613100 318 10150 Sole 4250 5900 Black Box Corp. DEL COM Common 091826107 7179 187300 Sole 1500 185800 Bonavista Energy Trust (Canadi Common 098536105 2911 92500 Sole 92500 Borders Group Inc. Common 099709107 171332 9036678 Sole 1655797 1266638 6114243 BP Amoco Plc - Spons Adr Common 055622104 1693 24315 Sole 24315 BP Prudhoe Bay Royalty Trust Common 055630107 15069 188600 Sole 188600 Bristol Myers Squibb Common 110122108 150359 5823992 Sole 1869782 514771 3439439 British American Tobacco Common 110448107 14162 303430 Sole 79154 209461 14815 Bronco Drilling Co. Inc. Common 112211107 821 39300 Sole 39300 Bucyrus International Inc. Cla Common 118759109 3266 64675 Sole 47475 10800 6400 Caci Intl Inc Cl A Common 127190304 8347 143100 Sole 143100 CAE Inc. Common 124765108 13211 1729250 Sole 10350 1718900 Cameco Corp Common 13321L108 4037 101000 Sole 74300 17400 9300 Capital Lease Funding Common 140288101 10464 917100 Sole 917100 Caremark RX Inc. Common 141705103 1322 26500 Sole 10900 15600 Carolina Gp - Loews Corp Common 540424207 21976 427800 Sole 417400 10400 Carrizo Oil & Gas Inc. Common 144577103 11068 353500 Sole 353500 CastlePoint Holdings Ltd. 144A Common 148553100 13838 1258000 Sole 1258000 CBRE Realty Finance (144A) Common 12498B109 7500 500000 Sole 500000 Centennial Bank Holdings Inc. Common 151345303 10340 1000000 Sole 1000000 Century Aluminum Company Common 156431108 11424 320100 Sole 53800 14700 251600 Century Casinos Inc. Common 156492100 4362 407300 Sole 306400 65600 35300 Charles River Laboratories Common 159864107 14935 405850 Sole 13550 10000 382300 Chesapeake Energy Corp Common 165167107 953 31500 Sole 13300 18200 Chevron Corporation Common 166764100 432986 6998072 Sole 1659566 694368 4644138 Chevy Chase PFD 8% Preferred 166779207 5035 189300 Sole 189300 Chicago Bridge & Iron Common 167250109 16003 662650 Sole 61350 12500 588800 Chiquita Brands Intl Common 170032809 10846 787100 Sole 111200 23000 652900 Chubb Corp Common 171232101 20848 432207 Sole 129990 232752 69465 CIA Vale Do Rio Doce - ADR Common 204412209 577 24000 Sole 9800 14200 Cincinnati Financial Corp. Common 172062101 746 15873 Sole 7173 8700 CIT Group Common 125581108 47088 900515 Sole 111850 788665 CIT Group Inc. 6.35% Series A Preferred 125581207 7598 310000 Sole 310000 Citigroup, Inc Common 172967101 93829 1958689 Sole 328435 268104 1362150 Clean Harbors Inc. Common 184496107 6800 168700 Sole 168700 C-Met (144A) Common 189758105 432 18000 Sole 18000 CMS Energy Corp Common 125896100 3701 286000 Sole 286000 Cognos Incorporated (Canada) Common 19244c109 4575 160800 Sole 160800 Cohen & Steers REIT & PR Common 19247x100 3144 116000 Sole 116000 Coldwater Creek Inc. Common 193068103 1164 43500 Sole 43500 Commscope Inc. Common 203372107 45867 1459800 Sole 222700 55200 1181900 ConocoPhillips Common 20825C104 978878 14972128 Sole 3112945 1580720 10278463 Consolidated Edison Inc. Common 209115104 4240 95400 Sole 95400 Convergys Corp. Common 212485106 368 18850 Sole 8450 10400 Cooper Cos. Inc Com Common 216648402 17576 396850 Sole 69050 11800 316000 