13F-HR 1 dreman13f.txt DREMAN VALUE MANAGEMENT, L.L.C. FORM 13F-HR 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, 2010 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: 777 South Flagler Dr. Suite 800-West Tower West Palm Beach, FL 33401 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: Yvonne I. Pytlik Title: Chief Compliance Officer Phone: (201) 793-2046 Signature, Place, and Date of Signing: /s/ Yvonne I. Pytlik Jersey City, New Jersey November 15, 2010 ----------------------- ----------------------- ----------------- [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).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 343 Form 13F Information Table Value Total: 4,384,667 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
DREMAN VALUE MANAGEMENT, L.L.C. FORM 13F FOR 09/30/2010 VOTING AUTHORITY TITLE TOTAL INVEST SOLE SHARED NONE OF MENT NAME OF ISSUER CLASSCUSIP SYMBOL PRICE MARKET SHRS OR SH/ PUT/ DISCR OTHER ------------------------------ -------------- VALUE PRN AMT PRN CALL ETION MANAG (X1000) ERS 3M Company COM 88579Y101 mmm 86.71 1,174 13,536 SH SOLE 13,536 - - ABB LTD SPON ADR COM 000375204 abb 21.12 1,150 54,437 SH SOLE 21,077 - 33,360 AES CORP COMMON COM 00130H105 aes 11.35 361 31,833 SH SOLE 6,833 - 25,000 STOCK USD.01 AETNA INC NEW COM 00817y108 aet 31.61 16,182 511,922 SH SOLE 110,453 119,017 282,452 AFLAC INC COMMON COM 001055102 afl 51.71 339 6,559 SH SOLE 1,494 - 5,065 STOCK USD.1 AGL RESOURCES INC COM 001204106 agl 38.36 3,014 78,575 SH SOLE - - 78,575 COMMON STOCK AGRIUM INC COMMON COM 008916108 agu 74.99 4,153 55,382 SH SOLE 6,538 851 47,993 STOCK NPV ALERE INC COM 01449J105 alr 30.93 33,014 1,067,385 SH SOLE 144,723 14,817 907,845 ALEXANDRIA REAL COM 015271109 are 70 29,700 424,291 SH SOLE 62,750 6,566 354,975 EST EQTY REIT ALLEGHENY ENERGY COM 017361106 aye 24.52 293 11,957 SH SOLE - - 11,957 INC COMMON ST ALLETE INC NEW COM 018522300 ale 36.43 30,881 847,671 SH SOLE 132,875 14,096 700,700 ALLIANT TECHSYS COM 018804104 atk 75.4 34,217 453,805 SH SOLE 63,375 6,580 383,850 TEMS INC ALLIED WORLD COM G0219G203 awh 56.59 35,075 619,802 SH SOLE 89,255 9,432 521,115 ASSUR NEW F ALLSTATE CORPORATION COM 020002101 all 31.55 20,459 648,468 SH SOLE 74,234 142,037 432,197 ALTRIA GROUP INC COM 02209s103 mo 24.02 50,567 2,105,217 SH SOLE 460,713 490,579 1,153,925 AMDOCS LTD COMMON COM G02602103 dox 28.66 3,271 114,125 SH SOLE - - 114,125 STOCK GBP.00 AMEDISYS INC COM 023436108 amed 23.8 26,425 1,110,300 SH SOLE 168,822 17,662 923,816 AMEREN CORP COM 023608102 aee 28.4 7,267 255,867 SH SOLE 10,562 2,491 242,814 AMERICAN EXPRESS COM 025816109 axp 42.03 18,365 436,955 SH SOLE 106,964 103,283 226,708 COMPANY AMERIPRISE FINANCIAL COM 03076C106 amp 47.33 3,100 65,508 SH SOLE 295 1,453 63,760 INC COMMO AMERON INTERNA COM 030710107 amn 67.96 32,385 476,526 SH SOLE 71,061 7,456 398,009 TIONAL CP AMGEN INC COMMON COM 031162100 amgn 55.11 333 6,035 SH SOLE 1,439 - 4,596 STOCK USD.000 AMN ELEC POWER CO COM 025537101 aep 36.23 3,827 105,633 SH SOLE 7,232 1,955 96,446 AMSURG CORP COM 03232P405 amsg 17.48 28,490 1,629,855 SH SOLE 238,409 24,554 1,366,892 ANADARKO PETROLEUM COM 032511107 apc 57.05 42,691 748,316 SH SOLE 161,825 171,006 415,485 CORP ANIXTER INTL INC COM 035290105 axe 53.99 35,120 650,490 SH SOLE 87,115 10,250 553,125 ANWORTH MTG ASSET COM 037347101 anh 7.13 29,037 4,072,541 SH SOLE 600,225 61,266 3,411,050 CORP REIT APACHE CORP COM 037411105 apa 97.76 38,083 389,557 SH SOLE 82,015 91,047 216,495 APOLLO GROUP INC COM 037604105 apol 51.35 230 4,487 SH SOLE - - 4,487 CL A COMMON S APOLLO INVESTMENT COM 03761U106 ainv 10.23 32,635 3,190,146 SH SOLE 427,435 44,961 2,717,750 CORP ARCH COAL INC COM 039380100 aci 26.71 3,285 123,000 SH SOLE - - 123,000 COMMON STOCK USD ARCHER DANIELS COM 039483102 adm 31.92 380 11,895 SH SOLE 2,379 - 9,516 MIDLAND CO COMM ARGO GROUP COM G0464B107 agii 34.74 34,338 988,439 SH SOLE 133,217 