13F-HR 1 dreman13f.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 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 November 11, 2005 ----------------- ----------------------- ----------------- [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 Value Investment Name of Issuer of class CUSIP (x$1000) Quantity Discretion SOLE SHARED NONE --------------------------------------------------------------------------------------------------------------------------- 3M Company Common 88579Y101 80943 1103115 Sole 121155 9180 972780 AGCO Corp. Common 001084102 12957 711950 Sole 18150 49200 644600 ARGON ST INC Common 040149106 2934 100000 Sole 100000 ATP Oil & Gas Corporation Common 00208j108 6299 191800 Sole 4900 11500 175400 Aames Investment Corp. Common 00253G108 5960 949100 Sole 34700 72300 842100 Adeza Biomedical Corp Common 006864102 1177 67600 Sole 13300 35200 19100 Aeroflex Inc Common Common 007768104 11644 1244000 Sole 34700 92300 1117000 Agrium Inc Common 008916108 5853 266400 Sole 266400 Air Prods & Chems Inc Common 009158106 844 15300 Sole 15300 Alaska Commonm Systems Group Common 01167P101 5228 457000 Sole 107000 350000 Aleris International Inc. Common 014477103 15240 555200 Sole 10600 28700 515900 Allegheny Energy Inc. Common 017361106 15775 513500 Sole 9000 28400 476100 Alliance Gaming Corp Common New Common 01859P609 4328 398900 Sole 400 398500 Allied Healthcare Internationa Common 01923a109 6207 1098600 Sole 1098600 Allstate Common 020002101 3393 61362 Sole 2000 67 59295 Altria Group Inc Common 02209s103 1078948 14637768 Sole 3768434 892714 9976620 Ameren Corp. Common 023608102 30789 575600 Sole 575600 American Express Common 025816109 6119 106533 Sole 183 106350 American Home Mortage Inves Common 02660R107 5606 185000 Sole 185000 American International Group Common 026874107 263683 4255712 Sole 706574 342504 3206634 Amerisourcebergen Corp. Common 03073e105 179058 2316403 Sole 307458 160180 1848765 Anadarko Petroleum Common 032511107 66088 690224 Sole 107313 161911 421000 Anixter Int'L Inc. Common 035290105 12599 312400 Sole 6300 16200 289900 Apache Corp Common Common 037411105 128468 1707876 Sole 239234 185687 1282955 Applied Signal Technology Common 038237103 8543 447750 Sole 10550 30300 406900 Atwood Oceanics Inc. Common 050095108 3503 41600 Sole 41600 Aviall Inc Common 05366B102 5689 168400 Sole 10800 29300 128300 B&G Foods Holdings Corp-EIS Common 05508r205 3173 250800 Sole 5800 15000 230000 BB&T Corp. Common 054937107 289 7400 Sole 7400 BP Amoco Plc - Spons Adr Common 055622104 3016 42566 Sole 40629 437 1500 BP Prudhoe Bay Royalty Trust Common 055630107 14922 188600 Sole 188600 Bank Of America Corp Common 060505104 293426 6969780 Sole 1399299 502671 5067810 Bankatlantic Bancorp Cl A Common 065908501 6896 405900 Sole 405900 Bard (C.R.) Inc. Common 067383109 1634 24740 Sole 24740 Baxter International Inc Common 071813109 459 11500 Sole 11500 Bear Stearns Cos Inc. Common 073902108 3911 35640 Sole 500 35140 Beckman Coulter Inc. Common 075811109 1449 26850 Sole 5250 13300 8300 Becton Dickinson & Co Common 075887109 63334 1207968 Sole 163935 97308 946725 Biovail