13F-HR/A 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, 2007 Check here if Amendment [x]; Amendment Number: 1 --- This Amendment (Check only one.): [x] 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: Salvatore Faia Title: Chief Compliance Officer Phone: (201) 793-2005 Signature, Place, and Date of Signing: /s/ Salvatore Faia Jersey City, New Jersey May 21, 2007 ------------------ ------------------------ ------------- [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-07 Voting Authority Title -------------------- of Value Shares/ Sh/ Put/ Invstmt Other Name of Issuer Class CUSIP (x$1000) Prn Amt Prn Call Dscretn Managers Sole Shared None ------------------------------ ------ --------- -------- -------- --- ---- ------- --------- ----- -------- ---- 3M Company COM 88579Y101 393445 5147776 SH Sole 5147776 ABX Air Inc. COM 00080S101 12965 1892700 SH Sole 1892700 AFLAC Inc COM 001055102 ? 30300 SH Sole 30300 AMComp Inc. COM 02342j101 2212 229000 SH Sole 229000 AON Corp COM 037389103 ? 20100 SH Sole 20100 AT&T Inc COM 00206R102 38732 982300 SH Sole 982300 Abbott Laboratories COM 002824100 1607 28800 SH Sole 28800 Abercrombie & Fitch COM 002896207 ? 13200 SH Sole 13200 Ace Ltd. COM g0070k103 2927 51300 SH Sole 51300 Adeza Biomedical Corp COM 006864102 4403 184400 SH Sole 184400 Administaff Inc COM 007094105 9708 275800 SH Sole 275800 Aeroflex Inc Com COM 007768104 19507 1483400 SH Sole 1483400 Aetna Inc COM 00817y108 258158 5895370 SH Sole 5895370 Affiliated Computer Services - COM 008190100 ? 23900 SH Sole 23900 Air Prods & Chems Inc COM 009158106 7377 99747 SH Sole 99747 Alaska Air Group Inc. COM 011659109 30110 790300 SH Sole 790300 Alaska Comm Systems Group COM 01167P101 26897 1823500 SH Sole 1823500 Alcoa Inc COM 013817101 7746 228490 SH Sole 228490 Allegheny Energy Inc. COM 017361106 5209 106000 SH Sole 106000 Allete, Inc. COM 018522300 27720 594600 SH Sole 594600 Alliant Techsystems Inc COM 018804104 9931 112950 SH Sole 112950 Allied World Assurance Hold COM G0219G203 11525 269600 SH Sole 269600 Allstate COM 020002101 12675 211040 SH Sole 211040 Altagas Income Trust (Canadian COM 021360102 695 32800 SH Sole 32800 Altera Corp. COM 021441100 ? 28000 SH Sole 28000 Altria Group Inc COM 02209s103 1447490 16484343 SH Sole 16484343 Ambac Finl Group Inc Com COM 023139108 3916 45330 SH Sole 45330 Amedisys Inc. COM 023436108 5014 154600 SH Sole 154600 Ameren Corp. COM 023608102 1084 21550 SH Sole 21550 American Capital Strategies COM 024937104 2784 62840 SH Sole 62840 American Ecology Corp COM 025533407 6045 314700 SH Sole 314700 American Electric Power, Inc. COM 025537101 ? 14200 SH Sole 14200 American Financial Realty Trus COM 02607P305 11728 1163500 SH Sole 1163500 American Home Mortage Inves COM 02660R107 27084 1003500 SH Sole 1003500 American International Group COM 026874107 10373 154319 SH Sole 154319 Americanwest Bancorporation COM 03058P109 6092 282800 SH Sole 282800 Amerisafe Inc. COM 03071h100 9265 491500 SH Sole 491500 Amerisourcebergen Corp. COM 03073e105 ? 31600 SH Sole 31600 Ametek Inc. COM 031100100 9201 266400 SH Sole 266400 Amgen Inc COM 031162100 181735 3252231 SH Sole 3252231 Amkor Technology Inc. COM 031652100 150 11980 SH Sole 11980 Amsouth Bancorp COM 032165102 ? 34600 SH Sole 34600 Amsurg Corp. COM 03232P405 5200 212350 SH Sole 212350 Anadarko Petroleum COM 032511107 340331 7918356 SH Sole 7918356 Anixter International Inc. COM 035290105 45377 688150 SH Sole 688150 Annaly Mtg Mgmt Inc. COM 035710409 14361 927700 SH Sole 927700 Anworth Mortgage Asset Group COM 037347101 7457 763300 SH Sole 763300 Apache Corp Com COM 037411105 366798 5188090 SH Sole 5188090 Aparment Inv. & Mgmt. Co. COM 03748r101 ? 70400 SH Sole 70400 Apollo Group Inc. - Class A COM 037604105 1157 26350 SH Sole 26350 Apollo Investment Corp. COM 03761u106 47913 2238911 SH Sole 2238911 Arc Energy Trust (Canadian) COM 001986108 19444 1055600 SH Sole 1055600 Arch Capital Group Ltd COM g0450a105 9841 144270 SH Sole 144270 Arena Resources Inc. COM 040049108 6641 132500 SH Sole 132500 Argon St. Inc. COM 040149106 5287 199800 SH Sole 199800 Argonaut Group Inc. COM 040157109 21853 675300 SH Sole 675300 Armor Holdings Inc. COM 042260109 25013 371500 SH Sole 371500 Arris Group Inc. COM 04269Q100 27774 1972600 SH Sole 1972600 Arrow Electronics Inc. COM 042735100 1144 30300 SH Sole 30300 Ashford Hospitality Trust COM 044103109 19245 1611800 SH Sole 1611800 Assurant Inc. COM 04621x108 7360 137230 SH Sole 137230 Asta Funding COM 046220109 33788 782500 SH Sole 782500 Astoria Financial Corp. COM 046265104 ? 