13F-HR 1 dreman13f.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2005 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: Lloyd Jagai Title: Chief Executive Officer Phone: (201) 793-2000 Signature, Place, and Date of Signing: /s/ Lloyd Jagai Jersey City, New Jersey Feb 9, 2006 [Signature] [City, State] [Date] Report Type (Check only one.): [ X ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

Voting Authority Market Title of Value Investment Name of Issuer class CUSIP (x$1000) Quantity Discretion SOLE SHARED NONE -------------------------------------------------------------------------------------------------------------------------- 3M Company Common 88579Y101 109160 1408485 Sole 181140 123805 1103540 ARGON ST INC Common 040149106 6664 215100 Sole 215100 AT&T Inc Common 00206R102 27996 1143150 Sole 1143150 ATP Oil & Gas Corporation Common 00208j108 9027 243900 Sole 243900 Aames Investment Corp. Common 00253G108 787 121800 Sole 28100 55200 38500 Adeza Biomedical Corp Common 006864102 1743 82800 Sole 16400 42900 23500 Aeroflex Inc Com Common 007768104 13309 1238000 Sole 34700 91300 1112000 Air Prods & Chems Inc Common 009158106 906 15300 Sole 15300 Alaska Comm Systems Group Common 01167P101 4643 457000 Sole 107000 350000 Aleris International Inc. Common 014477103 17265 535500 Sole 10800 28500 496200 Allegheny Energy Inc. Common 017361106 15537 490900 Sole 5400 16600 468900 Alliance Gaming Corp Com New Common 01859P609 5188 398500 Sole 398500 Allied Healthcare Internationa Common 01923a109 6745 1098600 Sole 1098600 Allstate Common 020002101 2910 53810 Sole 2600 15 51195 Altria Group Inc Common 02209s103 1111658 14877572 Sole 3773141 1031719 10072712 Ameren Corp. Common 023608102 11698 228300 Sole 228300 American Express Common 025816109 4788 93050 Sole 93050 American Home Mortage Inves Common 02660R107 6025 185000 Sole 185000 American International Group Common 026874107 291252 4268601 Sole 709022 401975 3157604 Americanwest Bancorporation Common 03058P109 1711 72400 Sole 72400 Ameriprise Financial Inc. Common 03076c106 841 20506 Sole 36 20470 Amerisafe Inc. Common 03071h100 6263 621900 Sole 621900 AmerisourceBergen Corp. Common 3.07E+108 2213 53459 Sole 53459 Anadarko Petroleum Common 032511107 69763 736224 Sole 118743 196251 421230 Anixter Int'L Inc. Common 035290105 19623 501600 Sole 9700 25000 466900 Annaly Mtg Mgmt Inc. Common 035710409 167 15300 Sole 3900 11400 Apache Corp Com Common 037411105 120687 1761262 Sole 247423 229944 1283895 Applied Signal Technology Common 038237103 6982 307573 Sole 8850 22900 275823 Arc Energy Trust (Canadian) Common 001986108 3463 152700 Sole 152700 Arch Capital Group LTD Common g0450a105 13819 252400 Sole 5200 13500 233700 Aspen Insurance Holdings, Ltd. Common G05384105 15116 638600 Sole 9400 24900 604300 Atwood Oceanics Inc. Common 050095108 4175 53500 Sole 2300 6200 45000 Aviall Inc Common 05366B102 6244 216800 Sole 11000 29000 176800 BB&T Corp. Common 054937107 310 7400 Sole 7400 BP Amoco Plc - Spons Adr Common 055622104 2706 42129 Sole 40629 1500 BP Prudhoe Bay Royalty Trust Common 055630107 12561 188600 Sole 188600 Bank Of America Corp Common 060505104 323173 7017111 Sole 1410548 596263 5010300 Bankatlantic