Corp. Common 09067J109 1480 63350 Sole 12050 31300 20000 Borders Group Inc. Common 099709107 180237 8129788 Sole 1171397 768006 6190385 Bristol Myers Squibb Common 110122108 268534 11160970 Sole 2811799 731568 7617603 British American Tobacco Common 110448107 10417 246031 Sole 72053 145803 28175 Bronco Drilling Co. Inc. Common 112211107 689 25000 Sole 25000 Bucyrus International Inc. Cla Common 118759109 705 14350 Sole 2650 7300 4400 Burlington Resources Inc Common 122014103 141605 1741355 Sole 226677 106583 1408095 C-Met Common 189758105 1800 18000 Sole 18000 CAE Inc. Common 124765108 12009 1773900 Sole 1773900 CBRE Realty Finance Common 12498B109 7500 500000 Sole 500000 CBRL Group Inc Common 12489v106 2750 81700 Sole 81700 CIT Group Common 125581108 43658 966315 Sole 97150 869165 CMS Energy Corp Common 125896100 4705 286000 Sole 286000 CNX Gas Corp - GDR 114A Common 12618H101 4800 300000 Sole 300000 Caci Intl Inc Cl A Common 127190304 7569 124900 Sole 124900 Cal Dive International Common 127914109 9055 142800 Sole 2400 6400 134000 Cameco Corp Common 13321L108 2276 42550 Sole 7900 22450 12200 Capital Lease Funding Common 140288101 4554 440000 Sole 440000 Cardinal Health Inc. Common 14149Y108 88538 1395623 Sole 201818 157985 1035820 Carolina Gp - Loews Corp Common 540424207 57594 1453300 Sole 1452300 1000 Carrizo Oil & Gas Inc. Common 144577103 14521 495600 Sole 12800 32900 449900 Castle (A.M.) & Co. Common 148411101 756 43200 Sole 8400 22600 12200 Centennial Bank Holdings Inc 1 Common 151345204 10500 1000000 Sole 1000000 Centerplate Inc IDS Common 15200E204 652 55000 Sole 55000 Century Aluminum Commonpany Common 156431108 4186 186200 Sole 186200 Charles River Laboratories Common 159864107 16517 378650 Sole 3650 10100 364900 Chevron Corporation Common 166764100 431056 6659302 Sole 1353536 482672 4823094 Chiquita Brands Intl Common 170032809 17768 635700 Sole 8000 23200 604500 Chubb Corp Common 171232101 3432 38330 Sole 600 37730 Citigroup, Inc Common 172967101 83397 1832068 Sole 227736 158952 1445380 Clean Harbors Inc. Common 184496107 4526 133300 Sole 133300 Clear Channel Commonmunications Common 184502102 4290 130443 Sole 130443 Cohen & Steers REIT & PR Common 19247x100 3061 116000 Sole 116000 Commonpton Petroleum Corp. (Canad Common 204940100 11372 840700 Sole 840700 ConocoPhilips Common 20825C104 795609 11380483 Sole 2020810 641976 8717697 Consolidated Edison Inc. Common 209115104 25231 519700 Sole 519700 Covansys Corporation Common 22281W103 9458 592600 Sole 592600 Covanta Holding Corporation Common 22282E102 10317 768200 Sole 8500 22200 737500 Curtiss-Wright Corp. Common 231561101 1250 20250 Sole 3850 10700 5700 DHB Industries Inc. Common 23321e103 4676 1115900 Sole 1115900 DRS Technologies Inc Common 23330x100 11950 242100 Sole 5600 14800 221700 Delta Petroleum Corporation pr Common 247907999 5550 300000 Sole 300000 Denbury Resources Common 247916208 6103 121000 Sole 2700 6900 111400 Devon Energy Common 25179M103 397074 5784883 Sole 1073818 340165 4370900 Doral Financial Corp. Common 25811P100 989 75650 Sole 12750 39800 23100 Dow Chemical Common 260543103 594 14256 Sole 13950 306 Dte