Cooper Industries Ltd Common g24182100 539 5800 Sole 2400 3400 Corillian Corp Common 218725109 3052 1020700 Sole 258300 194600 567800 Covansys Corporation Common 22281W103 7830 622900 Sole 622900 Covanta Holding Corporation Common 22282E102 4716 267200 Sole 267200 Crescent Point Energy Trust (C Common 225908102 6819 347400 Sole 347400 CSX Corp Common 126408103 268 3800 Sole 1700 2100 Curtiss-Wright Corp. Common 231561101 3601 116600 Sole 85400 21000 10200 Cypress Semiconductor Corp. Common 232806109 1072 73739 Sole 73739 Dairy Farmers (Dairy) 7.875% S Preferred 23385H208 3858 40000 Sole 40000 Datapath, Inc. 144A Common 23808r106 5500 500000 Sole 500000 Devon Energy Common 25179M103 431419 7166840 Sole 1514863 738672 4913305 Diebold Inc. Common 253651103 461 11350 Sole 4750 6600 Donnelley (R R) & Sons Co Common 257867101 244 7650 Sole 2450 5200 Double Hull Tankers Inc Common Y21110104 1347 100000 Sole 100000 Dow Chemical Common 260543103 340 8712 Sole 8712 DRS Technologies Inc Common 23330x100 18272 374800 Sole 66400 14600 293800 DST Systems Inc. Common 233326107 634 10650 Sole 4350 6300 Du Pont (E I) De Nemours Common 263534109 501 12035 Sole 4000 135 7900 Dynegy Inc. Class A Common 26816Q101 18007 3291900 Sole 3291900 Eagle Bulk Shipping Inc. Common y2187a101 871 61100 Sole 61100 Eaton Corp. Common 278058102 645 8550 Sole 3850 4700 Eaton Vance Corp. NVT Common 278265103 575 23050 Sole 9550 13500 EDO Corp Common 281347104 9563 392900 Sole 392900 El Paso Corporation Common 28336L109 120831 8055415 Sole 1257775 110200 6687440 Electronic Data Systems Corp Common 285661104 177995 7451195 Sole 1129498 775567 5546130 Emcor Group Inc Com Common 29084Q100 30010 616600 Sole 49300 11600 555700 Empire District Electric Co. Common 291641108 7437 361900 Sole 361900 Encana Corp Common 292505104 94824 1821865 Sole 304630 228320 1288915 Endurance Specialty Holding Pf Preferred 29267H208 6269 260000 Sole 260000 Endurance Specialty Holdings Common g30397106 9986 312050 Sole 72450 17600 222000 Energy Metals Corporation Unit Common 29271B106 7540 1500000 Sole 1500000 Enerplus Resources Fund Common 29274D604 5219 92800 Sole 92800 Esco Technologies Inc Com Common 296315104 3560 66600 Sole 66600 Evergreen Inc. Advantage Fund Common 30023y105 3343 246200 Sole 246200 Exar Corp Common 300645108 6826 514400 Sole 150100 364300 Express Scripts Inc. Common 302182100 459 6400 Sole 6400 Exxon Mobil Corp Common 30231G102 1223 19937 Sole 15937 4000 Fairborne Energy Trust (Canadi Common 303628101 7707 654300 Sole 654300 Fairpoint Communications Inc. Common 305560104 344 23900 Sole 23900 Fannie Mae Common 313586109 634870 13083688 Sole 3098420 1502245 8483023 Fannie Mae 5.1% Series Preferr Preferred 313586604 8350 200000 Sole 200000 Fannie Mae 5.375% Convertible Preferred 313586810 46776 505 Sole 505 Fannie Mae Floating Quarterly Preferred 313586794 4295 80000 Sole 80000 Federal Express Common 31428X106 55392 474000 Sole 76000 9400 388600 Federal Home Loan Mortgage Preferred 313400772 4525 100000 Sole 100000 Federated Dept Stores Common 31410h101 