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: September 30, 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 D. Appleton Title: Chief Compliance Officer Phone: (201) 793-2005 Signature, Place, and Date of Signing: /s/ Michael D. Appleton Jersey City, New Jersey November 12, 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 30-Sep-08 TOTAL TOTAL: Title MARKET of VALUE TOTAL SHARES SOLE SHARED NONE Name of Issuer class CUSIP (x1000) ------------------------------ ----------------- --------- ----------------------------------------------------------------------- 3M Company COM 88579Y101 181,134 2,651,653 534,778 238,214 1,878,661 AT&T Inc COM 00206R102 240 8,580 1,080 - 7,500 Aaron Rents Inc Com COM 002535201 19,722 728,554 228,520 12,984 487,050 Ace Limited COM H0023R105 523 9,660 360 - 9,300 Administaff Inc COM 007094105 6,074 223,150 - - 223,150 Aetna Inc COM 00817Y108 244,566 6,772,817 1,413,884 514,799 4,844,134 Affiliated Computer Services - COM 008190100 7,225 142,700 5,400 - 137,300 Alaska Comm Systems Group COM 01167P101 25,065 2,049,494 718,090 35,254 1,296,150 Alcoa Inc COM 013817101 357 15,810 310 - 15,500 Allegheny Technologies COM 01741r102 206 6,975 375 - 6,600 Allete, Inc. COM 018522300 38,973 875,791 194,100 10,841 670,850 Alliant Techsystems Inc COM 018804104 10,714 114,050 4,300 - 109,750 Allied Waste Industries Inc. COM 019589308 3,440 309,600 14,900 - 294,700 Allied World Assurance Hold COM G0219G203 6,463 181,945 - - 181,945 Allstate COM 020002101 719 15,585 985 - 14,600 Altria Group Inc COM 02209S103 425,156 21,429,213 7,252,390 1,325,252 12,851,571 Amedisys Inc. COM 023436108 29,448 605,052 132,200 7,388 465,464 Ameren Corp. COM 023608102 3,893 99,750 2,800 - 96,950 American Capital, Ltd. COM 02503y103 458 17,970 770 - 17,200 American Ecology Corp COM 025533407 964 34,855 - - 34,855 American International Group COM 026874107 34 10,320 420 - 9,900 Amerisafe Inc. COM 03071h100 11,978 658,133 330 - 657,803 Amgen Inc COM 031162100 68,454 1,154,954 321,726 102,155 731,073 Amsurg Corp. COM 03232P405 21,576 847,120 395,370 22,250 429,500 Anadarko Petroleum COM 032511107 291,402 6,007,053 1,387,328 423,455 4,196,270 Anixter International Inc. COM 035290105 48,688 818,149 157,930 8,619 651,600 Apache Corp Com COM 037411105 327,977 3,145,158 764,528 216,990 2,163,640 Apollo Investment Corp. COM 03761u106 30,041 1,761,910 231,510 - 1,530,400 Apria Healthcare Group Inc. COM 037933108 15,892 871,256 277,830 14,176 579,250 Arch Capital Group Ltd COM g0450a105 6,249 85,570 3,670 - 81,900 Argo Group International Holdi COM G0464B107 31,184 846,230 184,134 10,066 652,030 Arrow Electronics Inc. COM 042735100 8,561 326,500 11,650 - 314,850 Ashford Hospitality Trust COM 044103109 945 233,270 54,470 3,000 175,800 Assurant Inc. COM 04621x108 485 8,820 320 - 8,500 Atmos Energy COM 049560105 223 8,380 1,080 - 7,300 Atwood Oceanics Inc. COM 050095108 23,937 657,621 141,660 7,761 508,200 Autoliv Inc. COM 052800109 7,098 210,300 7,300 - 203,000 Autozone COM 053332102 604 4,900 100 - 4,800 BHP BILLITON LTD ADR COM 088606108 60,255 1,158,975 227,915 64,058 867,002 BJ Svcs Co Com COM 055482103 1,935 101,160 3,360 - 97,800 BP Amoco Plc - Spons Adr COM 055622104 231 4,600 4,600 - - BP Prudhoe Bay Royalty