14,240 840,982 INTL HLDGS F ARRIS GROUP INC COM 04269Q100 arrs 9.77 9,568 979,286 SH SOLE 101,743 29,021 848,522 COMMON STOCK U ARROW ELECTRONICS COM 042735100 arw 26.73 6,136 229,560 SH SOLE 495 2,470 226,595 INC COMMON S ASPEN INSURANCE COM G05384105 ahl 30.28 30,130 995,041 SH SOLE 148,625 15,116 831,300 HOLDINGF ASSURANT INC COM 04621X108 aiz 40.7 326 7,999 SH SOLE - - 7,999 COMMON STOCK USD. ASTRAZENECA PLC COM 046353108 azn 50.7 21,195 418,043 SH SOLE 79,131 97,130 241,782 ADR F SPONSORE AT& T INC COM 00206r102 t 28.6 610 21,342 SH SOLE 10,700 - 10,642 ATWOOD OCEANICS INC COM 050095108 atw 30.45 35,088 1,152,326 SH SOLE 161,835 17,266 973,225 AUTOZONE INC COMMON COM 053332102 azo 228.91 364 1,589 SH SOLE - - 1,589 STOCK USD. AXIS CAPITAL HOLDINGS COM G0692U109 axs 32.94 6,277 190,545 SH SOLE 445 2,120 187,980 LTD COMM Aegon Nv COM 007924103 aeg 5.99 81 13,520 SH SOLE 13,520 - - BABCOCK + WILCOX COM 05615F102 bwc 21.28 2,680 125,923 SH SOLE 290 1,391 124,242 COMPANY COMMO BALL CORP COMMON COM 058498106 bll 58.85 303 5,152 SH SOLE - - 5,152 STOCK NPV BANCO SANT CTL COM 05964H105 std 12.66 1,469 116,068 SH SOLE 49,340 - 66,728 HISP ADR BANCORPSOUTH INC COM 059692103 bxs 14.18 19,888 1,402,563 SH SOLE 219,175 23,313 1,160,075 BANK OF AMERICA COM 060505104 bac 13.1025 28,771 2,195,851 SH SOLE 519,020 367,232 1,309,599 CORP BANK OF HAWAII COM 062540109 boh 44.92 31,835 708,703 SH SOLE 91,625 9,553 607,525 CORP BARNES GROUP INC COM 067806109 b 17.59 29,520 1,678,232 SH SOLE 256,330 26,552 1,395,350 BARRICK GOLD COM 067901108 abx 46.29 1,366 29,520 SH SOLE 11,253 - 18,267 CORPORATION BECKMAN COULTER INC COM 075811109 bec 48.79 2,327 47,700 SH SOLE - - 47,700 COMMON STO BEST BUY CO INC COM 086516101 bby 40.83 3,978 97,432 SH SOLE 10,380 1,812 85,240 BHP BILLITON LTD COM 088606108 bhp 76.32 31,723 415,661 SH SOLE 102,475 90,256 222,930 ADR F SPONSOR BIG LOTS INC COM 089302103 big 33.25 5,736 172,517 SH SOLE 370 1,798 170,349 COMMON STOCK USD. BIOGEN IDEC INC COM 09062x103 biib 56.12 3,543 63,140 SH SOLE 6,218 1,242 55,680 BOK FINANCIAL COM 05561Q201 bokf 45.13 2,754 61,025 SH SOLE - - 61,025 CORPORATION COMM BP PLC ADR F SPON COM 055622104 bp 41.17 28,196 684,863 SH SOLE 136,274 155,579 393,010 SORED ADR 1 A BRINKER INTL INC COM 109641100 eat 18.86 32,314 1,713,358 SH SOLE 232,145 25,963 1,455,250 BRINKS CO COM 109696104 bco 23 33,929 1,475,182 SH SOLE 205,595 21,362 1,248,225 BRISTOL MYERS SQUI COM 110122108 bmy 27.11 279 10,300 SH SOLE - - 10,300 BB CO COMMON Banco Bilbao COM 05946K101 bbva 13.48 1,549 114,876 SH SOLE 47,824 - 67,052 Vizcaya - ADR Bank of Montreal COM 063671101 bmo 57.75 937 16,232 SH SOLE 6,134 - 10,098 Barclays PLC- ADR COM 06738E204 bcs 18.85 1,164 61,731 SH SOLE 23,289 - 38,442 British American Tobacco - Spo COM 110448107 bti 74.71 1,408 18,846 SH SOLE 7,087 - 11,759 C A C I INC CL A COM 127190304 caci 45.26 30,656 677,332 SH SOLE 100,205 10,502 566,625 C B L & ASSOC PROPERTIES REIT COM 124830100 cbl 13.06 31,245 2,392,420 SH SOLE 337,400 28,870 2,026,150 CAL DIVE INTERNATIONAL COM 12802T101 dvr 5.47 32,588 5,957,643 SH SOLE 800,875 82,368 5,074,400 CARNIVAL CORP NEW F PAIRED STK COM 143658300 ccl 38.185 13,420 351,434 SH SOLE 86,986 79,992 184,456 CARNIVAL PLC-ADR COM 14365C103 cuk 39.56 1,159 29,296 SH SOLE 11,022 - 18,274 CASH AMERICA INTL INC COM 14754D100 csh 35 12,776 365,015 SH SOLE 57,388 3,476 304,151 CENTERPOINT ENERGY INC COMMON COM 15189T107 cnp 15.72 301 19,150 SH SOLE - - 19,150 CENTRAL EURO DISTRIBUTN COM 153435102 cedc 22.32 27,029 1,210,978 SH SOLE 173,418 18,488 1,019,072 CENTURYLINK INC COMMON STOCK U COM 156700106 ctl 39.46 389 9,857 SH SOLE 2,102 - 7,755 CEPHALON INC COMMON STOCK USD. COM 156708109 ceph 62.44 253 4,057 SH SOLE - - 4,057 CF INDUSTRIES HOLDINGS INC COM COM 125269100 cf 95.5 3,266 34,200 SH SOLE - - 34,200 CHARLES RIVER LABORATORIES COM COM 159864107 crl 33.15 19,021 573,775 SH SOLE 69,328 11,173 493,274 