Bancorp Cl A Common 065908501 3655 261100 Sole 3400 9900 247800 Bard (C.R.) Inc. Common 067383109 1631 24740 Sole 24740 Baxter International Inc Common 071813109 433 11500 Sole 11500 Bear Stearns Cos Inc. Common 073902108 3852 33340 Sole 600 32740 Beckman Coulter Inc. Common 075811109 1627 28600 Sole 5300 13200 10100 Becton Dickinson & Co Common 075887109 73756 1227610 Sole 165725 120385 941500 Bonavista Energy Trust (Canadi Common 098536105 3017 92500 Sole 92500 Borders Group Inc. Common 099709107 178602 8242051 Sole 1175302 907264 6159485 Bristol Myers Squibb Common 110122108 225835 9827548 Sole 2357073 883842 6586633 British American Tobacco Common 110448107 12427 275939 Sole 74828 172776 28335 Bronco Drilling Co. Inc. Common 112211107 2876 125000 Sole 125000 Bucyrus International Inc. Cla Common 118759109 735 13950 Sole 2750 7200 4000 Burlington Resources Inc Common 122014103 152998 1774905 Sole 227942 128438 1418525 C-Met Common 189758105 1800 18000 Sole 18000 CAE Inc. Common 124765108 12407 1694900 Sole 1694900 CBRE Realty Finance Common 12498B109 7500 500000 Sole 500000 CIT Group Common 125581108 49474 955465 Sole 97300 858165 CMS Energy Corp Common 125896100 4150 286000 Sole 286000 CNX Gas Corp - GDR 114A Common 12618H101 4800 300000 Sole 300000 COMMSCOPE INC Common 203372107 3511 174400 Sole 14600 36000 123800 Caci Intl Inc Cl A Common 127190304 8211 143100 Sole 143100 Cal Dive International Common 127914109 10627 296100 Sole 5000 12600 278500 Cameco Corp Common 13321L108 2659 41950 Sole 7900 22250 11800 Capital Lease Funding Common 140288101 6498 617100 Sole 617100 Cardinal Health Inc. Common 14149Y108 98181 1428056 Sole 204908 189308 1033840 Caremark RX Inc. Common 141705103 368 7100 Sole 600 6500 Carolina Gp - Loews Corp Common 540424207 63983 1454500 Sole 1452500 2000 Carrizo Oil & Gas Inc. Common 144577103 11436 463000 Sole 8300 22300 432400 Castle (A.M.) & Co. Common 148411101 946 43300 Sole 8700 22400 12200 Centennial Bank Holdings Inc. Common 151345303 12370 1000000 Sole 1000000 Centerplate Inc IDS Common 15200E204 713 55000 Sole 55000 Charles River Laboratories Common 159864107 17450 411850 Sole 3850 10000 398000 Chesapeake Energy Corp Common 165167107 214 6750 Sole 750 6000 Chevron Corporation Common 166764100 385276 6786442 Sole 1374537 597924 4813981 Chiquita Brands Intl Common 170032809 12642 631800 Sole 6700 21900 603200 Chubb Corp Common 171232101 3333 34130 Sole 600 33530 Cincinnati Financial Corp. Common 172062101 229 5123 Sole 923 4200 Citigroup, Inc Common 172967101 88958 1833010 Sole 236299 195276 1401435 Clean Harbors Inc. Common 184496107 5298 183900 Sole 183900 Cohen & Steers REIT & PR Common 19247x100 2999 116000 Sole 116000 Commercial Capital Bancorp Common 20162L105 6835 399250 Sole 2550 5800 390900 Compton Petroleum Corp. (Canad Common 204940100 10989 750700 Sole 750700 ConocoPhilips Common 20825C104 718974 12356865 Sole 2174910 872475 9309480 Consolidated Edison Inc. Common 209115104 11369 245400 Sole 245400 Cooper Cos Inc Com New Common 216648402 4166 81200 Sole 4800 11800 64600 Covansys Corporation Common 22281W103 9106 669100 Sole 669100 Covanta Holding Corporation Common 22282E102 11565 767900 Sole 8500 21900 