-----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, SIBkyPvLNQ4d6DvYabtFHoYHO0UP9MXx/0/7/LgjfRxnedLpPwKAfT4dgWjCjA9K vSmfxG680dkYoDp5+kmvog== 0000950159-07-000172.txt : 20070214 0000950159-07-000172.hdr.sgml : 20070214 20070214101926 ACCESSION NUMBER: 0000950159-07-000172 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20061231 FILED AS OF DATE: 20070214 DATE AS OF CHANGE: 20070214 EFFECTIVENESS DATE: 20070214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREMAN VALUE MANAGEMENT L L C CENTRAL INDEX KEY: 0001055282 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-06700 FILM NUMBER: 07614417 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: December 31, 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 February 14, 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 Value Investment Name of Issuer of Class CUSIP (x$1000) Quantity Discretion SOLE SHARED NONE - --------------------------------------------------------------------------------------------------------------------------- 3D Systems Corp. Common 88554d205 361 22600 Sole 22600 3M Company Common 88579Y101 419188 5378976 Sole 910099 635848 3833029 ABX Air Inc. Common 00080S101 17903 2583400 Sole 747800 116000 1719600 AES Corporation Common 00130H105 738 33500 Sole 8300 25200 AGCO Corp. Common 001084102 4329 139900 Sole 112300 18700 8900 AMCommonp Inc. Common 02342j101 3361 305800 Sole 305800 AT&T Inc Common 00206R102 15355 429500 Sole 429500 Ace Ltd. Common g0070k103 1472 24300 Sole 24300 Adeza Biomedical Corp Common 006864102 5224 350400 Sole 350400 Administaff Inc Common 007094105 13798 322600 Sole 322600 Aeroflex Inc Common Common 007768104 23275 1985900 Sole 461400 84600 1439900 Aetna Inc Common 00817y108 268037 6216819 Sole 1065015 831778 4320026 Agrium Inc Common 008916108 26502 841600 Sole 197700 35500 608400 Alaska Air Group Inc. Common 011659109 10886 275600 Sole 275600 Alaska Commonm Systems Group Common 01167P101 6942 457000 Sole 107000 350000 Alcoa Inc Common 013817101 2014 67100 Sole 2000 65100 Allegheny Energy Inc. Common 017361106 9356 203800 Sole 203800 Alliant Techsystems Inc Common 018804104 723 9250 Sole 2550 6700 Allied World Assurance Hold Common G0219G203 16771 384400 Sole 96500 13600 274300 Allstate Common 020002101 9843 151170 Sole 103600 70 47500 Altagas InCommone Trust Common 021360102 738 32800 Sole 32800 Altria Group Inc Common 02209s103 1425579 16594609 Sole 4556587 1736142 10301880 Ambac Finl Group Inc Common Common 023139108 1189 13350 Sole 1950 11400 American Capital Strategies Common 024937104 495 10700 Sole 10700 American Ecology Corp Common 025533407 8637 466600 Sole 466600 American Home Mortage Inves Common 02660R107 23141 658900 Sole 344600 314300 American International Group Common 026874107 114247 1594501 Sole 266225 236985 1091291 American Med System. Holdings Common 02744m108 1180 63700 Sole 63700 Americanwest Bancorporation Common 03058P109 8937 369000 Sole 369000 Amerisafe Inc. Common 03071h100 11332 733000 Sole 733000 Ametek Inc. Common 031100100 751 23575 Sole 7275 16300 Anadarko Petroleum Common 032511107 162764 3758036 Sole 773864 659711 2324461 Anixter International Inc. Common 035290105 35621 656000 Sole 122700 18900 514400 Annaly Mtg Mgmt Inc. Common 035710409 21956 1578400 Sole 304400 30600 1243400 Anworth Mortgage Asset Group Common 037347101 7259 763300 Sole 763300 Apache Corp Common Common 