CHESAPEAKE ENERGY CORP COM 165167107 chk 22.65 26,705 1,179,030 SH SOLE 303,133 223,523 652,374 CHEVRON CORP COM 166764100 cvx 81.05 470 5,803 SH SOLE 2,176 - 3,627 CHUBB CORP COM 171232101 cb 56.99 433 7,602 SH SOLE 2,298 - 5,304 CIGNA CORP COMMON STOCK USD.25 COM 125509109 ci 35.78 350 9,773 SH SOLE 2,255 - 7,518 CIMAREX ENERGY CO COMMON STOCK COM 171798101 xec 66.18 2,396 36,203 SH SOLE 165 803 35,235 CITIGROUP INC COM 172967101 c 3.91 17,756 4,541,093 SH SOLE 606,289 1,230,428 2,704,376 CMS ENERGY CORP COMMON STOCK U COM 125896100 cms 18.02 321 17,788 SH SOLE - - 17,788 COEUR D ALENE MINES CORP COMMO COM 192108504 cde 19.92 3,872 194,375 SH SOLE - - 194,375 COMERICA INC COM COM 200340107 cma 37.15 3,166 85,229 SH SOLE 8,390 1,679 75,160 COMMONWEALTH REIT COM 203233101 cwh 25.6 30,290 1,183,220 SH SOLE 164,173 17,381 1,001,666 COMMSCOPE INC COM 203372107 ctv 23.74 33,007 1,390,348 SH SOLE 169,770 17,678 1,202,900 COMPUTER SCIENCES CORP COMMON COM 205363104 csc 46 232 5,047 SH SOLE - - 5,047 CONOCOPHILLIPS COM 20825c104 cop 57.43 29,727 517,617 SH SOLE 127,803 114,006 275,808 CONSTELLATION BRANDS INC A COM COM 21036P108 stz 17.69 3,763 212,702 SH SOLE - - 212,702 CONSTELLATION ENERGY GROUP COM COM 210371100 ceg 32.24 253 7,833 SH SOLE - - 7,833 CONTANGO OIL & GAS DE COM 21075N204 mcf 50.16 31,238 622,766 SH SOLE 95,187 9,979 517,600 COOPER COS INC/THE COMMON STOC COM 216648402 coo 46.22 2,953 63,881 SH SOLE 285 1,406 62,190 CORN PRODUCTS INTL INC COM 219023108 cpo 37.5 28,555 761,467 SH SOLE 113,325 11,892 636,250 CORNING INC COMMON STOCK USD.5 COM 219350105 glw 18.28 332 18,135 SH SOLE 4,528 - 13,607 COVENTRY HEALTH CARE INC COMMO COM 222862104 cvh 21.53 240 11,125 SH SOLE - - 11,125 CRANE CO COMMON STOCK USD1.0 COM 224399105 cr 37.94 3,412 89,925 SH SOLE - - 89,925 Chicago Bridge & Iron COM 167250109 cbi 24.45 1,379 56,406 SH SOLE 21,635 - 34,771 China Digital TV Holding-ADR COM 16938g107 stv 6.77 1,063 157,070 SH SOLE 56,583 - 100,487 Companhia D. Snmnto Bsco COM 20441a102 sbs 45.51 1,017 22,351 SH SOLE 8,479 - 13,872 Covidien Plc COM g2554f105 cov 40.19 1,295 32,210 SH SOLE 12,355 - 19,855 D S T SYSTEMS INC COM 233326107 dst 44.84 32,197 718,040 SH SOLE 111,550 11,840 594,650 DEAN FOODS CO COMMON STOCK USD COM 242370104 df 10.21 2,350 230,191 SH SOLE 990 5,544 223,657 DEL MONTE FOODS CO COM 24522P103 dlm 13.11 32,021 2,442,470 SH SOLE 309,835 32,188 2,100,447 DEVON ENERGY CP NEW COM 25179m103 dvn 64.74 41,138 635,441 SH SOLE 125,444 144,146 365,851 DIAMOND OFFSHORE DRILLING COMM COM 25271C102 do 67.77 295 4,355 SH SOLE 1,259 - 3,096 DIANA SHIPPING INC F COM Y2066G104 dsx 12.7 28,668 2,257,293 SH SOLE 326,720 34,497 1,896,076 DISCOVER FINANCIAL SERVICES CO COM 254709108 dfs 16.68 2,876 172,439 SH SOLE 770 3,789 167,880 DISNEY WALT CO COM 254687106 dis 33.1 17,769 536,814 SH SOLE 88,305 135,937 312,572 DUKE REALTY CORP REIT USD.01 COM 264411505 dre 11.59 2,888 249,207 SH SOLE 1,130 5,377 242,700 Delhaize Le Lion S A Adr COM 29759w101 deg 72.36 1,303 18,004 SH SOLE 6,770 - 11,234 Deutsche Bank AG REG COM D18190898 db 54.93 464 8,446 SH SOLE 8,446 - - Diageo Plc Adr COM 25243Q205 deo 69.01 1,212 17,569 SH SOLE 6,666 - 10,903 Du Pont (E I) De Nemours COM 263534109 dd 44.62 292 6,545 SH SOLE 6,545 - - EARTHLINK INC COM 270321102 elnk 9.09 30,801 3,388,466 SH SOLE 524,400 54,741 2,809,325 EASTMAN KODAK CO COMMON STOCK COM 277461109 ek 4.2 199 47,496 SH SOLE - - 47,496 EATON CORPORATION COM 278058102 etn 82.49 31,299 379,431 SH SOLE 79,571 89,865 209,995 EDISON INTERNATIONAL COMMON ST COM 281020107 eix 34.39 277 8,048 SH SOLE - - 8,048 EL PASO CORP COMMON STOCK USD3 COM 28336L109 ep 12.38 391 31,608 SH SOLE 6,239 - 25,369 ELI LILLY & CO COM 532457108 lly 36.53 1,354 37,058 SH SOLE 29,466 - 7,592 EMCOR GROUP INC COM 29084Q100 eme 24.59 29,679 1,206,936 SH SOLE 171,180 17,256 1,018,500 EMERSON ELECTRIC CO COM 291011104 emr 52.66 18,328 348,043 SH SOLE 