Trust COM 055630107 13,267 142,700 43,800 - 98,900 Baldor Electric Co COM 057741100 23,629 820,164 193,100 11,064 616,000 Bank Of America Corp COM 060505104 452,579 12,930,816 3,051,186 839,201 9,040,429 Barnes Group Inc. COM 067806109 27,415 1,355,820 345,280 19,090 991,450 Baytex Energy Trust - Units COM 073176109 3,707 150,000 150,000 - - Beckman Coulter Inc. COM 075811109 8,735 123,050 4,450 - 118,600 Biovail Corp. COM 09067J109 2,653 271,500 10,850 - 260,650 Black Box Corp. DEL COM COM 091826107 16,088 465,900 - - 465,900 Blount Intl Inc New COM 095180105 13,090 1,176,140 759,440 43,700 373,000 Borders Group Inc. COM 099709107 28,529 4,348,870 683,305 7,365 3,658,200 Boston Private Finl Holding In COM 101119105 4,704 538,172 258,040 14,132 266,000 Bristow Group Inc. COM 110394103 20,090 593,671 139,900 7,971 445,800 British American Tobacco COM 110448107 361 5,820 1,785 2,485 1,550 CAE Inc. COM 124765108 11,687 1,453,650 - - 1,453,650 CBS Corp New Cl B COM 124857202 2,258 154,840 5,840 - 149,000 CF Industries Holdings Inc. COM 125269100 6,613 72,300 2,800 - 69,500 CIT Group COM 125581108 62,580 8,991,388 1,728,982 791,509 6,470,897 CMS Energy Corp COM 125896100 644 51,650 - - 51,650 CNA Financial Corp COM 126117100 474 18,050 850 - 17,200 Caci Intl Inc Cl A COM 127190304 4,582 91,450 - - 91,450 Callaway Golf COM 131193104 3,917 278,400 - - 278,400 Cameco Corp COM 13321L108 2,415 108,250 3,000 - 105,250 CapLease Inc COM 140288101 9,019 1,137,300 - - 1,137,300 Capital One Finl Corp COM 14040H105 829 16,255 830 - 15,425 Carnival Corp. COM 143658300 96,818 2,738,848 558,141 209,513 1,971,194 CastlePoint Holdings Ltd. COM g19522112 4,001 359,500 - - 359,500 Celanese Corp. - Series A COM 150870103 395 14,140 640 - 13,500 Centene Corp. COM 15135B101 12,136 591,700 - - 591,700 Centerplate Inc IDS COM 15200E204 407 133,800 - - 133,800 Century Aluminum Company COM 156431108 19,663 710,098 188,300 10,798 511,000 Check Point Software COM m22465104 5,403 237,580 7,680 - 229,900 Chesapeake Energy Corp COM 165167107 994 27,720 13,020 - 14,700 Chevron Corporation COM 166764100 325,161 3,942,302 795,675 282,862 2,863,765 Chicago Bridge & Iron COM 167250109 1,115 57,950 - - 57,950 Chubb Corp COM 171232101 161,289 2,937,866 653,142 256,285 2,028,439 Cigna Corp COM 125509109 3,356 98,760 2,960 - 95,800 Cimarex Energy Co. COM 171798101 8,306 169,820 6,270 - 163,550 Cincinnati Financial Corp. COM 172062101 3,246 114,123 3,173 - 110,950 Citigroup, Inc COM 172967101 168,907 8,235,350 1,694,030 626,730 5,914,590 City Holding Co. COM 177835105 15,806 374,111 167,387 9,574 197,150 Coca-Cola Femsa - ADR COM 191241108 210 4,170 1,070 - 3,100 Cohen & Steers REIT & PR COM 19247x100 1,505 116,000 116,000 - - Columbia Bkg Sys Inc COM 197236102 14,076 793,891 272,240 15,601 506,050 Comerica Inc COM 200340107 2,670 81,430 2,580 - 78,850 Commscope Inc. COM 203372107 34,276 989,484 200,620 11,064 777,800 Computer Sciences Corp. COM 205363104 486 12,090 490 - 11,600 Conn's Inc. COM 208242107 3,690 197,197 - - 197,197 ConocoPhillips COM 20825C104 564,160 7,701,837 2,146,082 525,841 5,029,914 Consolidated Edison Inc. COM 209115104 532 12,390 490 - 11,900 Cooper Cos. Inc Com COM 216648402 26,555 763,962 157,270 8,792 597,900 Cooper Industries