28000 SH Sole 28000 Atwood Oceanics Inc. COM 050095108 37573 640200 SH Sole 640200 Autoliv Inc. COM 052800109 8792 153950 SH Sole 153950 Avid Technology Inc. COM 05367p100 10049 288100 SH Sole 288100 Avnet Inc Com COM 053807103 9046 250300 SH Sole 250300 Axcan Pharma Inc. COM 054923107 5078 307600 SH Sole 307600 B&G Foods Holdings Corp-EIS COM 05508R205 3723 159300 SH Sole 159300 BB&T Corp. COM 054937107 3704 90290 SH Sole 90290 BE Aerospace Inc. COM 073302101 27963 882100 SH Sole 882100 BEBE Stores Inc. COM 075571109 3650 210000 SH Sole 210000 BP Amoco Plc - Spons Adr COM 055622104 676 10445 SH Sole 10445 BP Prudhoe Bay Royalty Trust COM 055630107 12399 186500 SH Sole 186500 Bank Of America Corp COM 060505104 576951 11308324 SH Sole 11308324 Bank of Nova Scotia COM 064149107 486 10538 SH Sole 10538 Bankatlantic Bancorp Cl A COM 065908501 1096 100000 SH Sole 100000 Bankunited Finl Corp Cl A COM 06652B103 6301 297100 SH Sole 297100 Barnes Group Inc. COM 067806109 13760 598000 SH Sole 598000 Barr-Pharmaceuticals Inc. COM 068306109 ? 10300 SH Sole 10300 Bausch & Lomb Inc. COM 071707103 10025 195950 SH Sole 195950 Baxter International Inc COM 071813109 590 11200 SH Sole 11200 Baytex Energy Trust - Units COM 073176109 2652 150000 SH Sole 150000 Bear Stearns Cos Inc. COM 073902108 2825 18790 SH Sole 18790 Beckman Coulter Inc. COM 075811109 9226 144400 SH Sole 144400 Becton Dickinson & Co COM 075887109 740 9625 SH Sole 9625 Beverly Hills Bancorp Inc. COM 087866109 2323 305600 SH Sole 305600 Black Box Corp. DEL COM COM 091826107 16695 456900 SH Sole 456900 Bonavista Energy Trust (Canadi COM 098536105 21366 799000 SH Sole 799000 Borders Group Inc. COM 099709107 146186 7158963 SH Sole 7158963 Boston Private Finl Holding COM 101119105 12544 449300 SH Sole 449300 Boston Scientific COM 101137107 336 23100 SH Sole 23100 Bowater COM 102183100 ? 13800 SH Sole 13800 Bristol Myers Squibb COM 110122108 2548 91800 SH Sole 91800 Bristow Group Inc. COM 110394103 4983 136700 SH Sole 136700 British American Tobacco COM 110448107 11986 190136 SH Sole 190136 Broadcom Corp. COM 111320107 760 23700 SH Sole 23700 Burlington Resources Inc COM 122014103 ? 42715 SH Sole 42715 C-Met (144A) COM 189758105 432 18000 SH Sole 18000 CAE Inc. COM 124765108 12015 1066100 SH Sole 1066100 CBRE Realty Finance (144A) COM 12498B109 7500 500000 SH Sole 500000 CBRE Realty Finance Inc. COM 12498B307 7085 535500 SH Sole 535500 CBS Corp New Cl B COM 124857202 7251 237050 SH Sole 237050 CF Industries Holdings Inc. COM 125269100 4722 122500 SH Sole 122500 CIT Group COM 125581108 48878 923615 SH Sole 923615 CMS Energy Corp COM 125896100 6319 355000 SH Sole 355000 CNA Financial Corp COM 126117100 2791 64760 SH Sole 64760 CONSTELLATION BRANDS INC COM 21036P108 1092 51550 SH Sole 51550 CSX Corp COM 126408103 ? 69600 SH Sole 69600 Caci Intl Inc Cl A COM 127190304 13069 278900 SH Sole 278900 Callaway Golf COM 131193104 7737 490900 SH Sole 490900 Cameco Corp COM 13321L108 1077 26300 SH Sole 26300 Capital Lease Funding COM 140288101 10354 966800 SH Sole 966800 Capital One Finl Corp COM 14040H105 4442 58870 SH Sole 58870 Cardinal Health Inc. COM 14149Y108 1112 15240 SH Sole 15240 Carnival Corp. COM 143658300 979 20900 SH Sole 20900 Carolina Gp - Loews Corp COM 540424207 1157 15300 SH Sole 15300 CastlePoint Holdings Ltd. COM 148553100 20568 1258000 SH Sole 1258000 Centene Corp. COM 15135B101 9294 442800 SH Sole 442800 Centerplate Inc IDS COM 15200E204 2176 133800 SH Sole 133800 Central Euro Distribution CP COM 153435102 13276 456050 SH Sole 456050 Central Parking Corp. COM 154785109 4802 216500 SH Sole 216500 Century Aluminum Company COM 156431108 10046 214300 SH Sole 214300 Century Casinos Inc. COM 156492100 733 88800 SH Sole 88800 Charles River Laboratories COM 159864107 13471 291200 SH Sole 291200 Chesapeake Energy Corp COM 165167107 5718 185180 SH Sole 185180 Chevron Corporation COM 166764100 477376 6454522 SH Sole 6454522 Chicago Bridge & Iron COM 167250109 13302 432600 SH Sole 432600 Chittenden Corp. COM 170228100 12831 425000 SH Sole 425000 Chubb Corp COM 171232101 211629 4095774 SH Sole 4095774 Church & Dwight Co Inc COM 171340102 13370 265550 SH Sole 265550 Cincinnati Financial Corp. COM 172062101 1038 24473 SH Sole 24473 Cinram International Income (C COM 172595100 7658 364300 SH Sole 364300 Citigroup, Inc COM 172967101 108202 2107563 SH Sole 2107563 Citizens Banking Corp. COM 174420109 19423 876489 SH Sole 876489 City Holding Co. COM 177835105 4979 123100 SH Sole 123100 Clean Harbors Inc. COM 184496107 5286 116900 SH Sole 116900 Coca Cola Enterprises COM 191219104 ? 149400 SH Sole 149400 Coca-Cola Co COM 191216100 8652 180250 SH Sole 180250 Cohen & Steers REIT & PR COM 19247x100 6893 232000 SH Sole 232000 Columbia Bkg Sys Inc COM 197236102 10278 304700 SH Sole 304700 Comerica Inc COM 200340107 3913 66180 SH Sole 66180 Commscope Inc. COM 203372107 55959 1304400 SH Sole 1304400 Conn's Inc. COM 208242107 6519 263400 SH Sole 263400 ConocoPhillips COM 20825C104 1013751 14831758 SH Sole 14831758 Consolidated Edison Inc. COM 209115104 ? 