037411105 347501 5234617 Sole 806913 501237 3926467 Apollo Group Inc. - Class A Common 037604105 998 25600 Sole 7300 18300 Apollo Investment Corp. Common 03761u106 57640 2573200 Sole 437400 26800 2109000 Applix Inc Common 038316105 2964 261400 Sole 142900 80300 38200 Arc Energy Trust (Canadian) Common 001986108 20228 1055600 Sole 288700 766900 Arch Capital Group Ltd Common g0450a105 41141 608500 Sole 36500 12500 559500 Archer Daniels Midland Common 039483102 420 13150 Sole 3650 9500 Arena Resources Inc. Common 040049108 5659 132500 Sole 132500 Argon St. Inc. Common 040149106 6585 305700 Sole 305700 Argonaut Group Inc. Common 040157109 4922 141200 Sole 115600 17200 8400 Armor Holdings Inc. Common 042260109 11420 208200 Sole 87600 13300 107300 Ashland Inc. Common 044209104 823 11900 Sole 3300 8600 Assurant Inc. Common 04621x108 525 9500 Sole 400 9100 Asta Funding Common 046220109 8377 275200 Sole 275200 Atwood Oceanics Inc. Common 050095108 29402 600400 Sole 70200 11400 518800 Autoliv Inc. Common 052800109 1034 17150 Sole 5150 12000 Avid Technology Inc. Common 05367p100 14707 394700 Sole 5200 389500 B&G Foods Holdings Corp-EIS Common 05508r205 683 34100 Sole 34100 BB&T Corp. Common 054937107 2122 48300 Sole 1600 46700 BE Aerospace Inc. Common 073302101 29835 1161800 Sole 210500 33300 918000 BEBE Stores Inc. Common 075571109 5517 278800 Sole 278800 BJ Svcs Co Common Common 055482103 651 22200 Sole 22200 BP Amoco Plc - Spons Adr Common 055622104 701 10445 Sole 10445 BP Prudhoe Bay Royalty Trust Common 055630107 5727 74400 Sole 43800 30600 Bally Technologies Common 05874B107 9975 534000 Sole 534000 Bank Of America Corp Common 060505104 431681 8083551 Sole 2053730 889551 5140270 Bankatlantic Bancorp Cl A Common 065908501 3201 231800 Sole 231800 Bankunited Finl Corp Cl A Common 06652B103 7857 281000 Sole 50700 230300 Bausch & Lomb Inc. Common 071707103 2090 40150 Sole 15750 24400 Baytex Energy Trust - Units Common 073176109 2844 150000 Sole 150000 Bear Stearns Cos Inc. Common 073902108 2303 14150 Sole 1950 12200 Beckman Coulter Inc. Common 075811109 742 12400 Sole 3100 9300 Beverly Hills Bancorp Inc. Common 087866109 3223 388800 Sole 78800 310000 Biomet Inc. Common 090613100 873 21150 Sole 6150 15000 Bisys Group Inc./The Common 055472104 3681 285100 Sole 229700 36800 18600 Black & Decker Corp. Common 091797100 488 6100 Sole 200 5900 Black Box Corp. DEL Common Common 091826107 29851 710900 Sole 99700 16700 594500 Bonavista Energy Trust (Canadi Common 098536105 19328 799000 Sole 192500 606500 Borders Group Inc. Common 099709107 168403 7534825 Sole 1383510 103231 6048085 Boston Scientific Common 101137107 1964 114300 Sole 3600 110700 Bristol Myers Squibb Common 110122108 49509 1881045 Sole 619953 49207 1211885 Bristow Group Inc. Common 110394103 4934 136700 Sole 136700 British American Tobacco Common 110448107 16361 287911 Sole 64953 213883 9075 C-Met (144A) Common 189758105 432 18000 Sole 18000 CAE Inc. Common 124765108 16154 1759650 Sole 20650 1739000 CBRE Realty Finance (144A) Common 12498B109 7500 500000 Sole 500000 CBRE Realty Finance Inc. Common 12498B307 33377 2124600 Sole 448400 1676200 CBS Corp New Cl B Common 124857202 1656 53100 Sole 53100 CF Industries Holdings Inc. Common 125269100 4259 166100 Sole 166100 CIT Group Common 125581108 47972 860175 Sole 108600 751575 CMS Energy Corp Common 125896100 4776 286000 Sole 286000 CONSTELLATION