Ltd COM G24182100 4,273 106,950 3,100 - 103,850 Corn Prods Intl Inc Com COM 219023108 707 21,900 1,500 - 20,400 Covidien Ltd. COM G2552X108 5,064 94,201 15,591 2,430 76,180 Curtiss-Wright Corp. COM 231561101 28,896 635,780 207,480 11,600 416,700 DHT Maritime Inc COM Y2065g105 7,654 1,139,000 100,000 - 1,039,000 DRS Technologies Inc COM 23330x100 30,409 396,209 75,690 4,069 316,450 Del Monte Foods Co COM 24522P103 29,500 3,782,048 865,280 47,668 2,869,100 Deluxe Corp. COM 248019101 3,495 242,900 - - 242,900 Devon Energy COM 25179M103 471,211 5,166,788 1,380,191 369,570 3,417,027 Donnelley (R R) & Sons Co COM 257867101 4,682 190,850 6,200 - 184,650 Dow Chemical COM 260543103 637 20,050 1,250 - 18,800 Dreamworks Animation SKG-A COM 26153C103 24,074 765,469 294,040 16,929 454,500 Duke Energy Corp New COM 26441c105 503 28,850 550 - 28,300 Eagle Bulk Shipping Inc. COM y2187a101 13,222 948,500 56,800 - 891,700 Eaton Corp. COM 278058102 2,638 46,950 1,300 - 45,650 Edison International COM 281020107 4,736 118,700 3,150 - 115,550 Embarq Corp COM 29078e105 500 12,330 630 - 11,700 Emcor Group Inc Com COM 29084Q100 29,864 1,134,639 138,130 8,009 988,500 Empire District Electric Co. COM 291641108 2,306 108,028 108,028 - - Encana Corp COM 292505104 556 8,460 160 - 8,300 Endurance Specialty Holdings COM G30397106 32,566 1,053,236 198,450 10,786 844,000 Enerplus Resources Fund COM 29274D604 15,014 403,700 403,700 - - Ennis Inc. COM 293389102 17,283 1,117,942 340,600 19,692 757,650 Ensco International, Inc COM 26874q100 577 10,020 420 - 9,600 Esterline Technologies Com COM 297425100 21,653 546,937 129,000 7,337 410,600 Evergreen Inc. Advantage Fund COM 30023y105 8,559 1,148,868 246,200 - 902,668 Exxon Mobil Corp COM 30231G102 504 6,490 240 - 6,250 Fairpoint Communications Inc. COM 305560104 2,583 297,911 11,663 3,278 282,970 Fannie Mae COM 313586109 35,097 22,939,256 6,366,285 1,497,536 15,075,435 Federal Express COM 31428X106 101,873 1,288,874 245,795 101,933 941,146 Fifth Third Bancorp COM 316773100 281 23,610 910 - 22,700 Financial Fed Corp Com COM 317492106 17,074 744,924 251,330 14,394 479,200 Firstmerit Corp. COM 337915102 23,703 1,128,709 404,290 23,269 701,150 Forest Laboratories Inc. COM 345838106 461 16,310 710 - 15,600 Fortune Brands Inc. COM 349631101 3,774 65,800 1,750 - 64,050 Freddie Mac COM 313400301 38,132 22,299,690 4,539,605 1,678,817 16,081,268 Freeprt McMoran cpr&gld COM 35671d857 449 7,900 495 - 7,405 Frontier Oil Corp Com COM 35914P105 260 14,120 520 - 13,600 Frontline Ltd COM g3682e127 10,705 222,700 - - 222,700 GATX CORPORATION COM 361448103 18,493 467,355 176,600 10,255 280,500 Gannett Co Inc DEL COM 364730101 317 18,760 1,210 - 17,550 Gardner Denver Inc Com COM 365558105 9,378 270,100 - - 270,100 General Cable Corp/De COM 369300108 21,708 609,255 102,190 5,265 501,800 General Electric Co COM 369604103 180,488 7,077,980 1,486,887 579,430 5,011,663 Genesee & Wyoming Inc-Cl A COM 371559105 21,771 580,250 - - 580,250 Glaxosmitkhline Plc-Sp Adr COM 37733W105 228 5,235 1,605 - 3,630 Gramercy Capital COM 384871109 227 87,760 270 - 87,490 Granite Constr Inc Com COM 387328107 6,156 171,850 - - 171,850 Great Plains Energy Inc. COM 391164100 344 15,500 15,500 - - HCC Ins Hldgs Inc COM 404132102 13,516 500,580 