Energy Common 233331107 1770 38600 Sole 38600 Du Pont (E I) De Nemours Common 263534109 786 20063 Sole 4000 88 15975 Duratek Inc. Common 26658Q102 13208 722550 Sole 13450 36700 672400 Dynegy Inc. Class A Common 26816Q101 14218 3018600 Sole 3018600 ECC Capital Corp Common 26826M108 2119 650000 Sole 650000 EDO Corp Common 281347104 7318 243700 Sole 243700 Eagle Bulk Shipping Inc. Common y2187a101 382 22300 Sole 22300 El Paso Corporation Common 28336L109 111672 8033975 Sole 867735 7166240 Electronic Data Systems Corp Common 285661104 207328 9239320 Sole 874842 493190 7871288 Emcor Group Inc Common Common 29084Q100 13354 225200 Sole 100 225100 Empire District Electric Co. Common 291641108 8277 361900 Sole 361900 Encana Corp Common 292505104 37353 640600 Sole 87300 553300 Endurance Specialty Holdings Common g30397106 9361 274450 Sole 6450 18600 249400 Energy Partners Ltd. Common 29270u105 2907 93100 Sole 93100 Enerplus Resources Fund Common 29274D604 2402 50900 Sole 50900 Evergreen Inc. Advantage Fund Common 30023y105 4384 296200 Sole 296200 Express Scripts Inc. Common 302182100 933 15000 Sole 15000 Exxon Mobil Corp Common 30231G102 2086 32833 Sole 23337 496 9000 Fairborne Energy Trust (Canadi Common 303628101 7966 500000 Sole 500000 Fannie Mae Common 313586109 531603 11860833 Sole 2430089 802440 8628304 Federal Express Common 31428X106 38154 437900 Sole 45800 1200 390900 Federated Dept Stores Common 31410h101 102260 1529242 Sole 236276 135182 1157784 Feldman Mall Properties Inc Common 314308107 5266 405100 Sole 405100 Fieldstone Investment Corp Common 31659U300 6822 585100 Sole 585100 Fifth Third Bancorp Common 316773100 3212 87400 Sole 87400 Fisher Scientific Internationa Common 338032204 1173 18900 Sole 2000 16900 Florida Rock Inds Inc Common Common 341140101 18991 296324 Sole 296324 Ford Motor Co Common 345370860 29813 3023631 Sole 24217 2999414 Foster Wheeler Ltd. Common G36535139 15984 517450 Sole 517450 Franklin Resources Common 354613101 3065 36510 Sole 36510 Freddie Mac Common 313400301 481463 8527503 Sole 1988421 629679 5909403 Freidman Billings Ramsey-A Common 358434108 2102 206300 Sole 206300 Frontier Oil Corp Common Common 35914P105 4674 105400 Sole 2400 4500 98500 GMH Commonmunities TR Common 36188G102 701 47800 Sole 9200 25000 13600 Gencorp Inc Common Common 368682100 10248 549500 Sole 549500 General Cable Corp/De Common 369300108 27144 1615700 Sole 35300 93200 1487200 General Electric Co Common 369604103 80986 2405299 Sole 364329 183252 1857718 Genesee & Wyoming Inc-Cl A Common 371559105 9505 299850 Sole 299850 Genlyte Group Inc Common Common 372302109 7433 154600 Sole 154600 Georgia Gulf Corp Common 373200203 3968 164800 Sole 164800 Glaxo WellCommone Plc -Sp Adr Common 37733W105 423 8250 Sole 8250 Global Industries LTD Common 379336100 11161 757200 Sole 757200 GoldCorp Inc. Common 380956409 13717 684475 Sole 11925 33350 639200 Goldman Sachs Common 38141G104 5358 44066 Sole 1400 66 42600 Granite Constr Inc Common Common 387328107 6898 180400 Sole 180400 Grant Prideco Inc. Common 38821G101 26261 646025 Sole 6925 18200 620900 Great Plains Energy Inc. Common 391164100 9487 317200 