BRANDS INC Common 21036P108 592 20400 Sole 5800 14600 Caci Intl Inc Cl A Common 127190304 20125 356200 Sole 356200 Callaway Golf Common 131193104 7074 490900 Sole 490900 Cameco Corp Common 13321L108 1424 35200 Sole 10300 5600 19300 Cano Petroleum Inc. Common 137801106 473 86300 Sole 86300 Capital Lease Funding Common 140288101 14974 1290900 Sole 1290900 Capital One Finl Corp Common 14040H105 1775 23100 Sole 1000 22100 Carolina Gp - Loews Corp Common 540424207 1466 22650 Sole 6050 16600 Carrizo Oil & Gas Inc. Common 144577103 6431 221600 Sole 221600 CastlePoint Holdings Ltd. 144A Common 148553100 13838 1258000 Sole 1258000 Caterpillar Inc Common 149123101 3024 49300 Sole 49300 Centene Corp. Common 15135B101 16872 686700 Sole 108600 14400 563700 Centennial Bank Holdings Inc. Common 151345303 11345 1199300 Sole 1199300 Centerplate Inc IDS Common 15200E204 1036 54500 Sole 54500 Centex Corp. Common 152312104 518 9200 Sole 400 8800 Century Aluminum Commonpany Common 156431108 16918 378900 Sole 68200 11300 299400 Century Casinos Inc. Common 156492100 5727 513200 Sole 421100 60400 31700 Charles River Laboratories Common 159864107 19145 442650 Sole 27450 9200 406000 Chesapeake Energy Corp Common 165167107 2994 103050 Sole 10350 92700 Chevron Corporation Common 166764100 524450 7146219 Sole 1433706 721185 4991328 Chicago Bridge & Iron Common 167250109 17416 637000 Sole 637000 Chiquita Brands Intl Common 170032809 11248 704300 Sole 704300 Chubb Corp Common 171232101 94651 1789207 Sole 364392 292030 1132785 Church & Dwight Co Inc Common 171340102 17425 408550 Sole 79650 10300 318600 Cigna Corp Common 125509109 1105 8400 Sole 800 7600 Cincinnati Financial Corp. Common 172062101 1539 33973 Sole 4373 29600 Cinram International InCommone Common 172595100 7185 364300 Sole 364300 Citigroup, Inc Common 172967101 104743 1881543 Sole 291934 202528 1387081 Clean Harbors Inc. Common 184496107 8167 168700 Sole 168700 Cohen & Steers REIT & PR Common 19247x100 4418 142500 Sole 116000 26500 Coleman Cable 144A Common 193459104 6000 400000 Sole 400000 Columbia Bkg Sys Inc Common 197236102 5696 162200 Sole 162200 Commonerica Inc Common 200340107 3239 55200 Sole 6000 49200 Commonmscope Inc. Common 203372107 49000 1607600 Sole 273700 45100 1288800 Conn's Inc. Common 208242107 7802 335300 Sole 335300 ConocoPhillips Common 20825C104 1117562 15601098 Sole 3177526 1861386 10562186 Contrans InCommone Fund Common 212337109 7063 683800 Sole 683800 Convergys Corp. Common 212485106 556 23400 Sole 6200 17200 Cooper Cos. Inc Common Common 216648402 22188 498600 Sole 69400 10000 419200 Cooper Industries Ltd Common g24182100 475 5250 Sole 1550 3700 Corillian Corp Common 218725109 9661 2562700 Sole 578600 176800 1807300 Countrywide Financial Common 222372104 985 23200 Sole 23200 Covansys Corporation Common 22281W103 18358 799900 Sole 799900 Covanta Holding Corporation Common 22282E102 5889 267200 Sole 267200 Coventry Health Care Common Common 222862104 546 10900 Sole 10900 Crescent Point Energy Trust (C Common 225908102 19949 1319000 Sole 347400 971600 Crystal River Capital Inc. Common 229393301 35438 1388100 Sole 100000 1288100 Cummins Inc. Common Common 231021106 485 4100 Sole 200 3900 Curtiss-Wright Corp. Common 231561101 5725 154400 Sole 125200 19700 9500 Cypress Semiconductor Corp. Common 232806109 1848 109539 Sole 109539 Cypress Shapridge 144A Common 23281a208 7500 750000 