17,630 - 482,950 HERCULES INC COM 427056106 315 15,900 - - 15,900 HILB ROGAL & HOBBS CO COM 431294107 31,487 673,662 191,620 9,942 472,100 HUBBELL INC CL B PAR .01 COM 443510201 19,356 552,250 11,050 - 541,200 Hanesbrands Inc. COM 410345102 15,946 733,144 186,730 10,664 535,750 Hanover Insurance Group, Inc. COM 410867105 39,145 859,956 198,250 11,006 650,700 Harley Davidson COM 412822108 475 12,730 630 - 12,100 Harsco Corp Com COM 415864107 11,226 301,850 - - 301,850 Hartford Finl Svcs Grp Inc COM 416515104 57,180 1,394,978 353,447 129,658 911,873 Harvest Energy Trust COM 41752x101 28,105 1,663,028 546,828 - 1,116,200 Headwaters Inc. COM 42210p102 1,640 122,850 - - 122,850 Healthspring Inc COM 42224n101 45,773 2,163,200 454,070 25,380 1,683,750 Helen of Troy Ltd COM G4388N106 25,325 1,112,213 262,120 15,343 834,750 Helix Energy Group, Inc. COM 42330p107 3,731 153,650 - - 153,650 Henry (Jack) & Associates COM 426281101 34,417 1,692,894 323,800 17,594 1,351,500 Hercules Offshore Inc. COM 427093109 14,533 958,667 184,510 10,323 763,834 Hess Corp COM 42809h107 469 5,720 120 - 5,600 Home Depot Inc. COM 437076102 572 22,110 710 - 21,400 Hormel Foods Corp. COM 440452100 6,064 167,150 7,050 - 160,100 Hornbeck Offshore Services COM 440543106 13,658 353,654 121,721 7,083 224,850 Hospitality Properties Trust COM 44106M102 6,264 305,240 11,690 - 293,550 Hyperion Total Return Fund COM 449145101 1,051 222,600 222,600 - - IAMgold Corporation COM 450913108 21,499 3,825,409 773,550 42,609 3,009,250 IDACORP INC COM COM 451107106 32,863 1,129,710 288,740 15,959 825,011 INTL SPEEDWAY CORP-CL A COM 460335201 28,414 730,239 172,070 9,869 548,300 IPC Holdings LTD COM G4933P101 40,155 1,329,199 310,650 17,199 1,001,350 Imperial Tobacco Group PLC COM 453142101 26,920 420,221 27,385 42,144 350,692 Integrys Energy Group, Inc. COM 45822P105 41,436 829,720 179,080 9,990 640,650 International Paper COM 460146103 2,287 87,370 3,170 - 84,200 Iowa Telecommunications COM 462594201 29,068 1,556,127 474,700 27,127 1,054,300 J.P. Morgan Chase & Co. COM 46625H100 56,995 1,220,449 226,465 22,260 971,724 JM Smucker Co. COM 832696405 29,846 588,788 112,260 6,278 470,250 Kelly Svcs Inc Cl A COM 488152208 23,095 1,212,345 212,000 11,245 989,100 Kennametal Inc. COM 489170100 23,612 870,665 268,380 14,835 587,450 Key Energy Services Inc. COM 492914106 21,154 1,823,622 352,930 19,342 1,451,350 Keycorp COM 493267108 233,442 19,551,262 4,511,857 1,361,508 13,677,897 Kimberly Clark Corp COM 494368103 209 3,230 430 - 2,800 Kindred Healthcare Inc. COM 494580103 10,361 375,800 - - 375,800 Kinetic Concepts Inc. COM 49460W208 5,053 176,750 1,950 - 174,800 Kohls Corp. COM 500255104 602 13,070 370 - 12,700 L-3 Communications Holdings COM 502424104 4,872 49,550 1,300 - 48,250 Lam Research Corp. COM COM 512807108 423 13,440 440 - 13,000 Liberty Media Corp-Ent Series COM 53071m500 504 20,170 570 - 19,600 Lifepoint Hospitals COM 53219l109 36,310 1,129,750 230,512 12,798 886,440 Lilly (Eli) & Co COM 532457108 92,135 2,092,548 483,860 161,014 1,447,674 Limited Inc. COM 532716107 550 31,760 860 - 30,900 Lincare Holdings Inc COM 532791100 7,325 243,450 10,050 - 233,400 Lincoln National Corp COM 534187109 444 10,370 470 - 9,900 Loews Corp COM 540424108 481 12,170 470 - 11,700 