76700 SH Sole 76700 Constellation Energy GP COM 210371100 ? 33200 SH Sole 33200 Contrans Income Fund (Canadian COM 212337109 6164 683800 SH Sole 683800 Cooper Cos. Inc Com COM 216648402 26469 544400 SH Sole 544400 Cooper Industries Ltd COM g24182100 1053 23400 SH Sole 23400 Corning Inc. COM 219350105 ? 170600 SH Sole 170600 Corus Bankshares Inc. COM 220873103 13858 812300 SH Sole 812300 Countrywide Financial COM 222372104 8522 253340 SH Sole 253340 Covansys Corporation COM 22281W103 14813 600200 SH Sole 600200 Covanta Holding Corporation COM 22282E102 2804 126400 SH Sole 126400 Crescent Point Energy Trust (C COM 225908102 21129 1319000 SH Sole 1319000 Crescent Real Estate EQT CO COM 225756105 ? 50700 SH Sole 50700 Crystal River Capital Inc. COM 229393301 39941 1488100 SH Sole 1488100 Cummins Inc. Com COM 231021106 2808 19400 SH Sole 19400 Curtiss-Wright Corp. COM 231561101 13581 352400 SH Sole 352400 Cypress Shapridge 144A COM 23281a208 15000 1500000 SH Sole 1500000 D R Horton Inc Com COM 23331A109 2769 125880 SH Sole 125880 DEAN FOODS CO NEW COM 242370104 4697 100500 SH Sole 100500 DOLLAR GENL CORP COM 256669102 1087 51400 SH Sole 51400 DRS Technologies Inc COM 23330x100 30934 592950 SH Sole 592950 Deere & Co. COM 244199105 2511 23117 SH Sole 23117 Deerfield Triarc Capital Cor COM 244572301 25375 1692800 SH Sole 1692800 Del Monte Foods Co COM 24522P103 12926 1126000 SH Sole 1126000 Dell Inc. COM 24702R101 279 12000 SH Sole 12000 Delta Petroleum Corp COM 247907207 29763 1296300 SH Sole 1296300 Devon Energy COM 25179M103 460848 6657730 SH Sole 6657730 DirecTV Group Inc. COM 25459L106 383 16600 SH Sole 16600 Dominion Resources Inc. COM 25746u109 ? 109819 SH Sole 109819 Donnelley (R R) & Sons Co COM 257867101 3932 107470 SH Sole 107470 Double Hull Tankers Inc COM Y21110104 18312 1239000 SH Sole 1239000 Dow Chemical COM 260543103 3009 65622 SH Sole 65622 Dreman/Claymore DVD & Income COM 26153R100 1385 63900 SH Sole 63900 Du Pont (E I) De Nemours COM 263534109 1819 36800 SH Sole 36800 Duke Energy Corp New COM 26441c105 4861 239590 SH Sole 239590 Dynegy Inc. Class A COM 26817g102 1682 181623 SH Sole 181623 E M C Corp. COM 268648102 1104 79700 SH Sole 79700 E W Scripps Company Class A COM 811054204 ? 25500 SH Sole 25500 EDO Corp COM 281347104 11609 443100 SH Sole 443100 Eagle Bulk Shipping Inc. COM y2187a101 19576 1009600 SH Sole 1009600 Eaton Corp. COM 278058102 8482 101506 SH Sole 101506 Ebay Inc COM 278642103 378 11400 SH Sole 11400 Echostar Communication COM 278762109 682 15700 SH Sole 15700 Edison International COM 281020107 4618 94000 SH Sole 94000 Edwards A G & Sons Inc COM 281760108 9734 140700 SH Sole 140700 Electronic Data Systems Corp COM 285661104 2127 76832 SH Sole 76832 Embarq Corp COM 29078e105 2962 52562 SH Sole 52562 Emcor Group Inc Com COM 29084Q100 21811 369800 SH Sole 369800 Empire District Electric Co. COM 291641108 17950 723800 SH Sole 723800 Encana Corp COM 292505104 129157 2551004 SH Sole 2551004 Endurance Specialty Holdings COM g30397106 35819 1002200 SH Sole 1002200 Energy Metals Corporation Unit COM 29271B106 13177 1099200 SH Sole 1099200 Enerplus Resources Fund COM 29274D604 3918 92800 SH Sole 92800 Ennis Inc. COM 293389102 20474 765100 SH Sole 765100 Ensco International, Inc COM 26874q100 2756 50670 SH Sole 50670 Eog Resources Inc. COM 26875p101 5264 73790 SH Sole 73790 Everest Reins Hldgs COM g3223r108 2789 29000 SH Sole 29000 Evergreen Inc. Advantage Fund COM 30023y105 19943 1387800 SH Sole 1387800 Express Scripts Inc. COM 302182100 266 3300 SH Sole 3300 Exxon Mobil Corp COM 30231G102 45117 597968 SH Sole 597968 FBR Capital Markets Corp. - 14 COM 30247c103 4500 300000 SH Sole 300000 FOOT LOCKER INC N.Y. COM COM 344849104 9564 406100 SH Sole 406100 FPL Group Inc. COM 302571104 6663 108929 SH Sole 108929 Fair Isaac Corp. COM 303250104 23392 604750 SH Sole 604750 Fairborne Energy Trust (Canadi COM 303628101 24918 3292800 SH Sole 3292800 Fairpoint Communications Inc. COM 305560104 16947 882200 SH Sole 882200 Fannie Mae COM 313586109 463953 8500430 SH Sole 8500430 Federal Express COM 31428X106 47087 438300 SH Sole 438300 Federated Dept Stores COM 31410h101 153687 3411468 SH Sole 3411468 Financial Fed Corp Com COM 317492106 4735 179900 SH Sole 179900 FirstEnergy Corp. COM 337932107 ? 