66,403 84,450 197,190 ENDO PHARMACEUT HLDGS INC COMM COM 29264F205 endp 33.24 3,345 100,625 SH SOLE - - 100,625 ENDURANCE SPECALTY HLDGF COM G30397106 enh 39.8 33,404 839,288 SH SOLE 118,880 12,133 708,275 ENERGIZER HOLDINGS INC COMMON COM 29266R108 enr 67.23 6,273 93,313 SH SOLE 185 943 92,185 ENERSYS COM 29275Y102 ens 24.97 29,609 1,185,779 SH SOLE 180,275 19,379 986,125 ENSCO PLC SPON ADR ADR USD.1 COM 29358Q109 esv 44.73 4,037 90,246 SH SOLE 9,061 1,466 79,719 ESTERLINE TECH CORP COM 297425100 esl 57.23 32,856 574,108 SH SOLE 89,230 9,603 475,275 EXELON CORP COMMON STOCK NPV COM 30161N101 exc 42.58 267 6,277 SH SOLE - - 6,277 EXXON MOBIL CORP COMMON STOCK COM 30231G102 xom 61.79 254 4,106 SH SOLE - - 4,106 Encana Corp COM 292505104 eca 30.23 1,175 38,860 SH SOLE 38,860 - - Eni S P A Sponsored ADR COM 26874r108 e 43.18 1,364 31,586 SH SOLE 13,282 - 18,304 FEDERATED INVESTORS INC CL B C COM 314211103 fii 22.76 2,970 130,489 SH SOLE 585 2,859 127,045 FEDEX CORPORATION COM 31428x106 fdx 85.5 19,450 227,488 SH SOLE 46,336 53,760 127,392 FIDELITY NATIONAL INFORMATIO C COM 31620M106 fis 27.13 318 11,732 SH SOLE - - 11,732 FIFTH THIRD BANCORP COM 316773100 fitb 12.03 4,226 351,251 SH SOLE 147,590 4,531 199,130 FIRSTENERGY CORP COMMON STOCK COM 337932107 fe 38.54 271 7,035 SH SOLE - - 7,035 FIRSTMERIT CORP COM 337915102 fmer 18.32 30,603 1,670,496 SH SOLE 240,435 25,514 1,404,547 FISERV INC COMMON STOCK USD.01 COM 337738108 fisv 53.82 3,245 60,289 SH SOLE 270 1,309 58,710 FLUOR CORP COMMON STOCK USD.01 COM 343412102 flr 49.53 3,184 64,280 SH SOLE 295 1,430 62,555 FOREST LABORATORIES INC COMMON COM 345838106 frx 30.93 3,188 103,075 SH SOLE 3,085 2,021 97,969 FOREST OIL CORP NEW COM 346091705 fst 29.7 32,608 1,097,906 SH SOLE 142,525 14,656 940,725 FORTUNE BRANDS INC COMMON STOC COM 349631101 fo 49.23 3,345 67,949 SH SOLE 295 1,404 66,250 FOSTER WHEELER AG COM h27178104 fwlt 24.46 231 9,425 SH SOLE 9,425 - - FREEPORT MCMORAN COPPER COMMON COM 35671D857 fcx 85.39 364 4,261 SH SOLE 969 - 3,292 FULTON FINANCIAL CORP COM 360271100 fult 9.06 28,710 3,168,883 SH SOLE 475,075 48,783 2,645,025 GAMESTOP CORP CLASS A COMMON S COM 36467W109 gme 19.71 247 12,551 SH SOLE - - 12,551 GAMMON GOLD INC FGN COM COM 36467T106 grs 7.01 28,415 4,053,442 SH SOLE 594,967 69,860 3,388,615 GANNETT CO COMMON STOCK USD1.0 COM 364730101 gci 12.23 204 16,646 SH SOLE - - 16,646 GATX CORP COM 361448103 gmt 29.32 29,181 995,272 SH SOLE 143,850 14,697 836,725 GENERAL CABLE CP DE NEW COM 369300108 bgc 27.12 33,948 1,251,772 SH SOLE 174,425 20,592 1,056,755 GENERAL DYNAMICS CORP COMMON S COM 369550108 gd 62.81 304 4,837 SH SOLE 1,275 - 3,562 GENERAL ELECTRIC COMPANY COM 369604103 ge 16.25 27,768 1,708,799 SH SOLE 372,269 393,254 943,276 GEO GROUP INC COM 36159R103 geo 23.35 30,089 1,288,629 SH SOLE 197,572 20,822 1,070,235 GOLDMAN SACHS GROUP INC COM 38141g104 gs 144.58 20,285 140,300 SH SOLE 17,841 38,394 84,065 GRAFTECH INTERNATIONAL COM 384313102 gti 15.63 32,738 2,094,558 SH SOLE 277,020 29,063 1,788,475 Gap Inc. Co. COM 364760108 gps 18.64 387 20,738 SH SOLE 20,738 - - Glaxosmitkhline Plc-Sp Adr COM 37733W105 gsk 39.52 1,373 34,745 SH SOLE 13,077 - 21,668 HANESBRANDS INC COM 410345102 hbi 25.86 33,271 1,286,596 SH SOLE 159,405 16,491 1,110,700 HANOVER INSURANCE GROUP COM 410867105 thg 47 30,690 652,989 SH SOLE 101,690 10,424 540,875 HARRIS CORP COMMON STOCK USD1. COM 413875105 hrs 44.29 256 5,791 SH SOLE - - 5,791 HARTFORD FINL SVCS GRP COM 416515104 hig 22.95 22,716 989,822 SH SOLE 172,765 201,946 615,111 HCC INSURANCE HOLDINGS INC COM COM 404132102 hcc 26.09 2,562 98,209 SH SOLE 465 2,144 95,600 HEALTHSPRING INC COM 42224N101 hs 25.84 34,657 1,341,206 SH SOLE 180,895 19,186 1,141,125 HELEN OF TROY LTD F COM G4388N106 hele 25.29 29,785 1,177,732 SH SOLE 170,885 16,947 989,900 HENRY JACK & ASSOC INC COM 426281101 jkhy 25.5 32,301 1,266,722 SH SOLE 169,625 17,445 1,079,652 HEWLETT PACKARD CO