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, 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: 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: Michael Appleton Title: Chief Compliance Officer Phone: (201) 793-2005 Signature, Place, and Date of Signing: /s/ Michael Appleton Jersey City, New Jersey May 13, 2008 -------------------- ----------------------- ----------------- [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).)
Dreman Value Management, LLC FORM 13F 31-Mar-08 TOTAL TOTAL: MARKET VALUE TOTAL SHARES SOLE SHARED NONE Name of Issuer Title of class CUSIP (x1000) ------------------------------ ---------------- --------- --------- --------------------------------------------------------------- 3M Company COM 88579Y101 323,453 4,086,586 811,027 385,833 2,889,726 ABX Holdings, Inc. COM 00080S101 6,718 2,284,870 769,370 39,550 1,475,950 AT&T Inc COM 00206R102 294 7,669 - 169 7,500 Aaron Rents Inc Com COM 002535201 5,515 256,050 238,600 11,000 6,450 Ace Ltd. COM g0070k103 888 16,120 120 - 16,000 Administaff Inc COM 007094105 8,376 354,750 - - 354,750 Aetna Inc COM 00817Y108 236,499 5,618,898 1,072,225 516,294 4,030,379 Alaska Comm Systems Group COM 01167P101 25,795 2,107,400 868,700 25,350 1,213,350 Alcoa Inc COM 013817101 963 26,710 210 - 26,500 Allegheny Technologies COM 01741r102 816 11,440 140 - 11,300 Allete, Inc. COM 018522300 28,566 739,675 160,525 7,700 571,450 Alliant Techsystems Inc COM 018804104 11,839 114,350 4,200 - 110,150 Allied World Assurance Hold COM G0219G203 13,055 328,850 - - 328,850 Allstate COM 020002101 5,693 118,450 99,550 - 18,900 Altria Group Inc COM 02209S103 280,431 12,632,011 4,041,110 886,307 7,704,594 Amedisys Inc. COM 023436108 30,084 764,725 229,734 11,427 523,564 Ameren Corp. COM 023608102 1,464 33,250 2,700 - 30,550 American Capital Strategies COM 024937104 1,019 29,840 340 - 29,500 American Ecology Corp COM 025533407 10,252 404,750 - - 404,750 American Financial Realty Trus COM 02607P305 15,151 1,908,125 510,925 31,200 1,366,000 American International Group COM 026874107 737 17,030 130 - 16,900 Americanwest Bancorporation COM 03058P109 3,174 364,000 - - 364,000 Amerisafe Inc. COM 03071h100 7,996 632,630 280 - 632,350 Amgen Inc COM 031162100 78,965 1,890,031 375,299 212,859 1,301,873 Amsurg Corp. COM 03232P405 7,934 335,050 311,950 15,600 7,500 Anadarko Petroleum COM 032511107 479,731 7,611,156 1,468,732 515,734 5,626,690 Anixter International Inc. COM 035290105 50,844 793,945 180,145 6,100 607,700 Apache Corp Com COM 037411105 471,556 3,902,963 817,113 275,271 2,810,579 Apollo Investment Corp. COM 03761u106 32,829 2,073,840 231,440 - 1,842,400 Apria Healthcare Group Inc. COM 037933108 16,564 838,700 249,300 10,950 578,450 Arc Energy Trust (Canadian) COM 001986108 40,838 1,588,400 821,500 - 766,900 Arch Capital Group Ltd COM g0450a105 6,645 96,760 4,460 - 92,300 Argo Group International Holdi COM G0464B107 28,110 791,398 242,502 7,166 541,730 Arris Group Inc. COM 04269Q100 12,963 2,227,400 415,300 17,650 1,794,450 Arrow Electronics Inc. COM 042735100 1,810 53,800 10,950 - 42,850 Ashford Hospitality