127441 3473363 Sole 673600 512953 2286810 Federated Investors Inc. - Cla Common 314211103 312 9900 Sole 3500 6400 Fieldstone Investment Corp Common 31659U300 12497 1364300 Sole 336200 61000 967100 Fifth Third Bancorp Common 316773100 2502 67700 Sole 67700 First Horizon National Corp Common 320517105 342 8500 Sole 3200 5300 Fisher Scientific Internationa Common 338032204 92114 1266469 Sole 216546 131100 918823 Foster Wheeler Ltd. Common G36535139 40614 940150 Sole 134500 28500 777150 Franklin Resources Common 354613101 2657 30610 Sole 30610 Freddie Mac Common 313400301 539119 9395111 Sole 2431587 1168756 5794768 General Cable Corp/De Common 369300108 57778 1650800 Sole 166500 36200 1448100 General Electric Co Common 369604103 156952 4742804 Sole 832771 815242 3094791 Genesee & Wyoming Inc-Cl A Common 371559105 21436 604349 Sole 46724 557625 Genlyte Group Inc Com Common 372302109 11198 154600 Sole 154600 Georgia Gulf Corp Common 373200203 10091 403300 Sole 403300 Global Industries Ltd. Common 379336100 12331 738400 Sole 738400 GMH Communities Trust Common 36188G102 712 54000 Sole 15600 24800 13600 GoldCorp Inc. Common 380956409 8619 285225 Sole 285225 Goldman Sachs Common 38141G104 6047 40200 Sole 1400 38800 Goldman Sachs GP 6.2% Series P Preferred 38144X500 1976 80000 Sole 80000 Granite Constr Inc Com Common 387328107 13196 291500 Sole 291500 Great Plains Energy Inc. Common 391164100 8837 317200 Sole 317200 Hancock Hldg Co Com Common 410120109 328 5850 Sole 2200 3650 Hanger Orthopedic Group Common 41043f208 7247 866900 Sole 245300 621600 Harsco Corp Com Common 415864107 14672 188200 Sole 188200 Hartford Finl Svcs Grp Inc Common 416515104 10629 127399 Sole 56965 68354 2080 Harvest Energy Trust - Units ( Common 41752x101 9705 325000 Sole 325000 HCA Healthcare Company Common 404119109 156110 3586499 Sole 650453 464673 2471373 Headwaters Inc. Common 42210p102 5140 201100 Sole 201100 Healthspring Inc Common 42224n101 21049 1122600 Sole 249200 42900 830500 Helen of Troy Ltd Common G4388N106 5238 284700 Sole 284700 Helix Energy Group, Inc. Common 42330p107 5138 127300 Sole 94000 21500 11800 Hercules Technology Growth Common 427096508 3604 297867 Sole 297867 Herley Industries Inc Common 427398102 4149 370100 Sole 370100 Hess Corp Common 42809h107 364 6887 Sole 3450 237 3200 HMS Holdings Corp Common 40425j101 7403 690550 Sole 526050 106900 57600 Holly Corp Common 435758305 4531 94000 Sole 94000 Home Depot Inc. Common 437076102 178783 4926172 Sole 919633 665047 3341492 Hormel Foods Corp. Common 440452100 225 6050 Sole 2450 3600 Hornbeck Offshore Services Common 440543106 3719 104700 Sole 104700 HSBC Holdings PLC 6.2000% Seri Preferred 404280604 2324 100000 Sole 100000 Hudson City Bancorp. Inc. Common 443683107 722 54200 Sole 54200 Hudson Highland Group Inc. Common 443792106 6328 586500 Sole 586500 Hyperion Total Return Fund Common 449145101 1921 222600 Sole 222600 Imperial Tobacco Group PLC Common 453142101 67622 1106536 Sole 141013 145566 819957 Insituform Technologies - Clas Common 457667103 12191 532600 Sole 129000 403600 