22300 SH Sole 22300 Firstmerit Corp. COM 337915102 4729 224000 SH Sole 224000 Fisher Scientific Internationa COM 338032204 214 2325 SH Sole 2325 Focus Energy Trust Units (Cana COM 34415R108 1550 100000 SH Sole 100000 Fortune Brands Inc. COM 349631101 2795 35460 SH Sole 35460 Freddie Mac COM 313400301 780781 13124573 SH Sole 13124573 Freehold Royalty Trust UTS (Ca COM 355904103 7368 592300 SH Sole 592300 Freeprt McMoran cpr&gld COM 35671d857 2862 43240 SH Sole 43240 Freidman Billings Ramsey-A COM 358434108 1571 284600 SH Sole 284600 Frontline Ltd COM g3682e127 7906 222700 SH Sole 222700 Fulton Financial Corp COM 360271100 1018 70050 SH Sole 70050 GATX CORPORATION COM 361448103 5182 108400 SH Sole 108400 GMH Communities Trust COM 36188G102 141 14100 SH Sole 14100 Gannett Co Inc DEL COM 364730101 11134 197800 SH Sole 197800 General Cable Corp/De COM 369300108 40038 749350 SH Sole 749350 General Electric Co COM 369604103 310809 8789835 SH Sole 8789835 General Motors COM 370442105 2721 88800 SH Sole 88800 Genesee & Wyoming Inc-Cl A COM 371559105 11440 429900 SH Sole 429900 Genlyte Group Inc Com COM 372302109 8833 125200 SH Sole 125200 Genworth FINL INC. COM COM 37247d106 7953 227605 SH Sole 227605 GoldCorp Inc. COM 380956409 3441 143275 SH Sole 143275 Goldman Sachs COM 38141G104 19680 95243 SH Sole 95243 Goodrich B F Company COM 382388106 2947 57240 SH Sole 57240 Granite Constr Inc Com COM 387328107 13489 244100 SH Sole 244100 Great Plains Energy Inc. COM 391164100 20586 634400 SH Sole 634400 HCA Healthcare Company COM 404119109 235 4610 SH Sole 4610 HCC Ins Hldgs Inc COM 404132102 8903 289050 SH Sole 289050 HNI Corp COM 404251100 27544 599700 SH Sole 599700 HUBBELL INC CL B PAR .01 COM 443510201 22497 466350 SH Sole 466350 Halliburton International Inc COM 406216101 ? 25300 SH Sole 25300 Hanesbrands Inc. COM 410345102 14492 493100 SH Sole 493100 Hanover Insurance Group, Inc. COM 410867105 27202 589820 SH Sole 589820 Harsco Corp Com COM 415864107 13754 306600 SH Sole 306600 Hartford Finl Svcs Grp Inc COM 416515104 201502 2108201 SH Sole 2108201 Harvest Energy Trust COM 41752x101 27425 1116200 SH Sole 1116200 Harvest Energy Trust - Units ( COM 41752x101 8049 325000 SH Sole 325000 Headwaters Inc. COM 42210p102 7165 327900 SH Sole 327900 Healthspring Inc COM 42224n101 41618 1767200 SH Sole 1767200 Helen of Troy Ltd COM G4388N106 23117 1017900 SH Sole 1017900 Helix Energy Group, Inc. COM 42330p107 17209 461500 SH Sole 461500 Henry (Jack) & Associates COM 426281101 30649 1274400 SH Sole 1274400 Hercules Offshore Inc. COM 427093109 11342 431900 SH Sole 431900 Hercules Technology Growth COM 427096508 17014 1241900 SH Sole 1241900 Herley Industries Inc COM 427398102 3566 228300 SH Sole 228300 Hess Corp COM 42809h107 3891 70138 SH Sole 70138 Hewlett-Packard Co COM 428236103 7761 193339 SH Sole 193339 Highland Hospital COM 430141101 7442 418100 SH Sole 418100 Hillenbrand Industries COM 431573104 9544 160750 SH Sole 160750 Hilton Hotels Corp COM 432848109 2043 56800 SH Sole 56800 Home Depot Inc. COM 437076102 341726 9301209 SH Sole 9301209 Hormel Foods Corp. COM 440452100 7447 200250 SH Sole 200250 Hospitality Properties Trust COM 44106M102 10876 232400 SH Sole 232400 Host Marriott Corp. COM 44107P104 ? 240800 SH Sole 240800 Huntington Bancshares In COM 446150104 8625 394750 SH Sole 394750 Hyperion Total Return Fund COM 449145101 5118 575100 SH Sole 575100 IAMgold Corporation COM 450913108 23772 3087300 SH Sole 3087300 IDACORP INC COM COM 451107106 25234 745700 SH Sole 745700 IDEARC Inc. COM 451663108 878 25010 SH Sole 25010 IPC Holdings LTD COM G4933P101 25858 896300 SH Sole 896300 Imperial Tobacco Group PLC COM 453142101 87765 977995 SH Sole 977995 Ingersoll Rand Co COM g4776g101 4435 102260 SH Sole 102260 Insituform Technologies - Clas COM 457667103 11994 576900 SH Sole 576900 Integrys Energy Group, Inc. COM 45822P105 64625 1164205 SH Sole 1164205 International Business Machine COM 459200101 4496 47700 SH Sole 47700 International Paper COM 460146103 1802 49500 SH Sole 49500 Inyx Inc. COM 461868101 114 44900 SH Sole 44900 Iowa Telecommunications COM 462594201 32300 1615000 SH Sole 1615000 Ishares Tr Russell 2000 COM 464287655 98274 1236000 SH Sole 1236000 Istar Financial Inc. COM 45031U101 2815 60110 SH Sole 60110 J.P. Morgan Chase & Co. COM 46625H100 93249 1927424 SH Sole 1927424 JER Investors Trust Inc. COM 46614H301 27747 1458852 SH Sole 1458852 JM Smucker Co. COM 832696405 42363 794500 SH Sole 794500 Johnson & Johnson COM 478160104 716 11884 SH Sole 11884 Johnson Controls Inc. COM 478366107 ? 66200 SH Sole 66200 Jones Apparel Group Inc. COM 480074103 1142 37150 SH Sole 37150 Juniper Networks Inc. COM 48203R104 2084 105900 SH Sole 105900 K&F Industries Holdings Inc. COM 482241106 14354 533000 SH Sole 533000 K2 Inc. COM 482732104 5153 426200 SH Sole 426200 KKR Financial Corp COM 48248a306 36328 1324400 SH Sole 1324400 KMG America Corp COM 482563103 2001 432200 SH Sole 432200 Kelly Svcs Inc Cl A COM 488152208 29705 922500 SH Sole 922500 Kennametal Inc. COM 489170100 12319 182200 SH Sole 182200 Keycorp COM 493267108 169702 4529022 SH Sole 4529022 Kimberly Clark Corp COM 494368103 712 10400 SH Sole 10400 Kindred Healthcare Inc. COM 494580103 9490 289500 SH Sole 289500 Kinetic Concepts Inc. COM 49460W208 20679 408350 SH Sole 408350 Kohls Corp. COM 500255104 1962 25610 SH Sole 25610 Komag Inc. COM 500453204 4366 133400 SH Sole 133400 Kraft foods Inc. COM 50075n104 3083 97394 SH Sole 97394 L-3 Communications Holdings COM 502424104 1163 13300 SH Sole 13300 Laboratory Corp. Of America Ho COM 50540r409 3048 41964 SH Sole 41964 Lear Corp. COM 521865105 2822 77300 SH Sole 77300 Leggett & Platt Inc. COM 524660107 8630 380700 SH Sole 380700 Lehman Brothers Holdings Inc COM 524908100 2776 39622 SH Sole 39622 Lennar Corp Com COM 526057104 4035 95600 SH Sole 95600 Lennox International Inc. COM 526107107 5007 140250 SH Sole 140250 Liberty PPTY TR SBI COM 531172104 ? 