Sole 750000 D R Horton Inc Common Common 23331A109 620 23400 Sole 800 22600 DRS Technologies Inc Common 23330x100 30165 572600 Sole 107900 16300 448400 DST Systems Inc. Common 233326107 802 12800 Sole 3500 9300 Datapath, Inc. 144A Common 23808r106 5500 500000 Sole 500000 Deerfield Triarc Capital Cor Common 244572301 26973 1593200 Sole 1593200 Delta Petroleum Corp Common 247907207 7506 324100 Sole 64300 10600 249200 Devon Energy Common 25179M103 453446 6776952 Sole 1535097 764829 4477026 Diebold Inc. Common 253651103 555 11900 Sole 3100 8800 Donnelley (R R) & Sons Co Common 257867101 583 16400 Sole 600 15800 Double Hull Tankers Inc Common Y21110104 18327 1132000 Sole 100000 1032000 Dow Chemical Common 260543103 2945 73812 Sole 2712 71100 Dte Energy Common 233331107 654 13500 Sole 600 12900 Du Pont (E I) De Nemours Common 263534109 580 11900 Sole 4000 7900 Dynegy Inc. Class A Common 26816Q101 33144 4577965 Sole 715664 137500 3724801 EDO Corp Common 281347104 16898 711800 Sole 150500 561300 Eagle Bulk Shipping Inc. Common y2187a101 16522 952800 Sole 61100 891700 Eaton Corp. Common 278058102 1330 17700 Sole 2400 15300 Eaton Vance Corp. NVT Common 278265103 1053 31900 Sole 9600 22300 El Paso Corporation Common 28336L109 42816 2802070 Sole 1180375 81700 1539995 Electronic Data Systems Corp Common 285661104 212019 7705475 Sole 1110272 845828 5749375 Emcor Group Inc Common Common 29084Q100 28800 506600 Sole 506600 Empire District Electric Co. Common 291641108 8935 361900 Sole 361900 Encana Corp Common 292505104 132168 2880816 Sole 326094 244705 2310017 Endurance Specialty Holdings Common g30397106 25368 693500 Sole 105600 16700 571200 Energy Metals Corporation Unit Common 29271B106 14053 1619200 Sole 1619200 Enerplus Resources Fund Common 29274D604 7209 165300 Sole 92800 72500 Ensco International, Inc Common 26874q100 591 11800 Sole 400 11400 Eog Resources Inc. Common 26875p101 1418 22700 Sole 800 21900 Esco Technologies Inc Common Common 296315104 3026 66600 Sole 66600 Evergreen Inc. Advantage Fund Common 30023y105 15568 1050500 Sole 246200 804300 Exar Corp Common 300645108 14619 1124500 Sole 201500 923000 Express Scripts Inc. Common 302182100 458 6400 Sole 6400 Exxon Mobil Corp Common 30231G102 15592 203466 Sole 7218 48 196200 FBR Capital Markets Corp. - 14 Common 30247c103 4500 300000 Sole 300000 Fairborne Energy Trust (Canadi Common 303628101 29569 3292800 Sole 654300 2638500 Fairpoint Commonmunications Inc. Common 305560104 21059 1111300 Sole 31000 1080300 Fannie Mae Common 313586109 533239 8973547 Sole 2020848 1469244 5483455 Federal Express Common 31428X106 53322 490900 Sole 76700 9400 404800 Federated Dept Stores Common 31410h101 135136 3548962 Sole 664013 518524 2366425 Federated Investors Inc. - Cla Common 314211103 519 15350 Sole 3750 11600 Fieldstone Investment Corp Common 31659U300 966 220500 Sole 220500 First Data Corp Common 319963104 1488 58300 Sole 1200 57100 First Horizon National Corp Common 320517105 499 11950 Sole 3350 8600 Focus Energy Trust Units (Cana Common 34415R108 3771 241400 Sole 100000 141400 Fording Canadian Coal Trust Common 345425102 7136 343900 Sole 343900 Foster (LB) Co. - Class A Common 350060109 529 20400 Sole 20400 Foster Wheeler Ltd. Common G36535139 49645 900350 Sole 137800 24000 738550 Freddie Mac Common 313400301 870582 12821314 Sole 3260411 1186142 8374761 Freehold Royalty Trust UTS Common 355904103 