Trust COM 044103109 11,245 1,979,840 485,640 23,600 1,470,600 Assurant Inc. COM 04621x108 889 14,610 110 - 14,500 Atwood Oceanics Inc. COM 050095108 22,398 244,200 64,850 3,450 175,900 Autozone COM 053332102 941 8,270 70 - 8,200 Avid Technology Inc. COM 05367p100 9,025 370,800 - - 370,800 BHP BILLITON LTD ADR COM 088606108 27,575 418,760 69,010 7,250 342,500 BP Amoco Plc - Spons Adr COM 055622104 279 4,600 4,600 - - BP Prudhoe Bay Royalty Trust COM 055630107 13,324 142,700 43,800 - 98,900 Bank Of America Corp COM 060505104 499,708 13,181,440 2,926,213 985,730 9,269,497 Barnes Group Inc. COM 067806109 14,912 649,775 275,375 13,550 360,850 Baytex Energy Trust - Units COM 073176109 3,324 150,000 150,000 - - Beckman Coulter Inc. COM 075811109 5,374 83,250 4,050 - 79,200 Biovail Corp. COM 09067J109 1,313 123,300 12,450 - 110,850 Black Box Corp. DEL COM COM 091826107 18,140 588,000 - - 588,000 Blount Intl Inc New COM 095180105 8,030 649,150 603,150 31,300 14,700 Bonavista Energy Trust (Canadi COM 098536105 43,528 1,496,200 889,700 - 606,500 Borders Group Inc. COM 099709107 27,199 4,633,540 769,045 13,145 3,851,350 Boston Private Finl Holding In COM 101119105 5,837 551,200 270,100 13,100 268,000 British American Tobacco COM 110448107 13,424 177,221 67,283 103,974 5,964 C-Met (144A) COM 189758105 216 18,000 - - 18,000 CAE Inc. COM 124765108 15,518 1,372,050 - - 1,372,050 CBS Corp New Cl B COM 124857202 1,850 83,780 3,680 - 80,100 CF Industries Holdings Inc. COM 125269100 6,570 63,400 3,200 - 60,200 CIT Group COM 125581108 51,057 4,308,567 808,176 602,592 2,897,799 CMS Energy Corp COM 125896100 3,131 231,250 - - 231,250 CNA Financial Corp COM 126117100 769 29,830 330 - 29,500 Caci Intl Inc Cl A COM 127190304 16,355 359,050 - - 359,050 Callaway Golf COM 131193104 9,270 631,500 - - 631,500 Cameco Corp COM 13321L108 1,329 40,350 3,400 - 36,950 CapLease Inc COM 140288101 9,666 1,244,050 - - 1,244,050 Capital One Finl Corp COM 14040H105 1,045 21,240 240 - 21,000 Carolina Gp - Loews Corp COM 540424207 969 13,350 1,150 - 12,200 CastlePoint Holdings Ltd. COM g19522112 4,033 414,500 - - 414,500 Celanese Corp. - Series A COM 150870103 917 23,470 270 - 23,200 Centene Corp. COM 15135B101 7,864 564,100 - - 564,100 Centerplate Inc IDS COM 15200E204 1,318 133,800 - - 133,800 Century Aluminum Company COM 156431108 27,931 421,670 151,320 7,650 262,700 Charles River Laboratories COM 159864107 10,736 182,150 - - 182,150 Check Point Software COM m22465104 1,798 80,250 6,850 - 73,400 Chesapeake Energy Corp COM 165167107 3,121 67,630 3,780 - 63,850 Chevron Corporation COM 166764100 390,610 4,576,026 1,109,737 356,882 3,109,407 Chicago Bridge & Iron COM 167250109 8,246 210,150 - - 210,150 Chubb Corp COM 171232101 204,043 4,123,739 783,748 405,377 2,934,614 Cigna Corp COM 125509109 2,002 49,340 2,840 - 46,500 Cimarex Energy Co. COM 171798101 6,973 127,390 5,840 - 121,550 Cincinnati Financial Corp. COM 172062101 2,525 66,373 3,923 - 62,450 Cinram International Income (C COM 172595100 2,049 364,300 - - 364,300 Citigroup, Inc COM 172967101 180,039 8,405,179 1,611,799 785,785 6,007,595 Citizens