21400 SH Sole 21400 Lifepoint Hospitals COM 53219l109 35577 930838 SH Sole 930838 Lilly (Eli) & Co COM 532457108 158869 2957896 SH Sole 2957896 Lincare Holdings Inc COM 532791100 8624 235300 SH Sole 235300 Lincoln National Corp COM 534187109 6591 97220 SH Sole 97220 Linear Technology Corp. COM 535678106 215 6800 SH Sole 6800 Loews Corp COM 540424108 2781 61220 SH Sole 61220 Lowes Cos. COM 548661107 106553 3383694 SH Sole 3383694 Lyondell Chemical PV $1 COM 552078107 3923 130890 SH Sole 130890 MB Financial Inc. COM 55264U108 9566 265655 SH Sole 265655 MBIA Inc COM 55262C100 9727 148530 SH Sole 148530 MCG Capital Corp. COM 58047P107 3773 201100 SH Sole 201100 MFA Mortgage Investments, Inc. COM 55272x102 12312 1599000 SH Sole 1599000 MILLS CORPORATION COM COM 601148109 ? 17300 SH Sole 17300 MKS Instrument Inc Com COM 55306N104 9598 376100 SH Sole 376100 Mack Cali Realty Corp. COM 554489104 ? 44200 SH Sole 44200 Maf Bancorp Inc Com COM 55261R108 12090 292450 SH Sole 292450 Marathon Oil Corp COM 565849106 2686 27180 SH Sole 27180 Marshall & Ilsley Corp. COM 571834100 4972 107360 SH Sole 107360 Masco COM 574599106 2809 102516 SH Sole 102516 Matrix Service Co. COM 576853105 4232 209200 SH Sole 209200 Mattel Inc COM 577081102 ? 19100 SH Sole 19100 Maxim Integrated Products COM 57772K101 ? 10100 SH Sole 10100 McDonalds Corp COM 580135101 ? 155420 SH Sole 155420 Medco Health Solutions, Inc. COM 58405u102 1625 22403 SH Sole 22403 Medical Properties Trust Inc. COM 58463J304 17991 1224700 SH Sole 1224700 Mellon Financial Corp COM 58551A108 ? 220000 SH Sole 220000 Merck & Co COM 589331107 71950 1628938 SH Sole 1628938 Meridan Resource Corp. COM 58977q109 633 262500 SH Sole 262500 Merrill Lynch & Co COM 590188108 11957 146410 SH Sole 146410 Metal Management, Inc. COM 591097209 5050 109300 SH Sole 109300 Metlife COM 59156r108 7259 114954 SH Sole 114954 Mettler-Toledo International COM 592688105 13265 148100 SH Sole 148100 Microsoft COM 594918104 67115 2408155 SH Sole 2408155 Mohawk Industries Inc COM 608190104 10140 123580 SH Sole 123580 Morgan Stanley COM 617446448 19737 250600 SH Sole 250600 Motorola Inc COM 620076109 2041 115500 SH Sole 115500 Mueller Water Products Inc. COM 624758108 19496 1411700 SH Sole 1411700 Mueller Water Products Inc. Cl COM 624758207 3686 275296 SH Sole 275296 Myers Industries Inc COM 628464109 5320 284800 SH Sole 284800 NCI Building Systems, Inc. COM 628852105 14661 307100 SH Sole 307100 NGP Capital Resources Co COM 62912r107 1019 64426 SH Sole 64426 Nal Oil & Gas Trust-UTS (Canad COM 628949109 10651 1045700 SH Sole 1045700 Nalco Holding Co. COM 62985Q101 ? 63300 SH Sole 63300 Nash Finch Co Com COM 631158102 21961 637300 SH Sole 637300 Natco Group Inc - A COM 63227W203 3473 101800 SH Sole 101800 National City Corp COM 635405103 2802 75220 SH Sole 75220 Nestle S A Sponsored ADR COM 641069406 339 3500 SH Sole 3500 New Flyer Industries Inc.-IDS COM 64438r306 7342 920600 SH Sole 920600 Newcastle Investment Corp. COM 65105M108 46925 1692200 SH Sole 1692200 Newmont Mining Corp COM 651639106 298 7100 SH Sole 7100 News Corp Ltd Adr COM 65248e104 8134 351800 SH Sole 351800 Nike Inc. Class B COM 654106103 ? 35120 SH Sole 35120 Nobel Learning Communities COM 654889104 4780 311424 SH Sole 311424 Noble Drilling Corp COM g65422100 2773 35245 SH Sole 35245 Noble Energy COM 655044105 2724 45670 SH Sole 45670 Nordstrom Inc. COM 655664100 ? 22000 SH Sole 22000 Norfolk Southern Corp. COM 655844108 11399 225274 SH Sole 225274 North Fork Bancorporation COM 659424105 6666 237488 SH Sole 237488 Northeast Utilities COM 664397106 ? 67500 SH Sole 67500 Northern Orion Resources Inc. COM 665575106 5673 1393800 SH Sole 1393800 Northrop Grumman Corp COM 666807102 138740 1869305 SH Sole 1869305 Northwest Pipe Company COM 667746101 7026 176400 SH Sole 176400 Nucor Corp COM 670346105 2945 45210 SH Sole 45210 Nuveen Pfd. & Cvrt Income Fund COM 67073d102 12029 859200 SH Sole 859200 Nuveen Quality Preferred II COM 67072c105 4765 322400 SH Sole 322400 OMI Corp. New COM Y6476W104 15694 584300 SH Sole 584300 Occidental Petroleum COM 674599105 238782 4842475 SH Sole 4842475 Odyssey Healthcare Inc COM 67611V101 8823 672000 SH Sole 672000 Odyssey Re Holdings Corp COM 67612w108 17497 445110 SH Sole 445110 Oil States International Inc COM 678026105 8372 260900 SH Sole 260900 Old Republic Intl Corp COM 680223104 1519 68675 SH Sole 68675 On Semiconductor Corporation COM 682189105 146 16340 SH Sole 16340 Oneok Inc New Com COM 682680103 9270 206000 SH Sole 206000 Openwave Systems Inc. COM 683718308 867 106400 SH Sole 106400 Option Care Inc. COM 683948103 16585 1247000 SH Sole 1247000 Oracle Corp COM 68389X105 ? 