7538 592300 Sole 592300 Freeprt McMoran cpr&gld Common 35671d857 34594 620750 Sole 302250 318500 Freidman Billings Ramsey-A Common 358434108 2277 284600 Sole 284600 Frontline Ltd Common g3682e127 7093 222700 Sole 222700 GMH Commonmunities Trust Common 36188G102 3669 361500 Sole 290000 47600 23900 Gannett Co Inc DEL Common 364730101 1100 18200 Sole 800 17400 General Cable Corp/De Common 369300108 71088 1626350 Sole 185350 28000 1413000 General Electric Co Common 369604103 207359 5564181 Sole 1183769 1161973 3218439 Genesee & Wyoming Inc-Cl A Common 371559105 16353 623225 Sole 623225 Genlyte Group Inc Common Common 372302109 13841 177200 Sole 177200 Genworth FINL INC. Common Common 37247d106 1203 35165 Sole 1400 65 33700 GoldCorp Inc. Common 380956409 8112 285225 Sole 285225 Goldman Sachs Common 38141G104 8577 43023 Sole 1400 23 41600 Granite Constr Inc Common Common 387328107 16123 320400 Sole 320400 Grant Prideco Inc. Common 38821G101 4315 108500 Sole 108500 Great Plains Energy Inc. Common 391164100 10087 317200 Sole 317200 HMS Holdings Corp Common 40425j101 8611 568350 Sole 456150 74600 37600 HUBBELL INC CL B PAR .01 Common 443510201 15984 353550 Sole 39050 314500 Hancock Hldg Co Common Common 410120109 444 8400 Sole 2400 6000 Harsco Corp Common Common 415864107 16331 214600 Sole 214600 Hartford Finl Svcs Grp Inc Common 416515104 111396 1193880 Sole 298084 172803 722993 Harvest Energy Trust Common 41752x101 21797 970900 Sole 970900 Harvest Energy Trust - Units ( Common 41752x101 7326 325000 Sole 325000 Headwaters Inc. Common 42210p102 10224 426700 Sole 426700 Healthspring Inc Common 42224n101 30352 1491500 Sole 312400 40200 1138900 Helen of Troy Ltd Common G4388N106 4292 176900 Sole 176900 Helix Energy Group, Inc. Common 42330p107 21840 696200 Sole 102200 16800 577200 Hercules Offshore Inc. Common 427093109 14485 501200 Sole 501200 Hercules Technology Growth Common 427096508 21013 1474567 Sole 1474567 Herley Industries Inc Common 427398102 4697 290100 Sole 290100 Hess Corp Common 42809h107 1462 29500 Sole 2950 50 26500 Home Depot Inc. Common 437076102 378874 9429070 Sole 1543250 1080470 6805350 Hormel Foods Corp. Common 440452100 351 9400 Sole 2500 6900 Huntington Bancshares In Common 446150104 437 18400 Sole 800 17600 HyperCommon Corp. Common 44913M105 17824 2807000 Sole 510700 60700 2235600 Hyperion Total Return Fund Common 449145101 4098 445900 Sole 222600 223300 IShares Russell 2000 Value Common 464287630 2345 29300 Sole 10900 18400 ITT Corporation Common 450911102 670 11800 Sole 3100 8700 Imperial Tobacco Group PLC Common 453142101 89133 1126460 Sole 138392 148031 840037 Ingersoll Rand Co Common g4776g101 947 24200 Sole 1000 23200 Insituform Technologies - Clas Common 457667103 25004 966900 Sole 169600 21500 775800 International Business Machine Common 459200101 457 4700 Sole 4700 Invitrogen Corp Common 46185r100 337 5950 Sole 1750 4200 Inyx Inc. Common 461868101 2710 1163200 Sole 966700 120200 76300 Iowa TeleCommonmunications Common 462594201 14566 739000 Sole 739000 J.P. Morgan Chase & Co. Common 46625H100 87318 1807958 Sole 234142 162930 1410886 JER Investors Trust Inc. Common 46614H301 40561 1962300 Sole 457600 40800 1463900 JM Smucker Co. Common 832696405 29940 617700 Sole 74900 12100 530700 Johnson & Johnson Common 478160104 152985 2313978 Sole 353927 302801 1657250 K&F Industries Holdings Inc. Common 482241106 21783 959200 