Republic Bancorp Inc. COM 174420109 9,907 797,050 - - 797,050 City Holding Co. COM 177835105 6,736 168,822 156,472 8,300 4,050 Coca-Cola Femsa - ADR COM 191241108 270 4,800 600 - 4,200 Cohen & Steers REIT & PR COM 19247x100 2,250 116,000 116,000 - - Columbia Bkg Sys Inc COM 197236102 16,601 741,775 225,325 11,500 504,950 Comerica Inc COM 200340107 2,186 62,320 3,070 - 59,250 Commscope Inc. COM 203372107 30,539 876,800 230,600 7,900 638,300 Computer Sciences Corp. COM 205363104 814 19,960 160 - 19,800 Conn's Inc. COM 208242107 5,527 338,850 - - 338,850 ConocoPhillips COM 20825C104 890,595 11,686,066 2,766,449 876,027 8,043,590 Consolidated Edison Inc. COM 209115104 812 20,460 160 - 20,300 Contrans Income Fund (Canadian COM 212337109 8,461 1,017,700 333,900 - 683,800 Cooper Cos. Inc Com COM 216648402 23,463 681,475 248,925 7,950 424,600 Cooper Industries Ltd COM G24182100 1,522 37,900 3,250 - 34,650 Corn Prods Intl Inc Com COM 219023108 1,656 Corrections Corp Of America COM 22025Y407 9,595 348,642 - - 348,642 Covidien Ltd. COM G2552X108 5,774 130,485 31,594 4,827 94,064 Crescent Point Energy Trust (C COM 225908102 60,598 2,172,500 1,200,900 - 971,600 Curtiss-Wright Corp. COM 231561101 15,782 380,475 169,975 8,300 202,200 Cypress Shapridge 144A COM 23281a208 5,063 750,000 750,000 - - DRS Technologies Inc COM 23330x100 47,873 821,425 217,975 7,100 596,350 Del Monte Foods Co COM 24522P103 29,364 3,081,200 698,450 33,950 2,348,800 Deluxe Corp. COM 248019101 8,089 421,100 - - 421,100 Devon Energy COM 25179M103 648,378 6,214,680 1,494,162 430,370 4,290,148 Donnelley (R R) & Sons Co COM 257867101 2,648 87,350 5,100 - 82,250 Double Hull Tankers Inc COM Y21110104 12,085 1,139,000 100,000 - 1,039,000 Dow Chemical COM 260543103 1,076 29,200 200 - 29,000 Dreamworks Animation SKG-A COM 26153C103 6,723 Du Pont (E I) De Nemours COM 263534109 285 6,100 1,600 - 4,500 Duke Energy Corp New COM 26441c105 872 48,870 370 - 48,500 Dynegy Inc. Class A COM 26817g102 91 11,529 - - 11,529 Eagle Bulk Shipping Inc. COM y2187a101 24,544 952,800 61,100 - 891,700 Eaton Corp. COM 278058102 1,863 23,380 1,130 - 22,250 Edison International COM 281020107 1,961 40,000 3,350 - 36,650 Embarq Corp COM 29078e105 812 20,240 240 - 20,000 Emcor Group Inc Com COM 29084Q100 24,650 1,109,850 146,500 7,450 955,900 Empire District Electric Co. COM 291641108 5,291 261,300 261,300 - - Encana Corp COM 292505104 4,529 59,785 5,733 910 53,142 Endurance Specialty Holdings COM G30397106 36,439 995,600 256,350 9,150 730,100 Enerplus Resources Fund COM 29274D604 17,521 403,700 403,700 - - Ennis Inc. COM 293389102 17,778 1,059,450 294,400 14,600 750,450 Ensco International, Inc COM 26874q100 1,039 16,590 190 - 16,400 Evergreen Inc. Advantage Fund COM 30023y105 12,109 1,148,868 246,200 - 902,668 Exxon Mobil Corp COM 30231G102 963 11,380 80 - 11,300 FBR Capital Markets Corp. - 14 COM 30247c103 2,097 300,000 - - 300,000 Fairborne Energy Ltd. (Canadia COM 303623102 16,519 2,456,500 872,600 - 1,583,900 Fairpoint Communications Inc. COM 305560104 1,963 217,600 - - 217,600 Fannie Mae COM 313586109 274,305 10,421,905 3,566,276 