98712 SH Sole 98712 PNC Financial Services Group COM 693475105 161456 2243373 SH Sole 2243373 PPG Industries Inc. COM 693506107 4192 59625 SH Sole 59625 PPL Corp. COM 69351t106 8544 208900 SH Sole 208900 Paccar Inc COM 693718108 3531 48109 SH Sole 48109 Pan American Silver Corp. COM 697900108 18349 620100 SH Sole 620100 Parallel Petroleum Corp. COM 699157103 43279 1885800 SH Sole 1885800 Parker Hannifin Corp COM 701094104 4120 47730 SH Sole 47730 Patriot National Bancorp. Inc. COM 70336f104 4273 189900 SH Sole 189900 Payless Shoesource Inc COM 704379106 16812 506400 SH Sole 506400 Pediatrix Medical Group COM 705324101 24251 425000 SH Sole 425000 Pengrowth Energy Trust COM 706902509 26973 1598900 SH Sole 1598900 Penn West Energy Trust COM 707885109 14640 498300 SH Sole 498300 Penn West Energy Trust (Canadi COM 707885109 20170 685000 SH Sole 685000 Penney (J C) Co COM 708160106 ? 45900 SH Sole 45900 Perini Corp. COM 713839108 10686 289900 SH Sole 289900 Perkinelmer Inc. COM 714046109 9303 384100 SH Sole 384100 Perrigo Company COM 714290103 6290 356200 SH Sole 356200 Petrohawk Energy Corp COM 716495106 16852 1279600 SH Sole 1279600 Petroquest Energy Inc. COM 716748108 24357 2083600 SH Sole 2083600 Pff Bancorp Inc Com COM 69331W104 3825 126100 SH Sole 126100 Pfizer COM 717081103 614995 24346606 SH Sole 24346606 Pg&E Corp Com COM 69331C108 ? 50600 SH Sole 50600 Phillips-Van Heusen COM 718592108 15568 264764 SH Sole 264764 Pine Brook Cap Inc. Class A COM 0 265913 SH Sole 265913 Pinnacle Gas Resources, Inc. 1 COM 723464103 7700 700000 SH Sole 700000 Pinnacle West Capital Corp. COM 723484101 ? 44200 SH Sole 44200 Pioneer High Income Trust COM 72369H106 11856 664600 SH Sole 664600 Platinum Underwriters Holdings COM G7127P100 23996 748000 SH Sole 748000 Praxair, Inc. COM 74005P104 ? 94341 SH Sole 94341 Primary Energy Recycling-EIS ( COM 74158d304 4678 600300 SH Sole 600300 Procter & Gamble Co COM 742718109 237 3750 SH Sole 3750 Progress Energy COM 743263105 34864 691200 SH Sole 691200 Progressive Corp Ohio COM 743315103 3269 149800 SH Sole 149800 Prologis COM 743410102 ? 108400 SH Sole 108400 Prospect Energy Corp. COM 74348T102 2144 125096 SH Sole 125096 Protective Life Corp Com COM 743674103 9614 218300 SH Sole 218300 Provident Bankshares Corp COM 743859100 2695 82000 SH Sole 82000 Prudential Financial, Inc. COM 744320102 2781 30810 SH Sole 30810 Pulte Homes, Inc COM 745867101 2820 106580 SH Sole 106580 Qualcomm Inc. COM 747525103 693 16250 SH Sole 16250 Quest Diagnostics Inc. COM 74834L100 40096 804005 SH Sole 804005 REALNETWORKS INC. COM 75605l104 153 19440 SH Sole 19440 REGIS CORP MINN COM 758932107 27145 672400 SH Sole 672400 RIATA ENERGY INC. - 144A COM 762517100 1800 100000 SH Sole 100000 RPC Inc. COM 749660106 3390 203500 SH Sole 203500 RTI International Metals, Inc. COM 74973W107 53300 585649 SH Sole 585649 Ralcorp Holdings Inc COM 751028101 35526 552500 SH Sole 552500 Raytheon Co Delaware New COM 755111507 ? 67500 SH Sole 67500 Regal Beloit COM 758750103 15862 342000 SH Sole 342000 Regal Entertainment Group COM 758766109 2458 123700 SH Sole 123700 Regions Financial Corp. New COM 7591ep100 18441 521370 SH Sole 521370 Reynolds American Inc COM 761713106 8908 142740 SH Sole 142740 Rohm & Haas Co COM 775371107 3026 58500 SH Sole 58500 Rosetta Resources Inc. restric COM 777779109 4040 196700 SH Sole 196700 Rowan Cos. Inc. COM 779382100 ? 13400 SH Sole 13400 Royal Bank of Canada COM 780087102 204 4080 SH Sole 4080 Royal Carribean Cruises COM V7780T103 2795 66299 SH Sole 66299 Ruby Tuesday Inc Com COM 781182100 1041 36400 SH Sole 36400 Ruddick Corp. COM 781258108 29918 994600 SH Sole 994600 Russell 1000 Value Index Fund COM 464287598 30662 368804 SH Sole 368804 SLM Corp. COM 78442p106 2814 68811 SH Sole 68811 SPDR Trust Series 1 COM 78462f103 8096 57015 SH Sole 57015 SPX Corp. COM 784635104 ? 19100 SH Sole 19100 Safeco Corp COM 786429100 2933 44150 SH Sole 44150 Safety Insurance Group Inc. COM 78648T100 4871 121400 SH Sole 121400 Safeway Inc COM 786514208 3521 96110 SH Sole 96110 San Juan Basin Royalty Tr COM 798241105 6298 201600 SH Sole 201600 Scana Corp. COM 80589M102 ? 