Sole 959200 KKR Financial Corp Common 482476306 58917 2199200 Sole 528850 36100 1634250 KMG America Corp Common 482563103 4488 468000 Sole 468000 Keycorp Common 493267108 168566 4433934 Sole 1365897 392640 2675397 Kindred Healthcare Inc. Common 494580103 9343 370000 Sole 370000 Kinetic Concepts Inc. Common 49460W208 18739 473800 Sole 82400 9800 381600 Komag Inc. Common 500453204 7353 194100 Sole 194100 L-3 Commonmunications Holdings Common 502424104 720 8800 Sole 2600 6200 Laboratory Corp. Of America Ho Common 50540r409 1748 23790 Sole 19335 3600 855 Lakes Entertainment Inc Common 51206P109 15270 1415200 Sole 337850 40400 1036950 Lawson Software Inc. Common Common 52078p102 2482 335900 Sole 290700 27700 17500 Legg Mason Inc. Common 524901105 746 7850 Sole 2550 5300 Lehman Brothers Holdings Inc Common 524908100 3314 42422 Sole 2500 22 39900 Lennar Corp Common Common 526057104 514 9800 Sole 400 9400 Lifepoint Hospitals Common 53219l109 34223 1015506 Sole 141092 20944 853470 Lilly (Eli) & Co Common 532457108 67490 1295400 Sole 3400 1292000 Lincare Holdings Inc Common 532791100 518 13000 Sole 3800 9200 Lincoln National Corp Common 534187109 1428 21500 Sole 600 20900 Loews Corp Common 540424108 1684 40600 Sole 40600 Lowes Cos. Common 548661107 109980 3521869 Sole 553535 536059 2432275 Lyondell Chemical PV $1 Common 552078107 1002 39200 Sole 6600 32600 MB Financial Inc. Common 55264U108 4709 125200 Sole 68900 8000 48300 MBIA Inc Common 55262C100 731 10000 Sole 400 9600 MCG Capital Corp. Common 58047P107 6277 308900 Sole 107800 201100 MFA Mortgage Investments, Inc. Common 55272x102 20608 2679800 Sole 506500 63000 2110300 MKS Instrument Inc Common Common 55306N104 10870 481400 Sole 481400 Marathon Oil Corp Common 565849106 2969 32100 Sole 1200 30900 Marshall & Ilsley Corp. Common 571834100 736 15300 Sole 4100 11200 Masco Common 574599106 913 30576 Sole 1200 76 29300 Matrix Service Co. Common 576853105 5614 348700 Sole 348700 McMoran Exploration Co. Common 582411104 340 23900 Sole 23900 Medco Health Solutions, Inc. Common 58405u102 696 13026 Sole 5026 8000 Merck & Co Common 589331107 255839 5855428 Sole 2992638 799110 2063680 Meridan Resource Corp. Common 58977q109 1901 615100 Sole 615100 Metal Management, Inc. Common 591097209 5594 147800 Sole 147800 Metlife Common 59156r108 3463 58684 Sole 2300 84 56300 Mettler-Toledo International Common 592688105 18005 228350 Sole 2550 225800 Microsoft Common 594918104 76444 2560075 Sole 574255 203655 1782165 Mirant Corp Common 60467r100 16710 529286 Sole 24801 28900 475585 Mitcham Industries Inc. Common 606501104 1928 161300 Sole 133000 17600 10700 Mohawk Industries Inc Common 608190104 243 3250 Sole 1050 2200 Morgan Stanley Common 617446448 15170 186300 Sole 86600 99700 Mortgageit Holdings Inc. Common 61915Q108 16486 1117700 Sole 1117700 Mueller Water Products Inc. Common 624758108 11808 794100 Sole 794100 Mueller Water Products Inc. Cl Common 624758207 6621 444340 Sole 444340 Murphy Oil Corp. Common 626717102 1218 23950 Sole 2650 21300 NCI Building Systems, Inc. Common 628852105 4740 91600 Sole 91600 NGP Capital Resources Co Common 62912r107 5357 319802 Sole 130826 27552 161424 Nal Oil & Gas Trust-UTS (Canad Common 628949109 10599 1002000 Sole 1002000 Nash Finch Co Common Common 631158102 14698 538400 Sole 136900 16600 384900 Natco Group Inc - A Common 63227W203 3245 101800 Sole 101800 National City Corp Common 635405103 1777 48600 Sole 4000 44600 Nestle S A Sponsored ADR Common 641069406 310 3500 Sole 2300 1200 New Flyer Industries Inc.