737500 Crescent Point Energy Trust (C Common 225908102 2415 136400 Sole 136400 Curtiss-Wright Corp. Common 231561101 1067 19550 Sole 3850 10600 5100 DRS Technologies Inc Common 23330x100 13822 268800 Sole 5700 14600 248500 DST Systems Inc. Common 233326107 222 3700 Sole 300 3400 Del Monte Foods Co Common 24522P103 142 13650 Sole 1150 12500 Delta Petroleum Corporation pr Common 247907999 5550 300000 Sole 300000 Denbury Resources Common 247916208 5510 241900 Sole 5400 13700 222800 Devon Energy Common 25179M103 367259 5872203 Sole 1083363 420380 4368460 Double Hull Tankers Inc Common Y21110104 1317 100000 Sole 100000 Dow Chemical Common 260543103 621 14165 Sole 14150 15 Du Pont (E I) De Nemours Common 263534109 850 19995 Sole 4000 20 15975 Duratek Inc. Common 26658Q102 13804 924600 Sole 924600 Dynegy Inc. Class A Common 26816Q101 16539 3417100 Sole 3417100 ECC Capital Corp Common 26826M108 1469 650000 Sole 650000 EDO Corp Common 281347104 11214 414400 Sole 414400 Eagle Bulk Shipping Inc. Common y2187a101 904 56800 Sole 56800 El Paso Corporation Common 28336L109 97435 8012735 Sole 864635 7148100 Electronic Data Systems Corp Common 285661104 223055 9278512 Sole 876662 589592 7812258 Emcor Group Inc Com Common 29084Q100 21076 312100 Sole 4300 11400 296400 Empire District Electric Co. Common 291641108 7357 361900 Sole 361900 Encana Corp Common 292505104 30758 681100 Sole 87100 594000 Endurance Specialty Holdings Common g30397106 9803 273450 Sole 6450 17600 249400 Enerplus Resources Fund Common 29274D604 4453 92800 Sole 92800 Esco Technologies Inc Com Common 296315104 2963 66600 Sole 66600 Evergreen Inc. Advantage Fund Common 30023y105 3490 271200 Sole 271200 Express Scripts Inc. Common 302182100 1064 12700 Sole 12700 Exxon Mobil Corp Common 30231G102 1830 32577 Sole 23537 40 9000 Fairborne Energy Trust (Canadi Common 303628101 8475 600000 Sole 600000 Fannie Mae Common 313586109 581007 11903473 Sole 2427036 923693 8552744 Federal Express Common 31428X106 45088 436100 Sole 45800 1200 389100 Federated Dept Stores Common 31410h101 103547 1561015 Sole 240510 167771 1152734 Fieldstone Investment Corp Common 31659U300 6939 585100 Sole 585100 Fifth Third Bancorp Common 316773100 2863 75900 Sole 75900 Financial Select Sector SPDR Common 81369y605 757 23900 Sole 4900 19000 Fisher Scientific Internationa Common 338032204 71432 1154723 Sole 139020 96458 919245 Florida Rock Inds Inc Com Common 341140101 12879 262524 Sole 262524 Ford Motor Co Common 345370860 23174 3001781 Sole 22717 2979064 Foster Wheeler Ltd. Common G36535139 18090 491850 Sole 491850 Franklin Resources Common 354613101 3067 32624 Sole 14 32610 Freddie Mac Common 313400301 560704 8580942 Sole 2000159 734029 5846754 GMH Communities TR Common 36188G102 746 48100 Sole 9700 24800 13600 GMX Resources Inc. Common 38011m108 605 16800 Sole 3200 8800 4800 General Cable Corp/De Common 369300108 29762 1510750 Sole 14650 36200 1459900 General Electric Co Common 369604103 85421 2437119 Sole 367478 222462 1847179 Genesee & Wyoming Inc-Cl A Common 371559105 13336 355150 Sole 355150 Genlyte Group Inc Com Common 372302109 8282 154600 Sole 154600 Georgia Gulf Corp Common 373200203 4082 134200 Sole 700 133500 Glaxo Wellcome Plc -Sp