Sole 317200 Grey Wolf Inc Common 397888108 11605 1376600 Sole 37900 99700 1239000 Gulfmark Offshore Inc. Common 402629109 6932 214800 Sole 214800 HCA Healthcare Commonpany Common 404119109 151489 3161303 Sole 433019 225394 2502890 HMS Holdings Corp Common 40425j101 1447 210650 Sole 42250 109500 58900 Hancock Hldg Co Common Common 410120109 1029 30150 Sole 6000 15300 8850 Hanger Orthopedic Group Common 41043f208 4543 590000 Sole 3600 586400 Harsco Corp Common Common 415864107 13265 202300 Sole 202300 Harvest Energy Trust - Units ( Common 41752x101 12278 375000 Sole 375000 Headwaters Inc. Common 42210p102 5941 158850 Sole 2350 6200 150300 Helen of Troy Ltd Common G4388N106 993 48100 Sole 48100 Hercules Technology Growth Common 427096508 2848 223400 Sole 223400 Herley Industries Inc Common 427398102 6895 370100 Sole 370100 Holly Corp Common 435758305 4747 74200 Sole 1800 4100 68300 Home Depot Inc. Common 437076102 165384 4336262 Sole 616292 341335 3378635 Hornbeck Offshore Services Common 440543106 8315 227000 Sole 227000 Hudson City Bancorp. Inc. Common 443683107 808 67900 Sole 67900 Hughes Supply Inc. Common 444482103 986 30250 Sole 5650 15800 8800 Hyperion Total Return Fund Common 449145101 2026 232600 Sole 232600 Imperial Tobacco Group Plc Common 453142101 57815 994241 Sole 76706 87465 830070 Independence Cmnty Bk Common Common 453414104 907 26600 Sole 26600 Indymac Bancorp Inc Common Common 456607100 5998 151550 Sole 151550 Infrasource Services Inc. Common 45684P102 3895 267700 Sole 267700 Inphonic Inc. Common 45772G105 8214 597400 Sole 597400 Insteel Industries Inc. Common 45774w108 1278 83600 Sole 16200 43500 23900 International Bncshrs Common Common 459044103 4815 162125 Sole 162125 J.P. Morgan Chase & Co. Common 46625H100 52429 1545207 Sole 167073 549 1377585 JER Investors Trust Inc. Common 46614H301 3634 201200 Sole 3000 198200 Johnson & Johnson Common 478160104 544 8597 Sole 1133 164 7300 K&F Industries Holdings Inc. Common 482241106 5074 303300 Sole 303300 KKR Financial Corp Common 482476306 28775 1293850 Sole 10400 19500 1263950 KOMAG Inc. Common 500453204 15547 486450 Sole 13350 36700 436400 Kerr-Mcgee Common 492386107 3437 35393 Sole 6336 222 28835 Ketch Resources Trust (Canadia Common 492564109 5566 500000 Sole 500000 Keycorp Common 493267108 137228 4255105 Sole 1188406 224909 2841790 Kindred Healthcare Inc. Common 494580103 4737 158950 Sole 2650 6800 149500 Labone Inc. Common 50540L105 6081 139800 Sole 139800 Laboratory Corp. Of America Ho Common 50540r409 180799 3711754 Sole 508038 264721 2938995 Ladenburg Thalmann Financial Common 50575Q102 53 87546 Sole 87546 Laidlaw International Common 50730r102 11814 488800 Sole 500 488300 Lakes Entertainment Inc Common 51206P109 9385 933800 Sole 21150 55800 856850 Lehman Brothers Holdings Inc Common 524908100 3914 33600 Sole 800 32800 Levitt Corp. - CL A Common 52742P108 6921 301700 Sole 301700 Lifepoint Hospitals Common 53219l109 6701 153230 Sole 2777 7844 142609 Lilly (Eli) & Co Common 532457108 439 8200 Sole 8200 Lone Star Technologies Inc Common 542312103 7888 141900 Sole 141900 Luminent Mortgage Capital Inc. Common 550278303 4863 