999,854 5,855,775 Federal Express COM 31428X106 109,391 1,180,440 188,522 20,828 971,090 Fifth Third Bancorp COM 316773100 820 39,190 290 - 38,900 Financial Fed Corp Com COM 317492106 4,828 221,350 206,100 10,250 5,000 Firstmerit Corp. COM 337915102 7,117 344,475 320,125 16,500 7,850 Forest Laboratories Inc. COM 345838106 1,080 26,990 290 - 26,700 Fortune Brands Inc. COM 349631101 1,543 22,200 1,850 - 20,350 Freddie Mac COM 313400301 307,995 12,164,107 2,089,602 1,197,751 8,876,754 Freehold Royalty Trust UTS (Ca COM 355904103 10,414 592,300 - - 592,300 Freeprt McMoran cpr&gld COM 35671d857 1,036 10,770 70 - 10,700 Frontier Oil Corp Com COM 35914P105 643 23,580 280 - 23,300 Frontline Ltd COM g3682e127 10,249 222,700 - - 222,700 GATX CORPORATION COM 361448103 6,203 158,775 148,525 6,550 3,700 Gannett Co Inc DEL COM 364730101 827 28,460 310 - 28,150 Gardner Denver Inc Com COM 365558105 14,814 399,300 100 - 399,200 General Cable Corp/De COM 369300108 26,292 445,100 138,450 3,750 302,900 General Electric Co COM 369604103 285,004 7,700,729 1,589,053 840,676 5,271,000 Genesee & Wyoming Inc-Cl A COM 371559105 19,035 553,350 - - 553,350 Granite Constr Inc Com COM 387328107 10,279 314,250 - - 314,250 Grant Prideco Inc. COM 38821G101 868 17,630 130 - 17,500 Great Plains Energy Inc. COM 391164100 3,752 152,200 152,200 - - HCC Ins Hldgs Inc COM 404132102 7,180 316,440 16,690 - 299,750 HERCULES INC COM 427056106 27,209 1,487,650 371,850 18,050 1,097,750 HILB ROGAL & HOBBS CO COM 431294107 20,286 644,600 174,000 8,200 462,400 HNI Corp COM 404251100 19,945 741,725 156,375 7,600 577,750 HUBBELL INC CL B PAR .01 COM 443510201 24,757 566,650 10,350 - 556,300 Hanesbrands Inc. COM 410345102 17,422 596,650 279,600 13,800 303,250 Hanover Insurance Group, Inc. COM 410867105 28,865 701,640 164,490 8,050 529,100 Harley Davidson COM 412822108 789 21,050 250 - 20,800 Harsco Corp Com COM 415864107 16,190 292,350 - - 292,350 Hartford Finl Svcs Grp Inc COM 416515104 155,692 2,054,796 467,115 225,057 1,362,624 Harvest Energy Trust COM 41752x101 37,279 1,663,028 546,828 - 1,116,200 Headwaters Inc. COM 42210p102 5,229 396,450 - - 396,450 Healthspring Inc COM 42224n101 29,562 2,099,600 586,600 17,950 1,495,050 Helen of Troy Ltd COM G4388N106 21,046 1,254,985 493,085 15,050 746,850 Helix Energy Group, Inc. COM 42330p107 9,855 312,850 - - 312,850 Henry (Jack) & Associates COM 426281101 36,935 1,497,150 262,000 12,650 1,222,500 Hercules Offshore Inc. COM 427093109 17,767 707,304 266,820 13,050 427,434 Hess Corp COM 42809h107 854 9,680 80 - 9,600 Hillenbrand Industries COM 431573104 8,485 177,500 9,600 - 167,900 Home Depot Inc. COM 437076102 1,030 36,840 240 - 36,600 Hormel Foods Corp. COM 440452100 8,594 206,300 9,800 - 196,500 Hornbeck Offshore Services COM 440543106 6,384 139,775 129,903 6,722 3,150 Hospitality Properties Trust COM 44106M102 6,554 192,660 2,410 - 190,250 Hyperion Total Return Fund COM 449145101 1,576 222,600 222,600 - - IAMgold Corporation COM 450913108 28,201 3,847,364 1,125,550 36,464 2,685,350 IDACORP INC COM COM 451107106 30,292 943,375 229,425 11,400 702,550 INTL SPEEDWAY