Adr Common 37733W105 416 8250 Sole 8250 Global Industries LTD Common 379336100 7725 680600 Sole 680600 GoldCorp Inc. Common 380956409 6769 303825 Sole 303825 Goldman Sachs Common 38141G104 5569 43610 Sole 1400 10 42200 Granite Constr Inc Com Common 387328107 8514 237100 Sole 237100 Grant Prideco Inc. Common 38821G101 22599 512225 Sole 4625 12000 495600 Great Plains Energy Inc. Common 391164100 8869 317200 Sole 317200 Grey Wolf Inc Common 397888108 10090 1305300 Sole 23900 62500 1218900 Gulfmark Offshore Inc. Common 402629109 6362 214800 Sole 214800 HCA Healthcare Company Common 404119109 161671 3202431 Sole 437394 275577 2489460 HMS Holdings Corp Common 40425j101 1602 209450 Sole 42250 108300 58900 Hanger Orthopedic Group Common 41043f208 4140 725100 Sole 3600 721500 Harsco Corp Com Common 415864107 13657 202300 Sole 202300 Harvest Energy Trust - Units ( Common 41752x101 11939 375000 Sole 375000 Headwaters Inc. Common 42210p102 5630 158850 Sole 2350 6200 150300 Hercules Technology Growth Common 427096508 2679 223400 Sole 223400 Herley Industries Inc Common 427398102 6110 370100 Sole 370100 Holly Corp Common 435758305 7812 132700 Sole 1800 3900 127000 Home Depot Inc. Common 437076102 178310 4404888 Sole 622626 415387 3366875 Hornbeck Offshore Services Common 440543106 7423 227000 Sole 227000 Hudson City Bancorp. Inc. Common 443683107 727 60000 Sole 60000 Hughes Supply Inc. Common 444482103 1077 30050 Sole 5650 15600 8800 Hyperion Total Return Fund Common 449145101 1836 222600 Sole 222600 Imperial Tobacco Group PLC Common 453142101 60775 1004725 Sole 77451 103354 823920 Independence Cmnty Bk Com Common 453414104 946 23800 Sole 23800 Inphonic Inc. Common 45772G105 9507 1094000 Sole 11500 30000 1052500 Insteel Industries Inc. Common 45774w108 1403 84700 Sole 16700 44100 23900 International Bncshrs Com Common 459044103 4760 162125 Sole 162125 J.P. Morgan Chase & Co. Common 46625H100 60161 1515780 Sole 166382 1349398 JER Investors Trust Inc. Common 46614H301 4692 276800 Sole 150100 126700 Johnson & Johnson Common 478160104 1079 17958 Sole 10633 25 7300 K&F Industries Holdings Inc. Common 482241106 4659 303300 Sole 303300 KKR Financial Corp Common 482476306 31540 1314700 Sole 13850 28400 1272450 KOMAG Inc. Common 500453204 15536 448250 Sole 6450 16800 425000 Kerr-Mcgee Common 492386107 2817 31006 Sole 4876 90 26040 Ketch Resources Trust (Canadia Common 492564109 6410 666200 Sole 666200 Keycorp Common 493267108 140352 4262063 Sole 1191782 278856 2791425 Kindred Healthcare Inc. Common 494580103 4038 156750 Sole 2150 5100 149500 Kinetics Concepts in NEW Common 49460W208 17145 431200 Sole 8600 18800 403800 Laboratory Corp. Of America Ho Common 50540r409 202291 3757259 Sole 511873 324721 2920665 Ladenburg Thalmann Financial Common 50575Q102 40 87546 Sole 87546 Laidlaw International Common 50730r102 11162 480500 Sole 500 480000 Lakes Entertainment Inc Common 51206P109 6097 916900 Sole 17850 42200 856850 Lehman Brothers Holdings Inc Common 524908100 3858 30100 Sole 800 29300 Levitt Corp. - CL A Common 52742P108 6861 301700 Sole 301700 Lifepoint Hospitals Common 53219l109 5315 141730 Sole 3377 7744 130609 Lilly (Eli) & Co Common 532457108 464 8200 Sole 8200 Live Nation