47200 SH Sole 47200 Scansource Inc COM 806037107 8640 321900 SH Sole 321900 Seagate Technology COM G7945J104 962 41300 SH Sole 41300 Selective Ins Group Com COM 816300107 9517 373800 SH Sole 373800 Sempra Energy COM 816851109 2737 44860 SH Sole 44860 Sepracor Inc. COM COM 817315104 1944 41700 SH Sole 41700 Shaw Group Inc COM 820280105 12470 398800 SH Sole 398800 Sherwin-Williams COM 824348106 1123 17000 SH Sole 17000 Ship Finance Intl Ltd COM g81075106 654 23860 SH Sole 23860 Sierra Pacific Resources COM 826428104 6092 350500 SH Sole 350500 Sigma-Aldrich Corp. COM 826552101 10019 241300 SH Sole 241300 Simon Property COM 828806109 ? 21400 SH Sole 21400 Smithfield Foods Inc Com COM 832248108 1282 42800 SH Sole 42800 Smurfitt-Stone Container Corp COM 832727101 ? 24100 SH Sole 24100 Sonic Solutions COM 835460106 1847 131000 SH Sole 131000 Southern Copper Corp. COM 84265V105 2859 39900 SH Sole 39900 Southern Union Co COM 844030106 19930 655801 SH Sole 655801 Sovereign Bancorp. Inc. COM 845905108 195816 7697158 SH Sole 7697158 Sprint Corp COM 852061100 7189 379156 SH Sole 379156 St. Mary Land & Exploration COM 792228108 11943 325600 SH Sole 325600 Staples Inc COM 855030102 153467 5939117 SH Sole 5939117 State Street Corp COM 857477103 ? 64300 SH Sole 64300 Stec Inc COM 784774101 822 116700 SH Sole 116700 Sterling Construction Co COM 859241101 10439 547700 SH Sole 547700 Sterling Financial Corp. (PA) COM 859317109 4931 222100 SH Sole 222100 Sterling Financial Corp./Spoka COM 859319105 18580 595690 SH Sole 595690 Stewart W P and Co. LTD COM G84922106 959 95200 SH Sole 95200 Stillwater Mining Co. COM 86074Q102 2787 219600 SH Sole 219600 Stride Rite Corp Com COM 863314100 4729 307300 SH Sole 307300 Suburban Propane Partners COM 864482104 2874 65310 SH Sole 65310 Suntrust Banks Inc COM 867914103 4945 59545 SH Sole 59545 Superior Energy Services Inc. COM 868157108 26973 782500 SH Sole 782500 Syneron Medical Ltd. COM M87245102 4920 181900 SH Sole 181900 Sysco Corporation COM 871829107 497 14700 SH Sole 14700 TCF Financial Corp. Com COM 872275102 ? 16800 SH Sole 16800 TD BankNorth Inc. COM 87235a101 2775 86280 SH Sole 86280 TJX Companies Inc COM 872540109 1016 37700 SH Sole 37700 TXU Corp COM 873168108 243725 3802265 SH Sole 3802265 Target Corp COM 87612E106 801 13525 SH Sole 13525 Teco Energy Inc. COM 872375100 4781 277800 SH Sole 277800 Tellabs Inc COM 879664100 ? 40200 SH Sole 40200 Teradyne, Inc. COM 880770102 261 15800 SH Sole 15800 Tesoro Petroleum Corp COM 881609101 11218 111700 SH Sole 111700 Texas Inds. Inc. COM 882491103 8610 114000 SH Sole 114000 The Men's Wearhouse Inc. COM 587118100 38786 824350 SH Sole 824350 Thermo Fisher Scientific Inc. COM 883556102 2270 48554 SH Sole 48554 Thomas & Betts Corp COM 884315102 6156 126100 SH Sole 126100 Thomas Properties Group COM 884453101 6152 396400 SH Sole 396400 Thornburg Mtg Inc Com COM 885218107 30720 1181520 SH Sole 1181520 Time Warner Inc. COM 887317105 2291 116200 SH Sole 116200 Todco - Class A COM 88889T107 9130 226390 SH Sole 226390 Torchmark Corp COM 891027104 5427 82740 SH Sole 82740 Toronto-Dominion Bank COM 891160509 206 3404 SH Sole 3404 Tortoise Energy Infrastructure COM 89147L100 10635 274799 SH Sole 274799 Tower Group Inc. COM 891777104 11712 363500 SH Sole 363500 Travelers Cos Inc/THE COM 89417e109 34828 672748 SH Sole 672748 Triumph Group Inc New Com COM 896818101 4837 87400 SH Sole 87400 Tyco International Ltd COM 902124106 243469 7716914 SH Sole 7716914 U S Bancorp COM 902973304 146901 4200772 SH Sole 4200772 UCBH Holdings Inc COM 90262t308 24543 1318100 SH Sole 1318100 URS Corp New Com COM 903236107 7347 172500 SH Sole 172500 UST Inc. COM 902911106 700711 12085398 SH Sole 12085398 Unilever N V Ny Shares COM 904784709 521 17819 SH Sole 17819 UnionBanCal Corp. COM 908906100 2794 44050 SH Sole 44050 United Auto Group Inc. COM 909440109 10059 495500 SH Sole 495500 United Fire and Casualty Co. COM 910331107 19768 562700 SH Sole 562700 United States Steel Corp. COM 912909108 9082 91580 SH Sole 91580 United Technologies Corp COM 913017109 200185 3079774 SH Sole 3079774 UnitedHealth Group Inc. COM 91324p102 505614 9545287 SH Sole 9545287 Universal Corp/Va COM 913456109 1557 25385 SH Sole 25385 Unum Group COM 91529y106 2990 129830 SH Sole 129830 Uranium Resources Inc COM 916901507 49367 6057350 SH Sole 6057350 Valero Energy Corp. COM 91913Y100 9888 153320 SH Sole 153320 Varian Inc. COM 922206107 14533 249449 SH Sole 249449 Vector Group Ltd COM 92240M108 72467 3873156 SH Sole 3873156 Ventas Inc. COM 92276F100 8375 198800 SH Sole 198800 Verasun Energy Corp. COM 92336g106 6177 310850 SH Sole 310850 Verizon Communications COM 92343V104 291323 7682565 SH Sole 7682565 Vermilion Energy Trust (Canadi COM 923728109 2515 91800 SH Sole 91800 Viacom Inc B (Non Vtg) COM 92553P201 ? 