Lowes Cos. COM 548661107 333,676 14,085,119 2,849,785 1,075,006 10,160,328 M&T Bank Corporation COM 55261F104 645 7,230 130 - 7,100 MB Financial Inc. COM 55264U108 22,012 665,630 270,185 15,045 380,400 MKS Instrument Inc Com COM 55306N104 24,682 1,239,680 357,724 20,473 861,483 Macy's Inc. COM 55616p104 55,550 3,089,541 670,144 264,974 2,154,423 Marathon Oil Corp COM 565849106 1,509 37,845 970 - 36,875 Marshall & Ilsley Corp. COM 571837103 2,440 121,095 3,646 - 117,449 Masco COM 574599106 499 27,830 1,330 - 26,500 Matrix Service Co. COM 576853105 4,961 259,750 - - 259,750 Mattel Inc COM 577081102 12,306 682,170 24,020 - 658,150 Metlife COM 59156r108 541 9,660 360 - 9,300 Mettler-Toledo International COM 592688105 18,934 193,200 - - 193,200 Morgan Stanley COM 617446448 251 10,920 220 - 10,700 Mueller Water Products Inc. COM 624758108 16,220 1,806,214 339,280 19,434 1,447,500 Mueller Water Products Inc. Cl COM 624758207 2,075 319,296 26,650 - 292,646 Myers Industries Inc COM 628464109 2,699 214,004 197,800 11,454 4,750 Mylan Inc. COM 628530107 2,432 212,950 6,050 - 206,900 Nash Finch Co Com COM 631158102 26,626 617,487 205,730 11,957 399,800 National Oilwell Varco Inc. COM 637071101 238 4,748 177 - 4,571 Newfield Expl. CO Com. COM 651290108 2,770 86,600 2,300 - 84,300 Newmont Mining Corp COM 651639106 375 9,670 4,770 - 4,900 Noble Drilling Corp COM g65422100 465 10,590 390 - 10,200 Noble Energy COM 655044105 3,669 66,000 1,750 - 64,250 Nordstrom Inc. COM 655664100 480 16,660 760 - 15,900 Norfolk Southern Corp. COM 655844108 763 11,520 220 - 11,300 Northrop Grumman Corp COM 666807102 101,994 1,684,741 323,955 163,238 1,197,548 Northwest Pipe Company COM 667746101 9,481 217,350 - - 217,350 Nucor Corp COM 670346105 378 9,580 80 - 9,500 Nuveen Pfd. & Cvrt Income Fund COM 67073d102 1,132 190,000 190,000 - - Nuveen Quality Preferred II COM 67072c105 959 161,200 161,200 - - OM Group Inc COM 670872100 1,251 55,580 20,830 950 33,800 Occidental Petroleum COM 674599105 127,660 1,812,072 394,855 140,039 1,277,178 Odyssey Healthcare Inc COM 67611V101 7,232 712,500 - - 712,500 Odyssey Re Holdings Corp COM 67612w108 25,209 575,550 - - 575,550 Oil States International Inc COM 678026105 11,123 314,640 140 - 314,500 Old Republic Intl Corp COM 680223104 852 66,805 330 66,475 - PNC Financial Services Group COM 693475105 355,912 4,764,547 957,559 337,065 3,469,923 PPG Industries Inc. COM 693506107 4,621 79,230 2,230 - 77,000 PPL Corp. COM 69351t106 4,048 109,350 2,900 - 106,450 Pan American Silver Corp. COM 697900108 32,749 1,473,206 373,350 21,506 1,078,350 Parallel Petroleum Corp. COM 699157103 12,234 1,298,710 371,700 18,940 908,070 Park Electrochemical Corp. COM 700416209 22,062 910,142 269,284 15,491 625,367 Parker Hannifin Corp COM 701094104 3,940 74,349 1,924 - 72,425 Pengrowth Energy Trust COM 706902509 25,420 1,701,500 368,000 - 1,333,500 Penn West Energy Trust COM 707885109 32,374 1,343,300 813,000 - 530,300 Penney (J C) Co COM 708160106 452 13,570 270 - 13,300 Penske Auto Group COM 70959w103 11,542 1,006,238 435,300 24,938 546,000 Perkinelmer Inc. COM 714046109 12,596 504,450 - - 504,450 Petroquest Energy Inc. COM 716748108 20,420 1,330,321 358,830 20,567 950,924 Pfizer COM 717081103 319,742 17,339,592 3,559,956 1,317,767 