Inc. (Formerly CCE Common 538034109 214 16316 Sole 16305 11 Luminent Mortgage Capital Inc. Common 550278303 3335 444100 Sole 444100 MFA Mortgage Investments, Inc. Common 55272x102 2772 486400 Sole 486400 MKS Instrument Inc Com Common 55306N104 4464 249500 Sole 249500 Marshall & Ilsley Corp. Common 571834100 3499 81300 Sole 300 81000 Matrix Service Co. Common 576853105 4162 423000 Sole 423000 Meadowbrook Insurance Group Common 58319P108 5403 925200 Sole 925200 Medco Health Solutions, Inc. Common 58405u102 218793 3921020 Sole 497577 224768 3198675 Mellon Financial Corp Common 58551A108 5062 147800 Sole 147800 Mercantile Bankshares Corp. Common 587405101 869 15400 Sole 15400 Merck & Co Common 589331107 253631 7973120 Sole 2661310 636346 4675464 Metal Management, Inc. Common 591097209 4717 202800 Sole 202800 Mettler-Toledo International Common 592688105 8189 148350 Sole 150 148200 Millipore Corp. Common 601073109 6412 97100 Sole 97100 Morg Stan Dean Wttr Dscvr & Co Common 617446448 12200 215010 Sole 20500 30 194480 NCI Building Systems, Inc. Common 628852105 5272 124100 Sole 124100 NGP Capital Resources Co Common 62912r107 1899 144602 Sole 14578 27900 102124 NS Group Inc Common 628916108 3679 88000 Sole 3700 8900 75400 Natco Group Inc - A Common 63227W203 565 27600 Sole 6100 13900 7600 National Bank Of Canada Common 633067103 7113 137750 Sole 137750 National City Corp Common 635405103 4285 127656 Sole 1800 125856 Nestle S A Sponsored ADR Common 641069406 716 9600 Sole 6900 2700 NewAlliance Bancshares Inc. Common 650203102 9947 684100 Sole 684100 Newcastle Investment Corp. Common 65105M108 20160 811259 Sole 160600 23050 627609 Newmont Mining Corp Common 651639106 822 15400 Sole 15400 Nisource Inc Com Common 65473P105 4345 208289 Sole 4065 204224 Nobel Learning Communities Common 654889104 4907 519800 Sole 35700 98300 385800 Northern Orion Resources Inc. Common 665575106 1484 448300 Sole 448300 Northwest Pipe Company Common 667746101 9379 350500 Sole 7700 19900 322900 Nova Chemicals Corp Common 66977W109 3888 116400 Sole 116400 Novartis Ag Sponsored Adr Common 66987v109 262 5000 Sole 5000 Novastar Financial Inc. Common 669947400 57914 2060250 Sole 541250 29900 1489100 Nuveen Pfd. & Cvrt Income Fund Common 67073d102 2604 215000 Sole 215000 Nuveen Quality Preferred II Common 67072c105 2383 186200 Sole 186200 Occidental Petroleum Common 674599105 133579 1672152 Sole 224588 144084 1303480 Odyssey Healthcare Inc Common 67611V101 12150 651800 Sole 651800 Odyssey Re Holdings Corp Common 67612w108 8322 331800 Sole 1100 330700 Offshore Logistics Common 676255102 4190 143500 Sole 143500 Oil States International Inc Common 678026105 11541 364300 Sole 5300 13800 345200 Omnivision Technologies Common 682128103 5136 257300 Sole 257300 Oneok Inc New Com Common 682680103 9289 348800 Sole 348800 Option Care Inc. Common 683948103 7518 562700 Sole 1600 561100 Oregon Steel Mills Common 686079104 28623 972900 Sole 15700 40600 916600 Ormat Technologies Inc Common 686688102 15091 577300 Sole 577300 Oshkosh Truck Corp. Common 688239201 8757 196400 Sole 196400 PMI Group Inc. Common 69344M101 2817 68600 Sole 100 68500 PNC Financial Services Group Common 693475105 129948 2101665 Sole 462198 