148136 SH Sole 148136 WAJAX Income Fund (Canadian) COM 930787106 2123 75800 SH Sole 75800 WCA Waste Corp. COM 92926k103 225 29600 SH Sole 29600 WEIS MARKETS INC COM 948849104 22748 508900 SH Sole 508900 WR Berkley Corp COM 084423102 4105 123950 SH Sole 123950 Wachovia Corp COM 929903102 329697 5989045 SH Sole 5989045 Waddell & Reed Financial - A COM 930059100 18145 778100 SH Sole 778100 Walter Industries Inc. COM 93317Q105 4123 166600 SH Sole 166600 Washington Group Intl Inc COM 938862208 21587 325000 SH Sole 325000 Washington Mutual Inc COM 939322103 502436 12442695 SH Sole 12442695 Watts Water Technologies A COM 942749102 15026 395100 SH Sole 395100 Weatherford Intl Ltd COM G95089101 1921 42600 SH Sole 42600 Wellpoint Health Networks COM 94973v107 ? 84785 SH Sole 84785 Wells Fargo & Co (New) COM 949746101 17130 497530 SH Sole 497530 Wesco Intl Inc Com COM 95082P105 19920 317300 SH Sole 317300 Whirlpool Corp COM 963320106 3921 46180 SH Sole 46180 Willbros Group Inc. COM 969199108 728 32300 SH Sole 32300 Williams Coal Seam Gas Trust COM 969450105 1213 115000 SH Sole 115000 Windstream Corp. COM 97381W104 9410 640600 SH Sole 640600 Wisconsisn Energy Corp. COM 976657106 ? 35200 SH Sole 35200 Wolverine World Wide Inc COM 978097103 8812 308450 SH Sole 308450 Worthington Industries Inc COM 981811102 3970 192900 SH Sole 192900 Wyeth COM 983024100 422868 8452289 SH Sole 8452289 XCEL Energy Inc. COM 98389B100 ? 130900 SH Sole 130900 XL Capital Ltd COM G98255105 2952 42200 SH Sole 42200 XTO Energy Inc. COM 98385X106 3991 72810 SH Sole 72810 Zimmer Holdings Inc COM 98956P102 811 9500 SH Sole 9500 Zions Bancorporation COM 989701107 1910 22600 SH Sole 22600 csuset COM ? 102000 SH Sole 102000 csusri COM 3681 128700 SH Sole 128700 ABN AMRO CAP VII (ABNA) - 6.08 PRD 00372Q201 10064 400000 SH Sole 400000 Aegon NV 6.875% Preferred PRD ep0215871 4128 160000 SH Sole 160000 Affordable Resid (ARC) 8.25% P PRD 008273203 10160 400000 SH Sole 400000 Alabama Power 5.3% Pfd. PRD 010392561 4040 160000 SH Sole 160000 Arch Capital Group Ltd. Pfd. S PRD g0450a154 1753 66800 SH Sole 66800 Arch Capital Group Ltd. Pfd. S PRD g0450A147 18244 680000 SH Sole 680000 Aspen Insurance (AHL) 7.4010% PRD g05384139 1030 40000 SH Sole 40000 Axis Capital 7.5000% PRD 05461t206 10756 100000 SH Sole 100000 Axis Capital Holdings 7.25 % P PRD ep0168971 10905 436200 SH Sole 436200 Banco Santander 6.4100% Pfd. S PRD 80281R300 4074 160000 SH Sole 160000 CIT Group Inc. 6.35% Series A PRD 125581207 16306 620000 SH Sole 620000 Chevy Chase PFD 8% PRD 166779207 9938 378600 SH Sole 378600 DB Cap Funding VIII 6.375% Per PRD 25153u204 15540 600000 SH Sole 600000 Dairy Farmers (Dairy) 7.875% S PRD 23385H208 29146 280000 SH Sole 280000 Doral Financial - 7.25% Pfd PRD 25811P407 242 17320 SH Sole 17320 Endurance Specialty Holding Pf PRD 29267H208 21943 824000 SH Sole 824000 Fannie Mae 5.1% Series Preferr PRD 313586604 18925 400000 SH Sole 400000 Fannie Mae Floating Quarterly PRD 313586794 8400 160000 SH Sole 160000 Federal Home Loan Mortgage PRD 313400772 10440 200000 SH Sole 200000 First Repub Bank 6.7% Series A PRD 336158209 10204 400000 SH Sole 400000 Franklin Bank 7.50% Series A PRD 352451405 2585 100000 SH Sole 100000 Freddie Mac 6.4200% Series PRD 313400699 2716 50000 SH Sole 50000 Goldman Sachs GP 6.2% Series P PRD 38144X500 2084 80000 SH Sole 80000 HSBC Holdings PLC 6.2000% Seri PRD 404280604 5048 200000 SH Sole 200000 LTC Properties 8% Series F PRD 502175607 4080 160000 SH Sole 160000 Lehman Brothers Holding 6.5% S PRD 524908720 7368 281000 SH Sole 281000 Metlife Inc 6.5% Series B Pfd. PRD 59156r603 2622 100000 SH Sole 100000 Morgan Stanley 6.18% Series A PRD 61747S504 5230 200000 SH Sole 200000 Odyssey RE HLDGS 0.00% Series PRD 67612W405 7836 304200 SH Sole 304200 Odyssey Re Holdings Pfd. 8.125 PRD 67612w306 13010 490000 SH Sole 490000 Omega Healthcare 8.375% Pfd Se PRD 681936407 20640 800000 SH Sole 800000 PPL Electric Uti PFD 6.25% PRD 69351u863 6285 240000 SH Sole 240000 PRETSL 16 Pfd. Term 17.06% PRD 74042gaa7 3433 39000 SH Sole 39000 PRETSL 21 Pfd. Term Security 1 PRD 74042kaa8 3520 37500 SH Sole 37500 PRETSL 24 Pfd. Term Security PRD 74043dab1 7483 75000 SH Sole 75000 PreTSL 17 Pfd. Term Security 1 PRD 74042vaa4 3130 37500 SH Sole 37500 PreTSL 18 Pfd. Term Security 1 PRD 74042xaa0 3132 37500 SH Sole 37500 PreTSL 19 Pfd. Term Security 1 PRD 74042haj6 2160 25000 SH Sole 25000 PreTSL 23 Pfd. Term Security 1 PRD 74043baa7 3628 37500 SH Sole 37500 Red Lion Hotles 9.50% 2/19/44 PRD 75670L104 4266 162500 SH Sole 162500 S Finance Pfd. (SANTAN) 6.8% S PRD 80281R409 5050 200000 SH Sole 200000 Scottish Re Grp Ltd. 7.2500% S PRD G73537402 25232 1154800 SH Sole 1154800 Southern Union 7.55% Yield PRD 844030601 20046 771000 SH Sole 771000

Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 606 Form 13F Information Table Value Total: 19,604,195 (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