-IDS Common 64438r306 7262 920600 Sole 920600 NewAlliance Bancshares Inc. Common 650203102 11219 684100 Sole 684100 Newcastle Investment Corp. Common 65105M108 65644 2095909 Sole 471750 21450 1602709 Newfield Expl. CO Common. Common 651290108 538 11700 Sole 400 11300 Newmont Mining Corp Common 651639106 555 12300 Sole 12300 Nobel Learning Commonmunities Common 654889104 5715 499000 Sole 33600 89200 376200 Noble Energy Common 655044105 1867 38050 Sole 2750 35300 Norfolk Southern Corp. Common 655844108 1555 30927 Sole 1300 27 29600 Northern Orion Resources Inc. Common 665575106 10432 2850400 Sole 688100 89400 2072900 Northwest Pipe Commonpany Common 667746101 8829 262600 Sole 262600 Novartis Ag Sponsored Adr Common 66987v109 287 5000 Sole 5000 Novastar Financial Inc. Common 669947400 56831 2132500 Sole 535700 20200 1576600 Nucor Corp Common 670346105 1268 23200 Sole 1000 22200 Nuveen Investments CL A Common 67090F106 830 16000 Sole 4800 11200 Nuveen Pfd. & Cvrt InCommone Fund Common 67073d102 11059 783800 Sole 190000 593800 Nuveen Quality Preferred II Common 67072c105 2437 161200 Sole 161200 Occidental Petroleum Common 674599105 224728 4623140 Sole 737521 444435 3441184 Odyssey Healthcare Inc Common 67611V101 12295 927200 Sole 927200 Odyssey Re Holdings Corp Common 67612w108 28247 757300 Sole 105600 20000 631700 Ohio Casualty Corp Common 677240103 841 28200 Sole 7700 20500 Oil States International Inc Common 678026105 14529 450795 Sole 81395 10200 359200 Old Dominion Freight Line Common 679580100 1798 74700 Sole 63500 8300 2900 Old Republic Intl Corp Common 680223104 1599 68675 Sole 68675 Oneok Inc New Common Common 682680103 16317 378400 Sole 378400 Openwave Systems Inc. Common 683718308 4013 434800 Sole 434800 Option Care Inc. Common 683948103 21547 1512100 Sole 339300 48600 1124200 Oregon Steel Mills Common 686079104 28197 451800 Sole 58400 9800 383600 PMI Group Inc. Common 69344M101 417 8850 Sole 2750 6100 PNC Financial Services Group Common 693475105 158491 2140620 Sole 528131 94343 1518146 PPG Industries Inc. Common 693506107 836 13025 Sole 600 25 12400 PPL Corp. Common 69351t106 324 9050 Sole 2650 6400 Paccar Inc Common 693718108 4715 72647 Sole 53810 7788 11049 Pan American Silver Corp. Common 697900108 20005 794800 Sole 794800 Par Pharmaceutical Cos Inc. Common 69888p106 10596 473650 Sole 123750 16600 333300 Parallel Petroleum Corp. Common 699157103 17338 986800 Sole 144800 18200 823800 Parker Hannifin Corp Common 701094104 1265 16450 Sole 2450 14000 Patriot National Bancorp. Inc. Common 70336f104 5798 219200 Sole 219200 Payless Shoesource Inc Common 704379106 22186 676000 Sole 676000 Pediatrix Medical Group Common 705324101 27384 560000 Sole 79500 10800 469700 Pengrowth Energy Trust Common 706902509 25254 1467400 Sole 133900 1333500 Penn National Gaming Inc. Common 707569109 20745 498450 Sole 39850 13300 445300 Penn West Energy Trust Common 707885109 15228 498300 Sole 498300 Penn West Energy Trust (Canadi Common 707885109 20938 685000 Sole 685000 Peoples Energy Corp Common Common 711030106 14472 324700 Sole 324700 Pepsico Inc Common 713448108 231 3700 Sole 3700 Perini Corp. Common 713839108 13205 429000 Sole 429000 Perkinelmer Inc. Common 714046109 15675 705150 Sole 93950 32200 579000 Perrigo Commonpany Common 714290103 8401 485600 Sole 485600 Petrohawk Energy Corp Common 716495106 16345 1421300 Sole 271700 44100 1105500 Petrohawk Energy Corp (PIPE)(P Common 716495999 3450 300000 Sole 300000 Petroquest Energy Inc. 