644100 Sole 644100 MFA Mortgage Investments, Inc. Common 55272x102 4179 681700 Sole 681700 MKS Instrument Inc Common Common 55306N104 4674 271300 Sole 271300 MONTPELIER RE HLDGS LTD Common G62185106 2507 100900 Sole 900 100000 Marshall & Ilsley Corp. Common 571834100 3933 90400 Sole 90400 Matrix Service Co. Common 576853105 3405 423000 Sole 423000 Meadowbrook Insurance Group Common 58319P108 7783 1389900 Sole 1389900 Medco Health Solutions, Inc. Common 58405u102 213440 3892749 Sole 508234 192669 3191846 Mediware Information Systems Common 584946107 169 20998 Sole 5698 13350 1950 Mellon Financial Corp Common 58551A108 5438 170100 Sole 170100 Mercantile Bankshares Corp. Common 587405101 927 17200 Sole 17200 Merck & Co Common 589331107 156111 5737296 Sole 1967711 531756 3237829 Metal Management, Inc. Common 591097209 5141 202800 Sole 202800 Mettler-Toledo International Common 592688105 7525 147600 Sole 147600 Millipore Corp. Common 601073109 10207 162300 Sole 100 162200 Morg Stan Dean Wttr Dscvr & Co Common 617446448 12521 232130 Sole 20450 211680 Motive Inc. Common 61980V107 1345 212200 Sole 212200 NCI Building Systems, Inc. Common 628852105 5376 131800 Sole 131800 NGP Capital Resources Co Common 62912r107 2181 144793 Sole 14050 29446 101297 NS Group Inc Common 628916108 10417 265400 Sole 5700 15000 244700 Natco Group Inc - A Common 63227W203 684 27000 Sole 5300 14100 7600 National Bank Of Canada Common 633067103 8056 155350 Sole 155350 National City Corp Common 635405103 4938 147656 Sole 1800 145856 Nestle S A Sponsored ADR Common 641069406 735 10000 Sole 6900 3100 New Century Financial Corp. RE Common 6435ev108 3990 110000 Sole 110000 NewAlliance Bancshares Inc. Common 650203102 10015 684100 Sole 684100 Newcastle Investment Corp. Common 65105M108 21635 775459 Sole 160100 23350 592009 Newmont Mining Corp Common 651639106 731 15500 Sole 15500 Nisource Inc Common Common 65473P105 5051 208289 Sole 4065 204224 Nobel Learning Commonmunities Common 654889104 4942 520800 Sole 35700 99300 385800 Northwest Pipe Commonpany Common 667746101 9017 348300 Sole 7600 20100 320600 Nova Chemicals Corp Common 66977W109 4541 123400 Sole 123400 Novartis Ag Sponsored Adr Common 66987v109 255 5000 Sole 5000 Novastar Financial Inc. Common 669947400 62265 1887400 Sole 543500 37400 1306500 Nuveen Pfd. & Cvrt InCommone Fund Common 67073d102 3010 240000 Sole 240000 Nuveen Quality Preferred II Common 67072c105 2877 211200 Sole 211200 OGE Energy Corp. Common 670837103 1194 42500 Sole 42500 Occidental Petroleum Common 674599105 138112 1616677 Sole 221003 117084 1278590 Odyssey Healthcare Inc Common 67611V101 11061 651800 Sole 651800 Offshore Logistics Common 676255102 5310 143500 Sole 143500 Oil States International Inc Common 678026105 18064 497500 Sole 8600 22900 466000 Omnivision Technologies Common 682128103 3247 257300 Sole 257300 Oneok Inc New Common Common 682680103 11866 348800 Sole 348800 Option Care Inc. Common 683948103 5467 373400 Sole 1600 371800 Oregon Steel Mills Common 686079104 16475 590500 Sole 15200 41000 534300 Ormat Technologies Inc Common 686688102 12776 577300 Sole 577300 Oshkosh Truck Corp. Common 