123007 1516460 Paccar Inc Common 693718108 107630 1554664 Sole 192655 132189 1229820 Pan American Silver Corp. Common 697900108 9850 523100 Sole 523100 Par Pharmaceutical Cos Inc. Common 69888p106 12857 410250 Sole 7150 19200 383900 Parallel Petroleum Corp. Common 699157103 8153 479300 Sole 18900 49200 411200 Patterson-Uti Energy Inc. Common 703481101 15341 465575 Sole 5375 13500 446700 Pediatrix Medical Group Common 705324101 11656 131600 Sole 131600 Pengrowth Energy Trust Common 706902301 3094 131500 Sole 131500 Penn West Energy Trust (Canadi Common 707885109 18700 575000 Sole 575000 Peoples Energy Corp Com Common 711030106 13141 374700 Sole 374700 Pepsico Inc Common 713448108 484 8200 Sole 1500 6700 Perini Corp. Common 713839108 4192 173600 Sole 173600 Perkinelmer Inc. Common 714046109 8381 355750 Sole 13350 34900 307500 Perrigo Company Common 714290103 3572 239600 Sole 239600 Petrohawk Energy Corp Common 716495106 18396 1391500 Sole 14300 34700 1342500 Petroquest Energy Inc. Common 716748108 7884 952200 Sole 952200 Pff Bancorp Inc Com Common 69331W104 6336 207600 Sole 207600 Pfizer Common 717081103 275798 11826141 Sole 1782573 1056072 8987496 Pharmaceutical Holders Trust Common 71712A206 676 9700 Sole 3400 6300 Phillips-Van Heusen Common 718592108 9742 300664 Sole 300664 Pioneer Companies Inc. Common 723643300 707 23600 Sole 23600 Pioneer Drilling Company Common 723655106 14350 800350 Sole 10250 26600 763500 Pioneer High Income Trust Common 72369H106 4565 272200 Sole 272200 Piper Jaffray Common 724078100 358 8858 Sole 74 8784 Pitney Bowes Inc Common 724479100 243 5740 Sole 5740 Plexus Corp Common 729132100 14242 626300 Sole 626300 Powershares Lux Nanotch Pt- In Common 73935x633 820 50000 Sole 50000 Procentury Corp Common 74268T108 5603 522200 Sole 522200 Procter & Gamble Co Common 742718109 401 6924 Sole 3984 40 2900 Progress Energy Common 743263105 17419 396600 Sole 395700 900 Prospect Energy Corp. Common 74348T102 4217 279806 Sole 15943 40452 223411 Provident Bankshares Corp Common 743859100 4436 131350 Sole 131350 Prudential Financial, Inc. Common 744320102 1075 14690 Sole 14690 Quanta Capital Holdings Ltd. Common g7313f106 5420 1062800 Sole 40200 104400 918200 Quest Diagnostics Inc. Common 74834L100 177418 3446345 Sole 437792 273867 2734686 Quest Resources Common 144A Re Common 748349305 5078 384700 Sole 384700 R & G Financial Corp Cl B Common 749136107 521 39500 Sole 6500 14900 18100 RPC Inc. Common 749660106 8589 326100 Sole 326100 RTI International Metals, Inc. Common 74973W107 21795 574300 Sole 8900 22200 543200 Ralcorp Holdings Inc Common 751028101 17624 441600 Sole 300 441300 Range Resources Corp. Common 75281A109 14695 557900 Sole 557900 Regal Entertainment Group Common 758766109 2353 123700 Sole 123700 Regions Financial Corp. New Common 7591ep100 49916 522199 Sole 424675 23252 74272 Reynolds American Inc Common 761713106 248981 2611695 Sole 547181 242609 1821905 Rosetta Resources Inc. 144A re Common 777779109 5600 350000 Sole 350000 Royal Dutch Shell PLC-ADR A Common 780259206 1064 17300 Sole 14300 3000 SPDR Trust Series 1 Common 78462f103 15325 123024 Sole 11560 110264 1200 Safety Insurance Group Inc. Common 78648T100 979 24250 Sole 4750 12800 