Invitrogen Corp Common 46185r100 251 3800 Sole 1400 2400 Inyx Inc. Common 461868101 263 101200 Sole 101200 ITT Corporation Common 450911102 490 9900 Sole 4100 5800 J.P. Morgan Chase & Co. Common 46625H100 67106 1597752 Sole 247798 22745 1327209 JER Investors Trust Inc. Common 46614H301 21964 1412500 Sole 398800 43500 970200 Johnson & Johnson Common 478160104 30584 510410 Sole 66095 11460 432855 K&F Industries Holdings Inc. Common 482241106 10370 584900 Sole 584900 Kerr-Mcgee Common 492386107 4094 59028 Sole 8278 50750 Keycorp Common 493267108 159680 4483329 Sole 1389827 365009 2728493 Kindred Healthcare Inc. Common 494580103 6984 268600 Sole 268600 Kinetic Concepts Inc. Common 49460W208 31956 723800 Sole 158600 26200 539000 KKR Financial Corp Common 482476306 34450 1655450 Sole 183400 28400 1443650 Komag Inc. Common 500453204 12810 277400 Sole 277400 L-3 Communications Holdings Common 502424104 468 6200 Sole 2500 3700 Laboratory Corp. Of America Ho Common 50540r409 249799 4052029 Sole 713922 440711 2897396 Lakes Entertainment Inc Common 51206P109 14212 1175500 Sole 264350 54300 856850 Laserscop Common 518081104 13670 443700 Sole 11500 13700 418500 Lawson Software Inc. Com Common 52078p102 4056 605400 Sole 456300 96900 52200 Legg Mason Inc. Common 524901105 333 3350 Sole 1250 2100 Lehman Brothers Holding 6.5% S Preferred 524908720 3525 140500 Sole 140500 Lehman Brothers Holdings Inc Common 524908100 3696 56731 Sole 1600 131 55000 Lifepoint Hospitals Common 53219l109 21843 679845 Sole 80492 7744 591609 Lowes Cos. Common 548661107 1499 24700 Sole 24700 LTC Properties 8% Series F Preferred 502175607 1995 80000 Sole 80000 Luminent Mortgage Capital Inc. Common 550278303 3649 394100 Sole 394100 Lyondell Chemical PV $1 Common 552078107 374 16500 Sole 6800 9700 Marshall & Ilsley Corp. Common 571834100 3721 81350 Sole 5050 76300 Matrix Service Co. Common 576853105 4839 423000 Sole 423000 MCG Capital Corp. Common 58047P107 8478 533200 Sole 215900 317300 McMoran Exploration Co. Common 582411104 11092 630200 Sole 161900 468300 Meadowbrook Insurance Group Common 58319P108 7698 925200 Sole 925200 Medco Health Solutions, Inc. Common 58405u102 878 15330 Sole 6694 1535 7101 Mellon Financial Corp Common 58551A108 4562 132500 Sole 132500 Mercantile Bankshares Corp. Common 587405101 792 22200 Sole 22200 Merck & Co Common 589331107 306696 8476360 Sole 3026990 819109 4630261 Merrill Lynch & Co Common 590188108 214 3075 Sole 2900 175 Metal Management, Inc. Common 591097209 6902 225400 Sole 225400 Metlife Inc 6.5% Series B Pfd. Preferred 59156r603 1232 50000 Sole 50000 Mettler-Toledo International Common 592688105 13755 227100 Sole 3300 223800 MFA Mortgage Investments, Inc. Common 55272x102 11255 1635900 Sole 805500 67300 763100 Microsoft Common 594918104 46664 2002750 Sole 290850 13600 1698300 Mirant Corp Common 60467r100 15366 573341 Sole 44456 30900 497985 MKS Instrument Inc Com Common 55306N104 6689 332442 Sole 31242 301200 Morgan Stanley Common 617446448 15890 251380 Sole 83700 167680 Mortgageit Holdings Inc. Common 61915Q108 18303 