688239201 10509 243500 Sole 7500 21400 214600 PMI Group Inc. Common 69344M101 3132 78550 Sole 250 78300 PNC Financial Services Group Common 693475105 121570 2095330 Sole 460288 102522 1532520 Pan American Silver Corp. Common 697900108 9238 523100 Sole 523100 Par Pharmaceutical Cos Inc. Common 69888p106 11152 418950 Sole 4550 13300 401100 Parallel Petroleum Corp. Common 699157103 1021 72900 Sole 12700 39100 21100 Patterson-Uti Energy Inc. Common 703481101 21099 584775 Sole 7575 19100 558100 Pediatrix Medical Group Common 705324101 10110 131600 Sole 131600 Pengrowth Energy Trust Common 706902301 3343 131500 Sole 131500 Penn West Energy Trust (Canadi Common 707885109 18088 575000 Sole 575000 Peoples Choice Common 71085T105 6000 600000 Sole 600000 Peoples Energy Corp Common Common 711030106 14756 374700 Sole 374700 Pepsico Inc Common 713448108 473 8332 Sole 1500 132 6700 Perkinelmer Inc. Common 714046109 7257 356250 Sole 13550 35200 307500 Perrigo Commonpany Common 714290103 3429 239600 Sole 239600 Petrohawk Energy Corp Common 716495106 18044 1252200 Sole 15100 36700 1200400 Petroquest Energy Inc. Common 716748108 8965 858700 Sole 1500 857200 Pff Bancorp Inc Common Common 69331W104 6282 207600 Sole 207600 Pfizer Common 717081103 212098 8494058 Sole 1462190 817702 6214166 Phillips-Van Heusen Common 718592108 9327 300664 Sole 300664 Pioneer Drilling Commonpany Common 723655106 20107 1030050 Sole 14650 38100 977300 Pioneer High InCommone Trust Common 72369H106 4489 272200 Sole 272200 Piper Jaffray Common 724078100 265 8884 Sole 83 8801 Pitney Bowes Inc Common 724479100 243 5820 Sole 5740 80 Plexus Corp Common 729132100 10703 626300 Sole 626300 Precision Castparts Corp Common 740189105 2336 44000 Sole 44000 Procentury Corp Common 74268T108 7771 760400 Sole 760400 Procter & Gamble Co Common 742718109 421 7074 Sole 3984 190 2900 Progress Energy Common 743263105 19439 434400 Sole 433900 500 Prospect Energy Corp. Common 74348T102 3760 281680 Sole 15517 42752 223411 Provident Bankshares Corp Common 743859100 4568 131350 Sole 131350 Prudential Financial, Inc. Common 744320102 1101 16290 Sole 16290 Quest Diagnostics Inc. Common 74834L100 171735 3398046 Sole 432054 228247 2737745 R & G Financial Corp Cl B Common 749136107 3185 231600 Sole 6150 19350 206100 RTI International Metals, Inc. Common 74973W107 12824 325900 Sole 325900 RailAmerica Inc Common 750753105 4166 350100 Sole 350100 Ralcorp Holdings Inc Common 751028101 17154 409200 Sole 300 408900 Range Resources Corp. Common 75281A109 12197 315900 Sole 315900 Regal Entertainment Group Common 758766109 2479 123700 Sole 123700 Regions Financial Corp. New Common 7591ep100 18481 593874 Sole 434135 57981 101758 Reynolds American Inc Common 761713106 256362 3087959 Sole 888746 201352 1997861 Rosetta Resources Inc. 144A re Common 777779109 5600 350000 Sole 350000 Royal Dutch Shell PLC-ADR A Common 780259206 1267 19300 Sole 14300 5000 SBC Commonmunications Inc Common 78387G103 27416 1143764 Sole 1143150 614 Safety Insurance Group Inc. Common 78648T100 895 25150 Sole 4750 13000 7400 Safeway Inc Common 786514208 37968 1483115 Sole 104970 395 1377750 San