6700 Safeway Inc Common 786514208 34502 1458250 Sole 88725 395 1369130 San Juan Basin Royalty Tr Common 798241105 6572 150800 Sole 150800 Saxon REIT Inc. Common 80556T106 172 15200 Sole 3900 11300 Scansource Inc Common 806037107 12259 224200 Sole 5300 14600 204300 Selective Ins Group Com Common 816300107 18288 344400 Sole 344400 Serologicals Corp. Common 817523103 9682 490500 Sole 490500 Sierra Pacific Resources Common 826428104 8181 627400 Sole 627400 Sonic Solutions Common 835460106 8892 588900 Sole 588900 Southern Co Common 842587107 285 8250 Sole 8250 Southern Union Co Common 844030106 28672 1213364 Sole 17829 41276 1154259 Sovereign Bancorp. Inc. Common 845905108 118495 5480752 Sole 715609 399168 4365975 Specialty Underwriter's Alli Common 84751T309 3401 552100 Sole 552100 St. Paul Travelers Companies, Common 792860108 25239 564999 Sole 7464 557535 Staples Inc Common 855030102 124362 5476047 Sole 712369 493307 4270371 Star Gas Partners, L.P. Common 85512C105 317 170200 Sole 170200 Sterling Financial Corp./Spoka Common 859319105 5533 221480 Sole 4350 13600 203530 Suntrust Banks Inc Common 867914103 1112 15284 Sole 800 14484 Superior Energy Services Inc. Common 868157108 11380 540600 Sole 540600 TJX Companies Inc Common 872540109 223 9600 Sole 800 8800 Target Corp Common 87612E106 634 11530 Sole 11530 Teco Energy Inc. Common 872375100 7728 449800 Sole 449800 Terex Corp New Com Common 880779103 18741 315500 Sole 4300 11500 299700 Tesoro Petroleum Corp Common 881609101 4367 70950 Sole 15550 55400 Thermo Electron Corp. Common 883556102 214 7100 Sole 600 6500 Thomas & Betts Corp Common 884315102 5186 123600 Sole 123600 Thomas Properties Group Common 884453101 7435 594800 Sole 594800 Tibco Software Inc. Common 88632Q103 5127 686340 Sole 686340 Tidewater Inc Common 886423102 9768 219700 Sole 5900 15300 198500 Tortoise Energy Capital Corp Common 89147u100 1172 52700 Sole 9400 27600 15700 Tortoise Energy Infrastructure Common 89147L100 10750 397715 Sole 7275 22803 367637 Tower Group Inc. Common 891777104 15124 688100 Sole 688100 Transocean Sedco Forex Inc Common G90078109 19758 283515 Sole 8240 275275 Triad Hospitals Common 89579k109 8844 225450 Sole 350 225100 Triumph Group Inc New Com Common 896818101 5019 137100 Sole 137100 Tyco International Ltd Common 902124106 132585 4593870 Sole 613513 392257 3588100 U S Bancorp Common 902973304 110859 3708852 Sole 881038 295361 2532453 URS Corp New Com Common 903236107 21468 570800 Sole 9000 23200 538600 UST Inc. Common 902911106 460941 11289052 Sole 3044054 1072874 7172124 Unilever N V Ny Shares Common 904784709 1771 25795 Sole 23424 2371 United Online Inc. Common 911268100 1233 86700 Sole 17400 46500 22800 Universal Corp/Va Common 913456109 154928 3573014 Sole 639946 353613 2579455 Uranium Resources Inc Common 916901309 3859 5846800 Sole 153800 372700 5320300 Valero Energy Corp. Common 91913Y100 4887 94700 Sole 25500 69200 Valmont Industries Common 920253101 9278 277300 Sole 277300 Vector Group Ltd Common 92240M108 12157 669077 Sole 383013 286064 Ventas Inc. Common 92276F100 272 8500 Sole 700 7800 Vintage Wine Trust Common 92746P100 7500 750000 Sole 750000 WCA Waste Corp. Common 92926k103 11261 1425450 Sole 41550 