1517700 Sole 308300 59500 1149900 Murphy Oil Corp. Common 626717102 416 7450 Sole 3350 4100 Nash Finch Co Com Common 631158102 8309 390300 Sole 107700 22400 260200 National Bank Of Canada Common 633067103 6901 134650 Sole 134650 National City Corp Common 635405103 4124 113956 Sole 1800 112156 NCI Building Systems, Inc. Common 628852105 4870 91600 Sole 91600 Nestle S A Sponsored ADR Common 641069406 635 8100 Sole 6900 1200 New Century (New) 9.125% Serie Preferred 64352D200 436 17800 Sole 17800 NewAlliance Bancshares Inc. Common 650203102 9789 684100 Sole 684100 Newcastle Investment Corp. Common 65105M108 30687 1211959 Sole 440200 23050 748709 Newmont Mining Corp Common 651639106 683 12900 Sole 12900 NGP Capital Resources Co Common 62912r107 3933 268828 Sole 76226 29078 163524 Nobel Learning Communities Common 654889104 5029 500900 Sole 28600 95400 376900 Noble Energy Common 655044105 373 7950 Sole 3650 4300 Northern Orion Resources Inc. Common 665575106 13412 2759600 Sole 557800 120700 2081100 Northwest Pipe Company Common 667746101 6740 266400 Sole 3800 262600 Novamerican Steel Inc Common 669959108 2631 65000 Sole 47700 10700 6600 Novartis Ag Sponsored Adr Common 66987v109 277 5146 Sole 5000 146 Novastar Financial 8.90% Serie Preferred 669947806 499 21000 Sole 21000 Novastar Financial Inc. Common 669947400 68069 2153400 Sole 707000 37000 1409400 Nuveen Investments CL A Common 67090F106 585 13600 Sole 5600 8000 Nuveen Pfd. & Cvrt Income Fund Common 67073d102 2333 190000 Sole 190000 Nuveen Quality Preferred II Common 67072c105 2199 161200 Sole 161200 Occidental Petroleum Common 674599105 199378 1962967 Sole 353142 203348 1406477 Odyssey Healthcare Inc Common 67611V101 11946 679900 Sole 679900 Odyssey Re Holdings Corp Common 67612w108 19101 724900 Sole 170600 554300 Odyssey Re Holdings Pfd. 8.125 Preferred 67612w306 6248 245000 Sole 245000 Ohio Casualty Corp Common 677240103 602 20250 Sole 7550 12700 Oil States International Inc Common 678026105 15014 437995 Sole 90395 18100 329500 Old Dominion Freight Line Common 679580100 2481 66000 Sole 48700 11300 6000 Old Republic Intl Corp Common 680223104 1617 75675 Sole 75675 Omega Healthcare 8.375% Pfd Se Preferred 681936407 10248 400000 Sole 400000 Omnivision Technologies Common 682128103 6374 301800 Sole 301800 Oneok Inc New Com Common 682680103 12881 378400 Sole 378400 Openwave Systems Inc. Common 683718308 7054 611300 Sole 12000 599300 Option Care Inc. Common 683948103 11661 973400 Sole 239700 51700 682000 Oregon Steel Mills Common 686079104 38833 766550 Sole 85750 18100 662700 Paccar Inc Common 693718108 139977 1710726 Sole 289955 200806 1219965 Pacific Sunwear Calif Inc Common 694873100 196 10950 Sole 3550 7400 Pan American Silver Corp. Common 697900108 8910 495300 Sole 495300 Par Pharmaceutical Cos Inc. Common 69888p106 9454 512150 Sole 108650 19900 383600 Parallel Petroleum Corp. Common 699157103 19751 799300 Sole 111400 24500 663400 Parker Hannifin Corp Common 701094104 442 5700 Sole 2200 3500 Payless Shoesource Inc Common 704379106 9735 358300 Sole 358300 Pediatrix