Juan Basin Royalty Tr Common 798241105 7359 150800 Sole 150800 Scansource Inc Common 806037107 10937 224400 Sole 5300 14800 204300 Schering-Plough Common 806605101 27751 1318325 Sole 158915 1159410 Selective Ins Group Common Common 816300107 16841 344400 Sole 344400 Serologicals Corp. Common 817523103 9924 439900 Sole 439900 Sierra Pacific Resources Common 826428104 9632 648600 Sole 648600 Sonic Solutions Common 835460106 12661 588900 Sole 588900 Southern Co Common 842587107 295 8250 Sole 8250 Southern Union Co Common 844030106 31163 1209290 Sole 17055 41376 1150860 Sovereign Bancorp. Inc. Common 845905108 119774 5434412 Sole 706280 316012 4412120 Specialty Underwriter's Alli Common 84751T309 6876 840637 Sole 9300 29700 801637 St. Paul Travelers Commonpanies, Common 792860108 25598 570499 Sole 8764 561735 Staples Inc Common 855030102 114866 5387595 Sole 698967 401309 4287319 Star Gas Partners, L.P. Common 85512C105 475 191500 Sole 191500 Sterling Financial Corp./Spoka Common 859319105 4999 221680 Sole 4350 13800 203530 Suntrust Banks Inc Common 867914103 1478 21276 Sole 800 20476 Superior Energy Services Inc. Common 868157108 13388 579800 Sole 7800 20900 551100 Swift Transportation Co. Inc. Common 870756103 6305 356200 Sole 356200 Taberna (144A) Common 87330T104 2400 200000 Sole 200000 Target Corp Common 87612E106 599 11530 Sole 11530 Teco Energy Inc. Common 872375100 8105 449800 Sole 449800 Terex Corp New Common Common 880779103 10791 218300 Sole 218300 Tesoro Petroleum Corp Common 881609101 807 12000 Sole 7400 4600 Thomas & Betts Corp Common 884315102 4253 123600 Sole 123600 Thomas Properties Group Common 884453101 7732 594800 Sole 594800 Tibco Software Inc. Common 88632Q103 5738 686340 Sole 686340 Tortoise Energy Capital Corp Common 89147u100 1332 56200 Sole 11400 29100 15700 Tortoise Energy Infrastructure Common 89147L100 12577 398003 Sole 7263 23103 367637 Tower Group Inc. Common 891777104 9799 648100 Sole 648100 Transocean Sedco Forex Inc Common G90078109 17406 283902 Sole 8240 187 275475 Triad Gty Inc Common Common 895925105 5907 150600 Sole 2100 9900 138600 Triad Hospitals Common 89579k109 10761 237700 Sole 3100 7800 226800 Triumph Group Inc New Common Common 896818101 6776 182300 Sole 182300 Tyco International Ltd Common 902124106 126166 4530209 Sole 601543 324121 3604545 U S Bancorp Common 902973304 103988 3703287 Sole 877298 244932 2581057 URS Corp New Common Common 903236107 23059 570900 Sole 8800 23500 538600 UST Inc. Common 902911106 452033 10798645 Sole 2688152 919409 7191084 Ultratech Inc. Common 904034105 3657 234600 Sole 234600 Unilever N V Ny Shares Common 904784709 1857 25995 Sole 23624 2371 United Online Inc. Common 911268100 1242 89700 Sole 17400 47000 25300 Universal Commonpression Common 913431102 3496 87900 Sole 1100 5150 81650 Universal Corp/Va Common 913456109 136956 3527032 Sole 634246 294391 2598395 Uranium Resources Inc Common 916901309 4507 5853600 Sole 156800 376500 5320300 Valero Energy Corp. Common 91913Y100 1148 10150 Sole 6950 3200 Valmont Industries Common 920253101 8356 284600 Sole 284600 Vector Group Ltd Common 92240M108 13708 685080 Sole 383014 1 