CORP-CL A COM 460335201 6,353 154,200 143,700 7,100 3,400 IPC Holdings LTD COM G4933P101 29,758 1,062,790 249,690 12,350 800,750 Imperial Tobacco Group PLC COM 453142101 84,575 918,595 131,578 83,729 703,288 Integrys Energy Group, Inc. COM 45822P105 35,927 770,300 239,250 7,000 524,050 International Business Machine COM 459200101 207 1,800 - - 1,800 International Paper COM 460146103 849 31,200 2,700 - 28,500 Iowa Telecommunications COM 462594201 24,592 1,387,000 380,900 19,300 986,800 J.P. Morgan Chase & Co. COM 46625H100 30,559 711,504 103,914 11,205 596,385 JM Smucker Co. COM 832696405 46,500 918,800 218,550 7,100 693,150 Kelly Svcs Inc Cl A COM 488152208 21,715 1,056,175 196,175 8,000 852,000 Kennametal Inc. COM 489170100 12,695 431,350 219,350 10,850 201,150 Key Energy Services Inc. COM 492914106 22,646 1,687,450 441,800 21,300 1,224,350 Keycorp COM 493267108 268,030 12,210,916 2,878,209 906,426 8,426,281 Kindred Healthcare Inc. COM 494580103 7,705 352,300 - - 352,300 Kinetic Concepts Inc. COM 49460W208 21,407 463,050 2,850 - 460,200 Kohls Corp. COM 500255104 946 22,060 260 - 21,800 L-3 Communications Holdings COM 502424104 2,411 22,050 1,700 - 20,350 Lam Research Corp. COM COM 512807108 863 22,570 270 - 22,300 Lehman Brothers Holdings Inc COM 524908100 580 15,420 120 - 15,300 Liberty Media Corp-Ent Series COM 53071m500 770 34,000 400 - 33,600 Lifepoint Hospitals COM 53219l109 26,996 982,743 193,367 8,336 781,040 Lilly (Eli) & Co COM 532457108 145,223 2,814,940 854,201 202,849 1,757,890 Limited Inc. COM 532716107 915 53,510 610 - 52,900 Lincare Holdings Inc COM 532791100 5,691 202,450 9,550 - 192,900 Lincoln National Corp COM 534187109 894 17,200 200 - 17,000 Loews Corp COM 540424108 814 20,250 150 - 20,100 Lowes Cos. COM 548661107 255,606 11,142,359 2,103,250 1,013,053 8,026,056 M&T Bank Corporation COM 55261F104 981 12,190 90 - 12,100 MB Financial Inc. COM 55264U108 12,175 395,555 215,505 10,450 169,600 MCG Capital Corp. COM 58047P107 2,354 259,010 360 - 258,650 MKS Instrument Inc Com COM 55306N104 20,620 963,552 297,919 13,150 652,483 Macy's Inc. COM 55616p104 74,687 3,238,791 686,097 281,352 2,271,342 Marathon Oil Corp COM 565849106 2,513 55,100 - - 55,100 Marshall & Ilsley Corp. COM 571837103 1,011 43,557 3,908 - 39,649 Masco COM 574599106 908 45,810 510 - 45,300 Matrix Service Co. COM 576853105 4,346 252,950 - - 252,950 Mattel Inc COM 577081102 2,337 117,450 9,400 - 108,050 Metlife COM 59156r108 972 16,130 130 - 16,000 Mettler-Toledo International COM 592688105 18,501 190,500 - - 190,500 Microsoft COM 594918104 2,259 79,607 21,412 52,655 5,540 Mirant Corp COM 60467r100 323 8,888 19 - 8,869 Morgan Stanley COM 617446448 848 18,550 150 - 18,400 Mueller Water Products Inc. COM 624758108 13,581 1,660,300 420,750 20,650 1,218,900 Mueller Water Products Inc. Cl COM 624758207 2,882 365,696 24,850 - 340,846 Myers Industries Inc COM 628464109 2,979 226,900 201,500 16,750 8,650 Mylan Inc. COM 628530107 959 82,650 7,250 - 75,400 Nal Oil & Gas Trust-UTS (Canad COM 628949109 14,574 1,128,600 82,900 - 1,045,700 Nash Finch Co Com COM 631158102 22,241 654,525 271,275 8,650 374,600 Natco Group Inc - A COM 63227W203 5,488 117,400 - - 117,400 New Flyer Industries Inc.