Medical Group Common 705324101 18809 415200 Sole 5900 409300 Pengrowth Energy Trust Common 706902301 3226 133900 Sole 133900 Penn National Gaming Inc. Common 707569109 10153 261800 Sole 16200 14300 231300 Penn West Energy Trust (Canadi Common 707885109 25234 625000 Sole 625000 Peoples Energy Corp Com Common 711030106 11660 324700 Sole 324700 Pepsico Inc Common 713448108 258 4300 Sole 4300 Perini Corp. Common 713839108 9653 429000 Sole 429000 Perkinelmer Inc. Common 714046109 8025 383950 Sole 33250 34500 316200 Perrigo Company Common 714290103 7121 442300 Sole 442300 Petco Animal Supplies Inc Common 716016209 286 14000 Sole 6000 8000 Petrofund Energy Trust Common 71648W108 2498 100000 Sole 100000 Petrohawk Energy Corp Common 716495106 10367 822800 Sole 221800 48800 552200 Petrohawk Energy Corp (PIPE)(P Common 716495999 3780 300000 Sole 300000 Pff Bancorp Inc Com Common 69331W104 6287 189600 Sole 189600 Pfizer Common 717081103 346678 14654447 Sole 2817392 1864698 9972357 Pg&E Corp Com Common 69331C108 210 5350 Sole 2150 3200 Phillips-Van Heusen Common 718592108 14969 392264 Sole 392264 Pike Electric Corp. Common 721283109 9597 498300 Sole 175300 323000 Pinnacle Gas Resources, Inc. 1 Common 723464103 7700 700000 Sole 700000 Pioneer Companies Inc. Common 723643300 8468 310400 Sole 310400 Pioneer High Income Trust Common 72369H106 4780 277100 Sole 277100 Platinum Underwriters Holdings Common G7127P100 9368 334800 Sole 74400 16600 243800 PMI Group Inc. Common 69344M101 3025 67850 Sole 2750 65100 PNC Financial Services Group Common 693475105 156397 2246852 Sole 573500 172382 1500970 Pogo Producing Co Common 730448107 272 5900 Sole 2800 3100 Powershares Lux Nanotch Pt- In Common 73935x633 867 50000 Sole 50000 PPL Corp. Common 69351t106 216 6700 Sole 2800 3900 PPL Electric Uti PFD 6.25% Preferred 69351u863 2888 120000 Sole 120000 Price (T. Rowe) Associates Common 74144T108 548 14500 Sole 5900 8600 Procentury Corp Common 74268T108 7159 522200 Sole 522200 Procter & Gamble Co Common 742718109 222 3984 Sole 3984 Progress Energy Common 743263105 15009 350100 Sole 347600 2500 Prospect Energy Corp. Common 74348T102 5070 298411 Sole 35100 40600 222711 Provident Bankshares Corp Common 743859100 2984 82000 Sole 82000 Prudential Financial, Inc. Common 744320102 1071 13790 Sole 13790 Quadra Mining Ltd. Common 747319101 6152 652800 Sole 652800 Quanta Capital H 10.25% Series Preferred G7313F114 7460 400000 Sole 400000 Quest Diagnostics Inc. Common 74834L100 209054 3517246 Sole 636147 416920 2464179 Quest Resource Corporation Common 748349305 1694 125000 Sole 125000 Quest Resources Common 144A Re Common 748349305 5213 384700 Sole 384700 R & G Financial Corp Cl B Common 749136107 186 21650 Sole 9650 12000 Ralcorp Holdings Inc Common 751028101 18207 428100 Sole 300 427800 Range Resources Corp. Common 75281A109 207 7600 Sole 2600 5000 Red Lion Hotles 9.50% 2/19/44 Preferred 75670L104 2157 81250 Sole 81250 Regal Beloit Common 758750103 1832 41500 Sole 41500 Regal Entertainment Group Common 758766109 2514 123700 Sole 123700 Regions Financial