104900 1279000 WPS Resources Corp Com Common 92931B106 8512 153900 Sole 153900 Wachovia Corp Common 929903102 119271 2256259 Sole 419375 453503 1383381 Walter Industries Inc. Common 93317Q105 17447 350900 Sole 5500 14100 331300 Washington Group Intl Inc Common 938862208 13460 254100 Sole 254100 Washington Mutual Inc Common 939322103 516641 11876511 Sole 2771099 1140554 7964858 Waters Corp. Common 941848103 359 9500 Sole 9500 Watts Water Technologies A Common 942749102 10686 352800 Sole 7900 19000 325900 Wells Fargo & Co (New) Common 949746101 3946 62803 Sole 193 62610 Wesco Intl Inc Com Common 95082P105 13353 312500 Sole 312500 Williams Coal Seam Gas Trust Common 969450105 4181 240400 Sole 240400 Wolverine World Wide Inc Common 978097103 10947 487400 Sole 487400 Worthington Industries Inc Common 981811102 5986 311600 Sole 311600 Wyeth Common 983024100 109130 2368792 Sole 346708 255029 1767055 YUM! BRANDS, INC Common 988498101 239 5092 Sole 5092 ABN AMRO CAP VII (ABNA) - 6.08 Preferred 00372Q201 4880 200000 Sole 200000 Abbey National PLC 7.375% Pfd. Preferred 002920700 1531 58000 Sole 58000 Affordable Resid (ARC) 8.25% P Preferred 008273203 3880 200000 Sole 200000 Alabama Power 5.3% Pfd. Preferred 010392561 1892 80000 Sole 80000 Amerus Group Co. 7.2500% Preferred 03072M702 18200 700000 Sole 700000 Apartment Invt & Mgt C Preferred 03748r853 456 18000 Sole 18000 Axis Capital Holdings 7.25 % P Preferred ep0168971 5208 218100 Sole 218100 Banco Santander 6.4100% Pfd. S Preferred 80281R300 2008 80000 Sole 80000 CIT Group Inc. 6.35% Series A Preferred 125581207 8014 310000 Sole 310000 Chevy Chase PFD 8% Preferred 166779207 4903 189300 Sole 189300 Dairy Farmers (Dairy) 7.875% S Preferred 23385H208 4008 40000 Sole 40000 Doral Financial - 7.25% Pfd Preferred 25811P407 206 8660 Sole 8660 Endurance Specialty Holding Pf Preferred 29267H208 6162 260000 Sole 260000 Fannie Mae 5.1% Series Preferr Preferred 313586604 8519 200000 Sole 200000 Fannie Mae Floating Quarterly Preferred 313586794 4360 80000 Sole 80000 Federal Home Loan Mortgage Preferred 313400772 5100 100000 Sole 100000 Goldman Sachs GP 6.2% Series P Preferred 38144X500 2040 80000 Sole 80000 HSBC Holdings PLC 6.2000% Seri Preferred 404280604 2475 100000 Sole 100000 LTC Properties 8% Series F Preferred 502175607 2012 80000 Sole 80000 Lehman Brothers Holding 6.5% S Preferred 524908720 3688 140500 Sole 140500 Metlife Inc 6.5% Series B Pfd. Preferred 59156r603 1296 50000 Sole 50000 Novastar Financial 8.90% Serie Preferred 669947806 494 21000 Sole 21000 Odyssey Re Holdings Pfd. 8.125 Preferred 67612w306 6076 245000 Sole 245000 Omega Healthcare 8.375% Pfd Se Preferred 681936407 10088 400000 Sole 400000 Quanta Capital H 10.25% Series Preferred G7313F114 10200 400000 Sole 400000 Red Lion Hotles 9.50% 2/19/44 Preferred 75670L104 3231 125000 Sole 125000 Scottish Re Grp Ltd. 7.2500% S Preferred G73537402 15090 600000 Sole 600000 Southern Union 7.55% Yield Preferred 844030601 10031 385500 Sole 385500 Fannie Mae 5.375% Convertible Preferred 313586810 46405 505 Sole 505

Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 363 Form 13F Information Table Value Total: 12,746,306 (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