COMMON STOC COM 428236103 hpq 42.07 297 7,061 SH SOLE 1,887 - 5,174 HOSPITALITY PPTYS TRUST BENEFI COM 44106M102 hpt 22.33 36,287 1,625,046 SH SOLE 218,220 24,101 1,382,725 HSBC Hldgs PLC Spons-ADR COM 404280406 hbc 50.59 1,488 29,409 SH SOLE 11,185 - 18,224 HUBBELL INC CL B PAR .01 COM 443510201 hub/b 50.75 6,493 127,932 SH SOLE 265 1,287 126,380 HUDSON CITY BANCORP INC COMMON COM 443683107 hcbk 12.26 3,083 251,507 SH SOLE 1,045 5,150 245,312 HUMANA INC COMMON STOCK USD.16 COM 444859102 hum 50.24 370 7,370 SH SOLE 1,490 - 5,880 IDACORP INCORPORATED COM 451107106 ida 35.92 33,333 927,987 SH SOLE 119,265 12,436 796,286 ING GP NV SPSD ADR COM 456837103 ing 10.29 1,517 147,440 SH SOLE 56,417 - 91,023 INTL BUSINESS MACHINES CORP CO COM 459200101 ibm 134.14 288 2,144 SH SOLE - - 2,144 INTL SPEEDWAY CL A COM 460335201 isca 24.4 30,157 1,235,930 SH SOLE 159,798 16,642 1,059,490 INVESTMENT TECH GRP NEW COM 46145F105 itg 14.22 26,963 1,896,155 SH SOLE 274,975 22,752 1,598,428 ISHARES RUSSELL 1000 V COM 464287598 IWD 58.99 280 4,750 SH SOLE 4,750 - - JABIL CIRCUIT INC COM 466313103 jbl 14.41 29,941 2,077,820 SH SOLE 279,150 27,934 1,770,736 JAKKS PACIFIC INC COM 47012E106 jakk 17.64 31,689 1,796,456 SH SOLE 277,744 29,307 1,489,405 JARDEN CORP COM 471109108 jah 31.13 31,540 1,013,175 SH SOLE 155,880 16,497 840,798 JOY GLOBAL INC COMMON STOCK US COM 481165108 joyg 70.32 7,040 100,117 SH SOLE 195 962 98,960 JPMORGAN CHASE & CO COM 46625h100 jpm 38.06 23,991 630,354 SH SOLE 159,963 146,414 323,977 KB Financial Group Inc-ADR COM 48241a105 kb 42.87 1,396 32,562 SH SOLE 12,311 - 20,251 KELLY SERVICES INC CL A COM 488152208 kelya 11.73 21,028 1,792,634 SH SOLE 291,914 30,845 1,469,875 KIMBERLY CLARK COM 494368103 kmb 65.05 296 4,555 SH SOLE 4,555 - - KINETIC CONCEPTS INC COMMON ST COM 49460W208 kci 36.58 2,860 78,197 SH SOLE 345 1,752 76,100 KROGER CO COMMON STOCK USD1.0 COM 501044101 kr 21.66 275 12,696 SH SOLE - - 12,696 Keycorp COM 493267108 key 7.96 1,060 133,115 SH SOLE 133,115 - - L 3 COMMUNICATIONS HLDGS INC C COM 502424104 lll 72.27 3,022 41,820 SH SOLE 160 809 40,851 LEXMARK INTL INC CL A CLASS A COM 529771107 lxk 44.62 33,341 747,232 SH SOLE 112,700 12,085 622,447 LIFEPOINT HOSPITALS INC COM 53219L109 lpnt 35.06 33,378 952,019 SH SOLE 137,205 14,964 799,850 LIFETIME FITNESS COM 53217R207 ltm 39.47 33,802 856,387 SH SOLE 121,225 12,637 722,525 LINCOLN NATIONAL CORP COMMON S COM 534187109 lnc 23.92 214 8,958 SH SOLE - - 8,958 LOCKHEED MARTIN CORP COM 539830109 lmt 71.28 627 8,795 SH SOLE 5,491 - 3,304 LOEWS CORP COMMON STOCK USD.01 COM 540424108 l 37.9 358 9,440 SH SOLE 2,063 - 7,377 LORILLARD INC COMMON STOCK USD COM 544147101 lo 80.31 3,418 42,562 SH SOLE 170 837 41,555 LOWES COMPANIES INC COM 548661107 low 22.29 21,741 975,370 SH SOLE 211,039 227,461 536,870 LUBRIZOL CORP COMMON STOCK NPV COM 549271104 lz 105.97 3,486 32,900 SH SOLE - - 32,900 MACK CALI REALTY CORP REIT USD COM 554489104 cli 32.71 2,737 83,680 SH SOLE 380 - 83,300 MARATHON OIL CORP COM 565849106 mro 33.1 591 17,847 SH SOLE 9,155 - 8,692 MATTEL INC COM COM 577081102 mat 23.46 6,421 273,717 SH SOLE 14,175 2,927 256,615 MCDERMOTT INTL INC COMMON STOC COM 580037109 mdr 14.78 3,722 251,850 SH SOLE 580 2,785 248,485 MEDICAL PROPERTIES TRUST REIT COM 58463J304 mpw 10.14 30,956 3,052,843 SH SOLE 414,798 45,305 2,592,740 MEDNAX INC COM 58502B106 md 53.3 29,656 556,394 SH SOLE 73,850 7,369 475,175 MERCK + CO. INC. COMMON STOCK COM 58933Y105 mrk 36.81 350 9,502 SH SOLE 2,139 - 7,363 METLIFE INC COMMON STOCK USD.0 COM 59156R108 met 38.45 315 8,181 SH SOLE 1,836 - 6,345 MFA FINANCIAL INC REIT USD.01 COM 55272X102 mfa 7.63 3,143 411,975 SH SOLE - - 411,975 MICRON TECHNOLOGY INC COMMON S COM 595112103 mu 7.21 191 26,519 SH SOLE - - 26,519 MICROSEMI CORPORATION COM 595137100 mscc 17.1225 34,452 2,012,103 SH SOLE 277,450 29,278 1,705,375 MICROSOFT CORP COM 594918104 msft 24.49 16,517 674,432 SH SOLE 87,494 