Corp. New Common 7591ep100 16064 485022 Sole 418235 15 66772 Reynolds American Inc Common 761713106 238563 2098551 Sole 408631 214174 1475746 Rosetta Resources Inc. 144A re Common 777779109 3269 196700 Sole 196700 Royal Dutch Shell PLC-ADR A Common 780259206 576 8600 Sole 8600 RPC Inc. Common 749660106 6490 267300 Sole 267300 RTI International Metals, Inc. Common 74973W107 43848 785249 Sole 88649 19500 677100 Safety Insurance Group Inc. Common 78648T100 1985 41750 Sole 22250 12800 6700 Safeway Inc Common 786514208 38458 1479150 Sole 127275 1351875 San Juan Basin Royalty Tr Common 798241105 5874 150800 Sole 150800 Scansource Inc Common 806037107 7230 246600 Sole 2400 17800 226400 Scottish Re Grp Ltd. 7.2500% S Preferred G73537402 15000 600000 Sole 600000 Scotts Miracle-Gro Co (The) Common 810186106 466 11000 Sole 4500 6500 Selective Ins Group Com Common 816300107 15739 281700 Sole 281700 SFBC Intl Del Com Common 784121105 5791 382000 Sole 97800 22300 261900 Sherwin-Williams Common 824348106 824 17350 Sole 7550 9800 Shoe Carnival Inc. Common 824889109 2386 100000 Sole 100000 Shuffle Master Inc. Common 825549108 9323 284400 Sole 284400 Sierra Pacific Resources Common 826428104 8367 597636 Sole 58836 538800 Sigma-Aldrich Corp. Common 826552101 425 5850 Sole 2150 3700 Smithfield Foods Inc Com Common 832248108 229 7950 Sole 2950 5000 Sonic Solutions Common 835460106 4947 299800 Sole 299800 Southern Union 7.55% Yield Preferred 844030601 9826 385500 Sole 385500 Southern Union Co Common 844030106 46570 1721008 Sole 247273 57276 1416459 Sovereign Bancorp. Inc. Common 845905108 159181 7773889 Sole 1387114 1066887 5319888 SPDR Trust Series 1 Common 78462f103 12809 100675 Sole 100675 St. Paul Travelers Companies, Common 792860108 27478 616379 Sole 50164 10700 555515 Staples Inc Common 855030102 146194 6026174 Sole 1069155 717311 4239708 Star Gas Partners, L.P. Common 85512C105 735 274380 Sole 274380 Stein Mart Inc. Common 858375108 1822 123100 Sole 123100 Sterling Construction Co Common 859241101 3312 120000 Sole 120000 Sterling Financial Corp./Spoka Common 859319105 7673 251490 Sole 34360 13600 203530 Stillwater Mining Co. Common 86074Q102 3458 272700 Sole 272700 Sunoco Inc. Common 86764P109 516 7450 Sole 3350 4100 Suntrust Banks Inc Common 867914103 1173 15384 Sole 900 14484 Superior Energy Services Inc. Common 868157108 17089 504100 Sole 63800 13800 426500 Symantec Corp. Common 871503108 442 28450 Sole 12250 16200 Target Corp Common 87612E106 290 5930 Sole 5930 Teco Energy Inc. Common 872375100 6136 410700 Sole 410700 Terex Corp New Com Common 880779103 25484 258200 Sole 6200 11300 240700 Tesoro Petroleum Corp Common 881609101 9615 129300 Sole 68500 60800 Texas Inds. Inc. Common 882491103 7933 149400 Sole 149400 Thomas & Betts Corp Common 884315102 7721 150500 Sole 150500 Thomas Properties Group Common 884453101 6995 594800 Sole 594800 TJX Companies Inc Common 872540109 680 29750 Sole 12350 17400 Tortoise Energy Capital Corp Common 89147u100 1450 67300 Sole 23700 28400 15200 Tortoise Energy Infrastructure Common 89147L100 