-IDS COM 64438r306 11,334 1,025,500 104,900 - 920,600 Newalta Income Fund COM 65020r109 655 39,200 - - 39,200 Newfield Expl. CO Com. COM 651290108 1,549 29,300 2,800 - 26,500 Newmont Mining Corp COM 651639106 362 8,000 4,500 - 3,500 Noble Drilling Corp COM g65422100 876 17,630 130 - 17,500 Noble Energy COM 655044105 1,609 22,100 1,750 - 20,350 Nordstrom Inc. COM 655664100 897 27,510 310 - 27,200 Norfolk Southern Corp. COM 655844108 1,057 19,450 150 - 19,300 Northrop Grumman Corp COM 666807102 154,361 1,983,816 401,621 300,639 1,281,556 Northwest Pipe Company COM 667746101 8,657 203,750 - - 203,750 Nucor Corp COM 670346105 1,111 16,400 200 - 16,200 Nuveen Pfd. & Cvrt Income Fund COM 67073d102 1,934 190,000 190,000 - - Nuveen Quality Preferred II COM 67072c105 1,765 161,200 161,200 - - OM Group Inc COM 670872100 22,285 408,600 137,150 7,100 264,350 Occidental Petroleum COM 674599105 193,784 2,648,413 491,448 212,133 1,944,832 Odyssey Healthcare Inc COM 67611V101 7,783 864,800 - - 864,800 Odyssey Re Holdings Corp COM 67612w108 20,861 567,650 - - 567,650 Oil States International Inc COM 678026105 14,058 313,720 120 - 313,600 Old Republic Intl Corp COM 680223104 820 63,535 260 63,275 - PNC Financial Services Group COM 693475105 323,794 4,938,139 1,087,399 327,974 3,522,766 PPG Industries Inc. COM 693506107 2,330 38,510 2,210 - 36,300 PPL Corp. COM 69351t106 1,743 37,950 3,300 - 34,650 Pan American Silver Corp. COM 697900108 40,964 1,067,600 295,650 15,200 756,750 Parallel Petroleum Corp. COM 699157103 22,594 1,154,500 514,150 17,650 622,700 Park Electrochemical Corp. COM 700416209 21,136 817,630 220,597 10,966 586,067 Parker Hannifin Corp COM 701094104 1,701 24,549 2,124 - 22,425 Pengrowth Energy Trust COM 706902509 32,499 1,701,500 368,000 - 1,333,500 Penn West Energy Trust COM 707885109 37,586 1,343,300 813,000 - 530,300 Penney (J C) Co COM 708160106 863 22,880 180 - 22,700 Penske Auto Group COM 70959w103 12,209 627,400 348,350 17,750 261,300 Perkinelmer Inc. COM 714046109 11,695 482,250 - - 482,250 Perrigo Company COM 714290103 17,292 458,300 - - 458,300 Petrohawk Energy Corp COM 716495106 22,230 1,102,125 480,825 17,500 603,800 Petroquest Energy Inc. COM 716748108 20,981 1,210,000 495,226 18,950 695,824 Pfizer COM 717081103 342,170 16,348,312 3,322,133 1,653,877 11,372,302 Phillip Morris International COM 718172109 638,319 12,619,979 4,033,160 882,225 7,704,594 Phillips-Van Heusen COM 718592108 12,926 340,864 100 - 340,764 Pilgrims Pride Corp COM 721467108 17,058 843,197 174,397 7,150 661,650 Pine Brook Cap Inc. Class A COM 72246F109 - 265,913 265,913 - - Pinnacle Gas Resources, Inc. 1 COM 723464103 2,485 700,000 - - 700,000 Pioneer High Income Trust COM 72369H106 5,160 392,400 277,100 - 115,300 Pitney Bowes Inc COM 724479100 904 25,800 200 - 25,600 Platinum Underwriters Holdings COM G7127P100 29,155 898,175 288,025 8,850 601,300 Primary Energy Recycling-EIS ( COM 74158d304 2,634 428,300 - - 428,300 Procter & Gamble Co COM 742718109 217 3,100 3,100 - - Progress Energy