175,874 411,064 MOLSON COOR BREW CO CL B COM 60871r209 tap 47.22 3,294 69,751 SH SOLE 280 1,393 68,078 MURPHY OIL CORP COMMON STOCK U COM 626717102 mur 61.92 303 4,894 SH SOLE - - 4,894 Morgan Stanley COM 617446448 ms 24.68 302 12,244 SH SOLE 2,855 - 9,389 N V ENERGY INC COM 67073Y106 nve 13.15 32,463 2,468,668 SH SOLE 349,150 36,193 2,083,325 NASDAQ OMX GROUP/THE COMMON ST COM 631103108 ndaq 19.43 253 13,021 SH SOLE - - 13,021 NASH-FINCH COMPANY COM 631158102 nafc 42.54 31,200 733,417 SH SOLE 109,795 11,600 612,022 NET 1 UEPS TECHS NEW COM 64107N206 ueps 11.56 17,556 1,518,692 SH SOLE 221,684 17,415 1,279,593 NEW GOLD INC F COM 644535106 ngd 6.71 32,132 4,788,625 SH SOLE 722,285 80,789 3,985,551 NEWELL RUBBERMAID INC COMMON S COM 651229106 nwl 17.81 322 18,092 SH SOLE - - 18,092 NEWFIELD EXPLORATION CO COMMON COM 651290108 nfx 57.44 6,677 116,235 SH SOLE 260 1,260 114,715 NEWMONT MINING CORP COM 651639106 nem 62.81 11,229 178,774 SH SOLE 26,768 45,400 106,606 NEXEN INC COMMON STOCK NPV COM 65334H102 nxy 20.1 3,948 196,407 SH SOLE 24,148 2,946 169,313 NORFOLK SOUTHERN CORP COMMON S COM 655844108 nsc 59.51 3,163 53,152 SH SOLE 230 1,122 51,800 NORTHROP GRUMMAN CORP COM 666807102 noc 60.63 20,259 334,148 SH SOLE 53,202 71,722 209,224 NRG ENERGY INC COMMON STOCK US COM 629377508 nrg 20.82 274 13,158 SH SOLE - - 13,158 NUCOR CORP COMMON STOCK USD.4 COM 670346105 nue 38.2 2,493 65,252 SH SOLE 290 1,432 63,530 NUTRI SYSTEM INC COM 67069D108 ntri 19.24 22,645 1,176,962 SH SOLE 181,015 18,932 977,015 NextEra Energy Inc COM 65339F101 nee 54.39 309 5,690 SH SOLE - - 5,690 Nokia Corp-Spon ADR COM 654902204 nok 10.03 1,459 145,497 SH SOLE 61,141 - 84,356 Nomura Hldg Inc Spons- ADR COM 65535H208 nmr 4.77 1,219 255,472 SH SOLE 93,696 - 161,776 O M GROUP INC COM 670872100 omg 30.12 30,236 1,003,836 SH SOLE 152,505 15,856 835,475 OCCIDENTAL PETE CORP COM 674599105 oxy 78.3 17,238 220,153 SH SOLE 45,806 52,927 121,420 OMNICARE INC COMMON STOCK USD1 COM 681904108 ocr 23.88 3,258 136,422 SH SOLE 605 3,042 132,775 ONEOK INC COMMON STOCK USD.01 COM 682680103 oke 45.04 3,188 70,775 SH SOLE - - 70,775 OWENS &MINOR INC HLDG CO COM 690732102 omi 28.46 29,801 1,047,135 SH SOLE 151,610 15,751 879,774 OWENS ILLINOIS INC COMMON STOC COM 690768403 oi 28.06 5,803 206,820 SH SOLE 455 2,232 204,133 PACTIV CORPORATION COMMON STOC COM 695257105 ptv 32.98 360 10,921 SH SOLE - - 10,921 PAN AMERICAN SILVER CP F COM 697900108 paas 29.59 39,268 1,327,057 SH SOLE 186,825 20,057 1,120,175 PENGROWTH ENERGY TRUST UNIT NP COM 706902509 pgh 11.06 906 81,960 SH SOLE 1,960 - 80,000 PFIZER INCORPORATED COM 717081103 pfe 17.17 31,789 1,851,443 SH SOLE 375,652 430,630 1,045,161 PHILIP MORRIS INTL INC COM 718172109 pm 56.02 20,608 367,865 SH SOLE 71,002 88,040 208,823 PITNEY BOWES INC COM 724479100 pbi 21.38 6,084 284,562 SH SOLE 14,335 2,990 267,237 PLANTRONICS INC COM 727493108 plt 33.78 30,176 893,308 SH SOLE 136,400 14,258 742,650 PLATINUM UNDERWRITERS F COM G7127P100 ptp 43.52 33,183 762,487 SH SOLE 100,575 11,087 650,825 PNC FINL SERVICES GP INC COM 693475105 pnc 51.91 25,828 497,545 SH SOLE 90,674 127,406 279,465 PPL CORPORATION COMMON STOCK U COM 69351T106 ppl 27.23 3,220 118,264 SH SOLE 495 2,370 115,399 PRINCIPAL FINANCIAL GROUP COMM COM 74251V102 pfg 25.92 244 9,415 SH SOLE - - 9,415 PROTECTIVE LIFE CORP COM 743674103 pl 21.76 29,788 1,368,952 SH SOLE 197,355 20,521 1,151,076 PRUDENTIAL FINANCIAL INC COMMO COM 744320102 pru 54.18 321 5,928 SH SOLE 1,383 - 4,545 PUBLIC SERVICE ENTERPRISE GP C COM 744573106 peg 33.08 308 9,316 SH SOLE - - 9,316 Petroleo Brasileiro S/A COM 71654v408 pbr 36.27 1,368 37,711 SH SOLE 15,497 - 22,214 Prudential PLC ADR COM 74435K204 puk 19.95 1,400 70,164 SH SOLE 27,123 - 43,041 RADIOSHACK CORPORATION COM 750438103 rsh 21.33 28,068 1,315,891 SH SOLE 202,185 21,187 1,092,519 RALCORP HOLDINGS INC COMMON ST COM 751028101 rah 58.48 3,117 53,300 SH SOLE - - 53,300 RAYMOND JAMES