12,461,869 Phillip Morris International COM 718172109 130,380 2,710,606 561,291 203,362 1,945,953 Phillips-Van Heusen COM 718592108 13,784 363,594 130 - 363,464 Pilgrims Pride Corp COM 721467108 751 301,650 12,450 - 289,200 Pioneer High Income Trust COM 72369H106 4,050 392,400 277,100 - 115,300 Pitney Bowes Inc COM 724479100 505 15,190 290 - 14,900 Plantronics Inc New Com COM 727493108 25,759 1,143,810 269,400 15,410 859,000 Platinum Underwriters Holdings COM G7127P100 31,503 887,913 185,050 10,163 692,700 Progress Energy COM 743263105 4,002 92,800 2,500 - 90,300 Progressive Corp Ohio COM 743315103 553 31,810 1,210 - 30,600 Protective Life Corp Com COM 743674103 8,515 298,670 11,420 - 287,250 REGIS CORP MINN COM 758932107 29,237 1,063,171 212,640 11,531 839,000 RPC Inc. COM 749660106 6,868 488,500 - - 488,500 RTI International Metals, Inc. COM 74973W107 7,556 386,287 62,229 3,208 320,850 Ralcorp Holdings Inc COM 751028101 52,693 781,677 162,130 8,897 610,650 Regal Beloit COM 758750103 39,604 931,412 215,640 11,822 703,950 Regal Entertainment Group COM 758766109 1,952 123,700 123,700 - - Regions Financial Corp. New COM 7591ep100 3,987 415,305 415,305 - - Renaissancere Holdings LTD COM G7496G103 1,517 29,170 1,570 - 27,600 Royal Carribean Cruises COM V7780T103 1,583 76,300 2,700 - 73,600 Ruddick Corp. COM 781258108 28,869 889,659 175,230 9,829 704,600 SCIELE PHARMA INC COM 808627103 26,039 845,701 198,860 11,941 634,900 Safety Insurance Group Inc. COM 78648T100 26,403 696,088 218,140 12,548 465,400 San Juan Basin Royalty Tr COM 798241105 3,833 100,800 100,800 - - Sanderson Farms Inc. COM 800013104 3,295 89,690 6,590 - 83,100 Scansource Inc COM 806037107 12,583 437,050 - - 437,050 Seagate Technology COM G7945J104 3,189 263,090 10,790 - 252,300 Selective Ins Group Com COM 816300107 11,531 503,100 - - 503,100 Sempra Energy COM 816851109 488 9,670 370 - 9,300 Sherwin-Williams COM 824348106 5,907 103,350 2,950 - 100,400 Sierra Pacific Resources COM 826428104 1,736 181,250 - - 181,250 Sims Group Limited COM 829160100 6,093 263,760 - - 263,760 Southern Copper Corp. COM 84265V105 330 17,300 1,200 - 16,100 Southern Union Co COM 844030106 8,677 420,200 - - 420,200 Sovereign Bancorp. Inc. COM 845905108 23,272 5,891,742 1,258,099 543,884 4,089,759 St. Mary Land & Exploration COM 792228108 15,717 440,877 114,200 6,477 320,200 Stancorp Financial Group COM 852891100 26,732 514,075 123,700 7,075 383,300 Staples Inc COM 855030102 299,200 13,297,762 2,682,923 941,426 9,673,413 Sterling Construction Co COM 859241101 8,596 530,625 - - 530,625 Stewart W P and Co. LTD COM G84922106 117 95,200 95,200 - - Stone Energy Corp COM 861642106 18,128 428,245 101,000 5,845 321,400 Suburban Propane Partners COM 864482104 12,164 362,250 - - 362,250 Sunoco Inc. COM 86764P109 307 8,630 530 - 8,100 Suntrust Banks Inc COM 867914103 770 17,104 180 - 16,924 Superior Energy Services Inc. COM 868157108 22,930 736,350 130,290 7,060 599,000 Supervalu Inc. COM 868536103 2,983 137,480 4,130 - 133,350 Sybase Inc. COM 871130100 29,462 962,166 300,080 17,986 644,100 Syneron Medical Ltd. COM M87245102 9,542 669,637 239,790 13,747 416,100 TCF Financial Corp. Com COM 872275102 32,711 1,817,251 428,370 24,781 1,364,100 TJX Companies Inc COM 872540109 2,542 