COM 743263105 5,054 121,200 92,700 - 28,500 Progressive Corp Ohio COM 743315103 848 52,800 400 - 52,400 Protective Life Corp Com COM 743674103 7,663 188,940 10,490 - 178,450 REGIS CORP MINN COM 758932107 22,242 809,100 182,350 7,350 619,400 RPC Inc. COM 749660106 12,330 811,700 - - 811,700 RTI International Metals, Inc. COM 74973W107 31,168 689,399 76,749 4,300 608,350 Ralcorp Holdings Inc COM 751028101 39,712 682,925 128,825 6,350 547,750 Regal Beloit COM 758750103 27,654 754,950 173,200 8,400 573,350 Regal Entertainment Group COM 758766109 2,386 123,700 123,700 - - Regions Financial Corp. New COM 7591ep100 8,200 415,170 415,170 - - Renaissancere Holdings LTD COM G7496G103 205 3,950 750 - 3,200 Royal Carribean Cruises COM V7780T103 882 26,800 2,300 - 24,500 Ruby Tuesday Inc Com COM 781182100 1,679 223,850 210,431 9,550 3,869 Ruddick Corp. COM 781258108 45,363 1,230,675 259,575 13,000 958,100 Russell 1000 Value Index Fund COM 464287598 14,939 203,389 148,369 44,050 10,970 SCIELE PHARMA INC COM 808627103 5,964 305,850 284,100 14,750 7,000 SPDR Trust Series 1 COM 78462f103 462 3,500 3,500 - - Safety Insurance Group Inc. COM 78648T100 6,593 193,185 179,685 9,100 4,400 San Juan Basin Royalty Tr COM 798241105 3,753 100,800 100,800 - - Sanderson Farms Inc. COM 800013104 7,131 187,620 174,920 8,450 4,250 Scansource Inc COM 806037107 14,829 409,750 - - 409,750 Seagate Technology COM G7945J104 2,105 100,540 8,540 - 92,000 Selective Ins Group Com COM 816300107 11,486 481,000 - - 481,000 Sempra Energy COM 816851109 854 16,020 120 - 15,900 Sherwin-Williams COM 824348106 2,458 48,150 2,750 - 45,400 Sierra Pacific Resources COM 826428104 5,698 451,150 - - 451,150 Sims Group Limited COM 829160100 7,063 256,660 - - 256,660 Smithfield Foods Inc Com COM 832248108 921 35,750 3,100 - 32,650 Southern Copper Corp. COM 84265V105 1,004 9,670 470 - 9,200 Southern Union Co COM 844030106 19,638 843,901 - 1 843,900 Sovereign Bancorp. Inc. COM 845905108 63,044 6,764,408 1,328,937 720,257 4,715,214 St. Mary Land & Exploration COM 792228108 13,006 337,815 179,765 8,850 149,200 Stancorp Financial Group COM 852891100 20,482 429,300 119,850 6,150 303,300 Staples Inc COM 855030102 308,983 13,974,819 2,599,374 1,109,088 10,266,357 Stec Inc COM 784774101 19,025 3,073,450 847,986 43,573 2,181,891 Sterling Construction Co COM 859241101 11,826 649,050 - - 649,050 Sterling Financial Corp./Spoka COM 859319105 10,826 693,515 215,235 9,500 468,780 Stewart W P and Co. LTD COM G84922106 185 95,200 95,200 - - Suburban Propane Partners COM 864482104 16,905 435,350 - - 435,350 Sunoco Inc. COM 86764P109 1,554 29,610 1,510 - 28,100 Suntrust Banks Inc COM 867914103 1,483 26,904 220 - 26,684 Superior Energy Services Inc. COM 868157108 23,959 604,725 151,675 7,350 445,700 Superior Essex Inc COM 86815v105 12,019 427,420 170 - 427,250 Supervalu Inc. COM 868536103 1,671 55,750 4,800 - 50,950 Sybase Inc. 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Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 370 Form 13F Information Table Value Total: 14,578,019 (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