12035 419784 Sole 51744 22803 345237 Tower Group Inc. Common 891777104 18967 627000 Sole 627000 Triad Hospitals Common 89579k109 546 13800 Sole 5600 8200 Triumph Group Inc New Com Common 896818101 6581 137100 Sole 137100 Tuesday Morning Corp. Common 899035505 5010 381000 Sole 9900 371100 TXU Corp Common 873168108 131408 2229421 Sole 372402 245301 1611718 Tyco International Ltd Common 902124106 215524 7788694 Sole 1321485 976878 5490331 U S Bancorp Common 902973304 123950 4019577 Sole 1104536 427500 2487541 UCBH Holdings Inc Common 90262t308 3819 230900 Sole 173200 37500 20200 Unilever N V Ny Shares Common 904784709 819 36341 Sole 33128 3213 United Healthcare Common 91324p102 302050 6688954 Sole 1144905 697489 4846560 United Online Inc. Common 911268100 1104 92000 Sole 23200 46000 22800 Universal Corp. 6.75% Conv. Pe Preferred 913456307 24451 25000 Sole 25000 Universal Corp/Va Common 913456109 112566 3024354 Sole 551514 19665 2453175 Uranium Resources Inc Common 916901507 23642 4626650 Sole 566500 127400 3932750 URS Corp New Com Common 903236107 7245 172500 Sole 172500 UST Inc. Common 902911106 586602 12966621 Sole 4222981 1604538 7139102 Valero Energy Corp. Common 91913Y100 7031 105700 Sole 29500 100 76100 Valmont Industries Common 920253101 9098 195700 Sole 195700 Valor Commnctns Grp Inc - symb Common 920255106 2889 252300 Sole 185100 43600 23600 Vector Group Ltd Common 92240M108 8416 517911 Sole 333000 184911 Vectren Corp. Common 92240g101 1264 46376 Sole 46376 Ventas Inc. Common 92276F100 808 23850 Sole 10350 13500 Vermilion Energy Trust (Canadi Common 923728109 1553 50000 Sole 50000 Vintage Wine Trust (144A) Common 92746P100 7500 750000 Sole 750000 Wachovia Corp Common 929903102 210563 3914568 Sole 718912 630706 2564950 Walter Industries Inc. Common 93317Q105 18108 314100 Sole 314100 Washington Group Intl Inc Common 938862208 23870 447500 Sole 63100 12500 371900 Washington Mutual Inc Common 939322103 583343 12852380 Sole 3356355 1612966 7883059 Waters Corp. Common 941848103 212 4775 Sole 4775 Watts Water Technologies A Common 942749102 14638 436300 Sole 91100 19600 325600 WCA Waste Corp. Common 92926k103 15029 1821700 Sole 431300 108200 1282200 Wells Fargo & Co (New) Common 949746101 3777 56303 Sole 193 56110 Wesco Intl Inc Com Common 95082P105 16091 233200 Sole 233200 Western Refining Inc. Common 959319104 5432 251700 Sole 251700 Willbros Group Inc. Common 969199108 18271 964700 Sole 142000 39500 783200 Williams Coal Seam Gas Trust Common 969450105 3649 240400 Sole 240400 Wolverine World Wide Inc Common 978097103 10776 461900 Sole 461900 Worthington Industries Inc Common 981811102 6013 287000 Sole 287000 WPS Resources Corp Com Common 92931B106 7633 153900 Sole 153900 Wyeth Common 983024100 176655 3970268 Sole 698483 563264 2708521 Yamana Gold Inc. Common 98462Y100 150 15200 Sole 15200 Zimmer Holdings Inc Common 98956P102 478 8420 Sole 3420 5000
Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 422 Form 13F Information Table Value Total: 15,257,302 (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