FINL INC COM 754730109 rjf 25.33 30,394 1,199,913 SH SOLE 164,150 16,913 1,018,850 RAYTHEON COMPANY COMMON STOCK COM 755111507 rtn 45.71 296 6,481 SH SOLE 1,667 - 4,814 REGIS CORP MINN COM 758932107 rgs 19.13 32,458 1,696,697 SH SOLE 198,790 22,557 1,475,350 RELIANCE STEEL + ALUMINUM COMM COM 759509102 rs 41.53 2,857 68,800 SH SOLE - - 68,800 REYNOLDS AMERICAN INC COM 761713106 rai 59.39 380 6,394 SH SOLE 1,300 - 5,094 RINO INTERNATIONAL CORP COM 766883102 rino 13.95 12,264 879,116 SH SOLE 140,890 7,738 730,488 ROWAN COMPANIES INC COMMON STO COM 779382100 rdc 30.36 287 9,447 SH SOLE - - 9,447 ROYAL DUTCH SHELL PLC ADR ADR COM 780259206 rds.a 60.3 19,312 320,271 SH SOLE 44,738 77,063 198,470 RPM INTERNATIONAL INC DELAWARE COM 749685103 rpm 19.92 30,386 1,525,405 SH SOLE 227,625 23,455 1,274,325 RYDER SYSTEM INC COM 783549108 r 42.77 25,814 603,550 SH SOLE 93,375 10,100 500,075 SANDERSON FARMS INC COMMON STO COM 800013104 safm 43.29 2,497 57,675 SH SOLE - - 57,675 SCOTTS MIRACLE GRO CO COM 810186106 smg 51.73 28,825 557,227 SH SOLE 85,050 9,477 462,700 SEASPAN CORP COM Y75638109 ssw 12.34 1,073 86,928 SH SOLE 33,449 - 53,479 SECTOR SPDR FINANCIAL COM 81369y605 xlf 14.3445 322 22,445 SH SOLE 22,445 - - SEMPRA ENERGY COMMON STOCK NPV COM 816851109 sre 53.8 296 5,511 SH SOLE - - 5,511 SENIOR HOUSING PROP TRUST REIT COM 81721M109 snh 23.5 2,786 118,570 SH SOLE 525 2,900 115,145 SILVER WHEATON CORP COM 828336107 slw 26.65 4,856 182,201 SH SOLE 31,224 2,586 148,391 SK TELECOM ADR COM 78440P108 skm 17.47 1,665 95,315 SH SOLE 37,856 - 57,459 SLM CORP COMMON STOCK USD.2 COM 78442P106 slm 11.55 254 21,965 SH SOLE - - 21,965 SM ENERGY CO COM 78454L100 sm 37.46 23,537 628,314 SH SOLE 96,005 9,959 522,350 SMITH-NPHW PLC SPADR NEW COM 83175M205 snn 45.4 1,293 28,478 SH SOLE 10,925 - 17,553 SONIC CORP COM 835451105 sonc 8.08 26,770 3,313,090 SH SOLE 506,610 52,520 2,753,960 SPIRIT AEROSYSTEMS HOLD CL A C COM 848574109 spr 19.93 3,089 155,000 SH SOLE - - 155,000 STAPLES INC COM 855030102 spls 20.92 23,696 1,132,695 SH SOLE 267,366 265,083 600,246 STERIS CORP COM 859152100 ste 33.22 29,858 898,807 SH SOLE 137,200 14,307 747,300 SUNTRUST BANKS INC COM 867914103 sti 25.83 10,587 409,858 SH SOLE 40,654 81,098 288,106 SUPERIOR ENERGY SERVICES COM 868157108 spn 26.69 32,071 1,201,614 SH SOLE 161,235 16,929 1,023,450 SUPERVALU INC DEL COM COM 868536103 svu 11.53 2,815 244,145 SH SOLE 23,085 4,503 216,557 SYMANTEC CORP COMMON STOCK USD COM 871503108 symc 15.13 3,919 259,008 SH SOLE 26,615 4,782 227,611 SYNAPTICS INC COM 87157D109 syna 28.14 29,983 1,065,500 SH SOLE 146,473 14,940 904,087 SYNOPSYS INC COMMON STOCK USD. COM 871607107 snps 24.77 6,703 270,626 SH SOLE 570 2,856 267,200 Sanofi-Aventis-ADR COM 80105N105 sny 33.25 1,470 44,202 SH SOLE 18,508 - 25,694 Ship Finance Intl Ltd COM g81075106 sfl 19.43 566 29,133 SH SOLE 11,105 - 18,028 Siemens AG ADR COM 826197501 si 105.4 1,348 12,794 SH SOLE 4,952 - 7,842 StatoilHydro ASA COM 85771p102 sto 20.98 1,361 64,880 SH SOLE 26,766 - 38,114 TECO ENERGY INC COM 872375100 te 17.32 29,864 1,724,223 SH SOLE 272,200 29,123 1,422,900 TELEFLEX INCORPORATED COM 879369106 tfx 56.78 32,892 579,295 SH SOLE 75,925 7,720 495,650 TERADYNE INC COMMON STOCK USD. COM 880770102 ter 11.14 3,356 301,270 SH SOLE - - 301,270 TESORO CORPORATION COM 881609101 tso 13.36 30,529 2,285,107 SH SOLE 336,164 34,458 1,914,485 TEXAS INSTRUMENTS INC COMMON S COM 882508104 txn 27.14 305 11,238 SH SOLE - - 11,238 TEXTAINER GROUP HOLDINGS LTD C COM G8766E109 tgh 26.74 3,167 118,450 SH SOLE - - 118,450 THE JONES GROUP INC COM 480074103 jny 19.64 36,021 1,834,052 SH SOLE 256,225 27,052 1,550,775 THOMPSON CREEK METALS F COM 884768102 tc 10.78 31,476 2,919,870 SH SOLE 450,000 47,120 2,422,750 TIDEWATER INC COMMON STOCK USD COM 886423102 tdw 44.81 6,038 134,736 SH SOLE 310 1,521 132,905 TORCHMARK CORP COMMON STOCK US COM 891027104 tmk 53.14 273 5,139 SH SOLE - - 5,139 