83,300 2,350 - 80,950 Teco Energy Inc. COM 872375100 2,159 137,250 - - 137,250 Tenneco Inc. COM 880349105 7,546 709,894 292,380 16,014 401,500 Terex Corp New Com COM 880779103 282 9,230 430 - 8,800 Tesoro Petroleum Corp COM 881609101 213 12,890 990 - 11,900 Texas Inds. Inc. COM 882491103 1,922 47,050 - - 47,050 The Men's Wearhouse Inc. COM 587118100 19,380 912,415 150,730 8,035 753,650 Thomas & Betts Corp COM 884315102 2,854 73,050 - - 73,050 Tortoise Energy Infrastructure COM 89147L100 6,541 288,657 - - 288,657 Tower Group Inc. COM 891777104 11,754 498,900 - - 498,900 Transocean Sedco Forex Inc COM G90073100 436 3,970 70 - 3,900 Travelers Cos Inc/THE COM 89417e109 24,279 537,140 29,980 9,900 497,260 Triumph Group Inc New Com COM 896818101 5,138 112,400 - - 112,400 Tyco Electronics Ltd. COM G9144P105 1,884 68,113 10,014 1,564 56,535 Tyco International Ltd COM G9143X208 5,546 158,358 25,492 4,122 128,744 U S Bancorp COM 902973304 224,876 6,243,100 1,339,188 433,265 4,470,647 URS Corp New Com COM 903236107 29,635 808,147 165,600 9,147 633,400 UST Inc. COM 902911106 105,072 1,579,084 300,889 91,831 1,186,364 United Fire and Casualty Co. COM 910331107 20,467 715,876 172,220 9,816 533,840 United Technologies Corp COM 913017109 174,012 2,897,308 579,431 208,265 2,109,612 UnitedHealth Group Inc. COM 91324p102 348,871 13,740,502 2,836,040 1,026,154 9,878,308 Uranium Resources Inc COM 916901507 3,018 1,785,507 399,205 23,923 1,362,379 VF Corp COM 918204108 639 8,260 160 - 8,100 Valero Energy Corp. COM 91913Y100 97,183 3,207,373 688,794 245,096 2,273,483 Vector Group Ltd COM 92240M108 47,192 2,672,257 944,928 23,173 1,704,156 Vectren Corp. COM 92240g101 23,216 833,626 321,250 18,426 493,950 Ventas Inc. COM 92276F100 10,739 217,300 7,850 - 209,450 Verasun Energy Corp. COM 92336g106 139 44,550 44,550 - - Verizon Communications COM 92343V104 99,670 3,105,961 599,903 266,752 2,239,306 WEIS MARKETS INC COM 948849104 31,488 874,411 231,010 12,323 631,078 WR Berkley Corp COM 084423102 468 19,880 580 - 19,300 Wachovia Corp COM 929903102 22,519 6,433,903 1,587,850 967,799 3,878,254 Waddell & Reed Financial - A COM 930059100 17,745 716,957 190,220 10,869 515,868 Walt Disney Co Disney. Com COM 254687106 13,666 445,290 84,625 8,465 352,200 Walter Industries Inc. COM 93317Q105 2,980 62,800 2,600 - 60,200 Washington Mutual Inc. COM 939322103 2,164 21,638,198 7,196,656 306,233 14,135,309 Wells Fargo & Co (New) COM 949746101 722 19,240 340 - 18,900 Wesco Intl Inc Com COM 95082P105 13,635 423,700 6,900 - 416,800 Western Digital Corp COM 958102105 423 19,850 750 - 19,100 Whirlpool Corp COM 963320106 2,926 36,900 1,050 - 35,850 Williams Coal Seam Gas Trust COM 969450105 523 57,500 57,500 - - Windstream Corp. COM 97381W104 9,836 899,070 36,970 - 862,100 Wolverine World Wide Inc COM 978097103 10,674 403,400 - - 403,400 Worthington Industries Inc COM 981811102 877 58,700 - - 58,700 Wyeth COM 983024100 198,312 5,368,481 1,345,257 434,927 3,588,297 Yamana Gold Inc. COM 98462Y100 3,393 407,300 17,100 - 390,200 CIT Group, Inc 8.75% Convertib PRD 125581603 14,819 450,000 225,000 - 225,000
Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 334 Form 13F Information Table Value Total: 10,865,983 (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