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S Preferred g0450A147 8993 340000 Sole 340000 Aspen Insurance (AHL) 7.4010% Preferred g05384139 512 20000 Sole 20000 Axis Capital 7.5000% Preferred 05461t206 5330 50000 Sole 50000 Axis Capital Holdings 7.25 % P Preferred ep0168971 5453 218100 Sole 218100 Banco Santander 6.4100% Pfd. S Preferred 80281R300 2029 80000 Sole 80000 CIT Group Inc. 6.35% Series A Preferred 125581207 8082 310000 Sole 310000 Chevy Chase PFD 8% Preferred 166779207 4962 189300 Sole 189300 DB Cap Funding VIII 6.375% Per Preferred 25153u204 7761 300000 Sole 300000 Dairy Farmers (Dairy) 7.875% S Preferred 23385H208 13790 140000 Sole 140000 Endurance Specialty Holding Pf Preferred 29267H208 10696 412000 Sole 412000 Fannie Mae 5.1% Series Preferr Preferred 313586604 8288 200000 Sole 200000 Fannie Mae Floating Quarterly Preferred 313586794 4265 80000 Sole 80000 Federal Home Loan Mortgage Preferred 313400772 5025 100000 Sole 100000 First Repub Bank 6.7% Series A Preferred 336158209 5140 200000 Sole 200000 Franklin Bank 7.50% Series A Preferred 352451405 1285 50000 Sole 50000 Freddie Mac 6.4200% Series Preferred 313400699 1319 25000 Sole 25000 Goldman Sachs GP 6.2% Series P Preferred 38144X500 2090 80000 Sole 80000 HSBC Holdings PLC 6.2000% Seri Preferred 404280604 2540 100000 Sole 100000 LTC Properties 8% Series F Preferred 502175607 2012 80000 Sole 80000 Lehman Brothers Holding 6.5% S Preferred 524908720 3597 140500 Sole 140500 Metlife Inc 6.5% Series B Pfd. Preferred 59156r603 1306 50000 Sole 50000 Morgan Stanley 6.18% Series A Preferred 61747S504 2535 100000 Sole 100000 New Century (New) 9.125% Serie Preferred 64352D200 432 17800 Sole 17800 Novastar Financial 8.90% Serie Preferred 669947806 522 21000 Sole 21000 Odyssey RE HLDGS 0.00% Series Preferred 67612W405 3856 152100 Sole 152100 Odyssey Re Holdings Pfd. 8.125 Preferred 67612w306 6431 245000 Sole 245000 Omega Healthcare 8.375% Pfd Se Preferred 681936407 10660 400000 Sole 400000 PPL Electric Uti PFD 6.25% Preferred 69351u863 3131 120000 Sole 120000 PRETSL 16 Pfd. Term 17.06% Preferred 74042gaa7 3470 39000 Sole 39000 PRETSL 21 Pfd. Term Security 1 Preferred 74042kaa8 3788 37500 Sole 37500 PRETSL 24 Pfd. Term Security Preferred 74043dab1 7350 75000 Sole 75000 PreTSL 17 Pfd. Term Security 1 Preferred 74042vaa4 3313 37500 Sole 37500 PreTSL 18 Pfd. Term Security 1 Preferred 74042xaa0 3330 37500 Sole 37500 PreTSL 19 Pfd. Term Security 1 Preferred 74042haj6 2256 25000 Sole 25000 PreTSL 23 Pfd. Term Security 1 Preferred 74043baa7 3818 37500 Sole 37500 Red Lion Hotles 9.50% 2/19/44 Preferred 75670L104 2139 81250 Sole 81250 S Finance Pfd. (SANTAN) 6.8% S Preferred 80281R409 2506 100000 Sole 100000 Scottish Re Grp Ltd. 7.2500% S Preferred G73537402 12963 577400 Sole 577400 Southern Union 7.55% Yield Preferred 844030601 9830 385500 Sole 385500 Fannie Mae 5.375% Convertible Preferred 313586810 50381 505 Sole 505 Universal Corp. 6.75% Conv. Pe Preferred 913456307 29941 25000 Sole 25000
Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 515 Form 13F Information Table Value Total: 18,216,239 (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-----