TRANSOCEAN LTD COM h8817h100 rig 64.29 4,076 63,403 SH SOLE 6,926 1,237 55,240 TRAVELERS COS INC/THE COMMON S COM 89417E109 trv 52.1 343 6,590 SH SOLE 1,492 - 5,098 TUTOR PERINI CORP COM 901109108 tpc 20.09 33,105 1,647,859 SH SOLE 217,251 22,851 1,407,757 Total SA ADR COM 89151E109 tot 51.6 1,358 26,317 SH SOLE 10,851 - 15,466 U S BANCORP DEL NEW COM 902973304 usb 21.62 15,267 706,145 SH SOLE 120,029 173,600 412,516 UBS AG COM h89231338 ubs 17.03 666 39,085 SH SOLE - - 39,085 UNILEVER PLC NEW ADR COM 904767704 ul 29.1 1,503 51,660 SH SOLE 19,460 - 32,200 UNITED TECHNOLOGIES CORP COM 913017109 utx 71.23 20,598 289,177 SH SOLE 62,745 68,057 158,375 UNITEDHEALTH GROUP INC COM 91324p102 unh 35.11 22,699 646,514 SH SOLE 140,336 144,117 362,061 UNIVERSAL CORP VA COM 913456109 uvv 40.09 29,770 742,587 SH SOLE 103,000 10,479 629,108 UNUM GROUP COMMON STOCK USD.1 COM 91529Y106 unm 22.15 246 11,102 SH SOLE - - 11,102 VALERO ENERGY CORP NEW COM 91913y100 vlo 17.51 7,195 410,883 SH SOLE 90,436 94,678 225,769 VECTOR GROUP LTD COM 92240M108 vgr 18.7 29,738 1,590,257 SH SOLE 244,707 24,252 1,321,298 VECTREN CORP COM 92240G101 vvc 25.87 29,805 1,152,117 SH SOLE 154,375 17,592 980,150 VERISIGN INC COMMON STOCK USD. COM 92343E102 vrsn 31.74 3,318 104,550 SH SOLE - - 104,550 VERIZON COMMUNICATIONS COM 92343v104 vz 32.59 16,883 518,045 SH SOLE 67,898 152,172 297,975 VF CORP COMMON STOCK USD1.0 COM 918204108 vfc 81.02 2,927 36,133 SH SOLE 155 778 35,200 VODAFONE GROUP PLC SP ADR ADR COM 92857W209 vod 24.81 1,613 65,017 SH SOLE 26,444 - 38,573 Viacom Inc B (Non Vtg) COM 92553P201 via.b 36.19 288 7,955 SH SOLE - - 7,955 W & T OFFSHORE INC COM 92922P106 wti 10.6 32,192 3,036,937 SH SOLE 504,939 52,800 2,479,198 WADDELL & REED FINL CL A COM 930059100 wdr 27.36 30,699 1,122,032 SH SOLE 173,845 18,294 929,893 WASHINGTON FEDERAL INC SEATTLE COM 938824109 wfsl 15.28 24,249 1,586,978 SH SOLE 244,400 25,003 1,317,575 WEINGARTEN REALTY INVESTORS RE COM 948741103 wri 21.82 3,260 149,400 SH SOLE - - 149,400 WELLPOINT INC COMMON STOCK USD COM 94973V107 wlp 56.64 323 5,701 SH SOLE 1,429 - 4,272 WELLS FARGO & CO NEW COM 949746101 wfc 25.115 30,521 1,215,235 SH SOLE 268,564 297,123 649,548 WESTERN DIGITAL CORP COMMON ST COM 958102105 wdc 28.39 200 7,053 SH SOLE - - 7,053 WESTERN UN CO COM 959802109 wu 17.67 3,159 178,751 SH SOLE 15,319 3,582 159,850 WHIRLPOOL CORP COMMON STOCK US COM 963320106 whr 80.96 2,161 26,698 SH SOLE 130 598 25,970 WINDSTREAM CORP COMMON STOCK U COM 97381W104 win 12.2875 3,100 252,275 SH SOLE 4,780 5,455 242,040 WOLVERINE WORLD WIDE INC COM 978097103 www 29.01 28,924 997,051 SH SOLE 155,100 15,826 826,125 XEROX CORP COMMON STOCK USD1.0 COM 984121103 xrx 10.35 292 28,205 SH SOLE - - 28,205 XL GROUP PLC COMMON STOCK USD. COM G98290102 xl 21.66 315 14,550 SH SOLE - - 14,550 YAMANA GOLD INC COM 98462y100 auy 11.4 5,120 449,092 SH SOLE 79,675 6,306 363,111 ZIMMER HOLDINGS INC COM 98956p102 zmh 52.33 14,472 276,557 SH SOLE 31,313 57,936 187,308 FANNIE MAE PREFERRED STOCK 05/ CONV 313586745 313586745 0.41 615 1,500,000 SH SOLE - - 1,500,000 ERT IBLE PREF FERED HARTFORD FINL SVCS GRP PREF 416515708 416515708 23.72 1,898 80,000 SH SOLE - - 80,000 PREFERRED STOCK ERR ED S STO CK TYSON FOODS INC 3.25% CONV 902494AP8 902494AP8 117.875 5,894 5,000,000 PRN SOLE - - 5,000,000 10/15/2013 ERTI BLE BOND ARCELORMITTAL 5.0% CONV 03938LAK0 03938LAK0 132.375 2,648 2,000,000 PRN SOLE - - 2,000,000 5/15/2014 ERTI BLE BOND HERTZ GLOBAL HLD 06/14 CONV 42805TAA3 42805TAA3 146.875 10,281 7,000,000 PRN SOLE - - 7,000,000 FIXED 5.25 ERTI BLE BOND AMR CORP DEL CONV 001765BC9 001765BC9 97.25 5,835 6,000,000 PRN SOLE - - 6,000,000 10/14 FIXED 6.25 ERTI BLE BOND NAVISTAR INTL CORP CONB CONV 63934EAL2 63934EAL2 112.375 3,371 3,000,000 PRN SOLE - - 3,000,000 3.0% 10/15/2014 ERTI BLE BOND MYLAN INC CONB 3.75% CONV 628530AJ6 628530AJ6 157.625 8,669 5,500,000 PRN SOLE - - 5,500,000 9/15/2015 ERTI BLE BOND