302065 Vintage Petroleum Inc Common 927460105 2740 60000 Sole 60000 Vintage Wine Trust Common 92746P100 7500 750000 Sole 750000 Vishay Intertech Common 928298108 5410 452700 Sole 452700 WCA Waste Corp. Common 92926k103 11422 1353350 Sole 25950 70600 1256800 WPS Resources Corp Common Common 92931B106 8895 153900 Sole 153900 Wachovia Corp Common 929903102 103216 2168860 Sole 406290 373084 1389486 Wal-Mart Stores Common 931142103 285 6512 Sole 6305 207 Washington Group Intl Inc Common 938862208 14103 261700 Sole 261700 Washington Mutual Inc Common 939322103 459462 11715005 Sole 2755527 915657 8043821 Waters Corp. Common 941848103 399 9600 Sole 9600 Watts Water Technologies A Common 942749102 8580 297400 Sole 7700 20100 269600 Wells Fargo & Co (New) Common 949746101 4288 73219 Sole 193 276 72750 Wesco Intl Inc Common Common 95082P105 10801 318900 Sole 318900 Williams Coal Seam Gas Trust Common 969450105 5000 240400 Sole 240400 Wolverine World Wide Inc Common 978097103 8631 410000 Sole 410000 Worthington Industries Inc Common 981811102 6553 311600 Sole 311600 Wyeth Common 983024100 51230 1107209 Sole 196319 216660 694230 YUM! BRANDS, INC Common 988498101 247 5092 Sole 5092 ABN AMRO CAP VII (ABNA) - 6.08 Preferred 00372Q201 4986 200000 Sole 200000 Abbey National PLC 7.375% Pfd. Preferred 002920700 1549 58000 Sole 58000 Affordable Resid (ARC) 8.25% P Preferred 008273203 4170 200000 Sole 200000 Alabama Power 5.3% Pfd. Preferred 010392561 1942 80000 Sole 80000 Amerus Group Co. 7.2500% Preferred 03072M702 17369 700000 Sole 700000 Apartment Invt & Mgt C Preferred 03748r853 460 18000 Sole 18000 Axis Capital Holdings 7.25 % P Preferred ep0168971 1250 50000 Sole 50000 Banco Santander 6.4100% Pfd. S Preferred 80281R300 2064 80000 Sole 80000 CIT Group Inc. 6.35% Series A Preferred 125581207 7865 310000 Sole 310000 Chevy Chase PFD 8% Preferred 166779207 5350 189300 Sole 189300 Dairy Farmers (Dairy) 7.875% S Preferred 23385H208 4135 40000 Sole 40000 Doral Financial - 7.25% Pfd Preferred 25811P407 216 8660 Sole 8660 Fannie Mae 5.1% Series Preferr Preferred 313586604 8469 200000 Sole 200000 Fannie Mae Floating Quarterly Preferred 313586794 4385 80000 Sole 80000 Federal Home Loan Mortgage Preferred 313400772 4800 100000 Sole 100000 HSBC Holdings PLC 6.2000% Seri Preferred 404280604 2485 100000 Sole 100000 LTC Properties 8% Series F Preferred 502175607 2052 80000 Sole 80000 Lehman Brothers Holding 6.5% S Preferred 524908720 3694 140500 Sole 140500 Metlife Inc 6.5% Series B Pfd. Preferred 59156r603 1268 50000 Sole 50000 Novastar Financial 8.90% Serie Preferred 669947806 531 21000 Sole 21000 Omega Healthcare 8.375% Pfd Se Preferred 681936407 10376 400000 Sole 400000 Red Lion Hotles 9.50% 2/19/44 Preferred 75670L104 3285 125000 Sole 125000 Scottish Re Grp Ltd. 7.2500% S Preferred G73537402 14880 600000 Sole 600000 Southern Union 7.55% Yield Preferred 844030601 10262 385500 Sole 385500 Fannie Mae 5.375% Convertible Preferred 313586810 46258 505 Sole 505

Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 357 Form 13F Information Table Value Total: 12,216,431 (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