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, 2004 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 Operating Officer Phone: (201) 793-2000 Signature, Place, and Date of Signing: /s/ Lloyd Jagai Jersey City, New Jersey Feb 9, 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 of Value Investment Name of Issuer class CUSIP (x$1000) Quantity Discretion SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------ 3M Company Common 88579Y101 462 5630 Sole 5630 Aames Investment Corp. Common 00253G108 7441 695400 Sole 13700 79300 602400 Abbey National PLC 7.375% Pfd. Preferred 002920700 1595 58000 Sole 58000 ABN AMRO CAP VII (ABNA) - 6.08 Preferred 00372Q201 5018 200000 Sole 200000 Accredo Health Inc Common Common 00437V104 7933 286200 Sole 286200 Ace Cash Express Inc. Common 004403101 8726 294200 Sole 1600 21100 271500 Affordable Resid (ARC) 8.25% P Preferred 008273203 5216 200000 Sole 200000 AGCO Corp. Common 001084102 7994 365200 Sole 3100 23600 338500 Air Prods & Chems Inc Common 009158106 893 15400 Sole 15400 Ak Steel Holding Corp Common 001547108 9766 674900 Sole 674900 Alabama Power 5.3% Pfd. Preferred 010392561 1967 80000 Sole 80000 Alaska Commonm Systems Group Common 01167P101 923 107000 Sole 107000 Albany Intl Corp New Cl A Common 012348108 6396 181900 Sole 181900 Aleris International Inc. Common 014477103 7858 464400 Sole 9500 55600 399300 Allegheny Energy Inc. Common 017361106 10417 528500 Sole 6400 42100 480000 Alliance Gaming Corp Common New Common 01859P609 13657 988900 Sole 7800 40200 940900 Allied Capital Corp Common 01903Q108 3602 139395 Sole 139395 Allied Healthcare Internationa Common 01923a109 6042 1098600 Sole 1098600 Allstate Common 020002101 3734 72195 Sole 300 71895 Altria Group Inc Common 02209s103 1056025 17283287 Sole 4791397 472472 12019418 Ameren Corp. Common 023608102 35880 715600 Sole 715600 American Express Common 025816109 10279 182350 Sole 182350 American Home Mortage Inves Common 02660R107 6336 185000 Sole 185000 American International Group Common 026874107 267028 4066106 Sole 696733 123930 3245443 Amerisourcebergen Corp. Common 03073e105 133029 2267083 Sole 338463 78825 1849795 Apache Corp Common Common 037411105 5950 117649 Sole 25795 22554 69300 Apartment Invt & Mgt C Preferred 03748r853 478 18000 Sole 18000 Applied Films Corp Common 038197109 5418 251300 Sole 251300 ATP Oil & Gas Corporation Common 00208j108 6164 331600 Sole 331600 Atwood Oceanics Inc. Common 050095108 7013 134600 Sole 1500 10000 123100 Aviall Inc Common 05366B102 1422 61900 Sole 5800 38200 17900 Axonyx Inc Common 05461R101 8457 1364000 Sole 10700 96900 1256400 B&G Foods Holdings Corp-EIS Common 05508r205 11816 788800 Sole 9500 62900 716400 Banco Santander 6.4100% Pfd. S Preferred 80281R300 2048 80000 Sole 80000 Bank Of America Corp Common 060505104 318457 6777295 Sole 1432873 201037 5143385 Bankatlantic Bancorp Cl A Common 065908501 4658 234050 Sole 1900 12300 219850 Banknorth Group, Inc. Common 06646R107 3463 94611 Sole 94611 Bard (C.R.) Inc. Common 067383109 1589 24840 Sole 24840 Baxter International Inc Common 071813109 397 11500 Sole 11500 BB&T Corp. Common 054937107 496 11800 Sole 11800 Bear Stearns Cos Inc. Common 073902108 4076 39840 Sole 200 39640 Becton Dickinson & Co Common 075887109 87309 1537237 Sole 235405 53462 1248370 Best Buy Inc. Common 086516101 25952 436763 Sole 53738 383025 Bisys Group Inc./The Common 055472104 3930 238900 Sole 400 238500 Blue Green Corp. Common 096231105 2104 106100 Sole 106100 Borders Group Inc. Common 099709107 203130 7997836 Sole 1305147 310894 6381795 BP Amoco Plc - Spons Adr Common 055622104 3028 51852 Sole 50352 1500 BP Prudhoe Bay Royalty Trust Common 055630107 9834 203600 Sole 203600 Briggs & Stratton Common 109043109 5547 133400 Sole 133400 Bristol Myers Squibb Common 110122108 277715 10839998 Sole 2932825 336844 7570329 British American Tobacco Common 110448107 6292 181637 Sole 77108 69669 34860 Bryn Mawr Bk Corp Common 117665109 664 30200 Sole 2700 19400 8100 Bucyrus International Inc. Cla Common 118759109 541 13300 Sole 1300 8100 3900 Burlington Resources Inc Common 122014103 4670 107357 Sole 26245 26612 54500 Caci Intl Inc Cl A Common 127190304 4572 67100 Sole 67100 CAE Inc. Common 124765108 6298 1481800 Sole 1481800 Cameco Corp Common 13321L108 2228 21250 Sole 1750 13600 5900 Capital Lease Funding Common 140288101 7313 585000 Sole 585000 Capitol Bancorp Ltd Common 14056D105 3645 103500 Sole 103500 Cardinal Health Inc. Common 14149Y108 75692 1301731 Sole 209966 68550 1023215 Carolina Gp - Loews Corp Common 540424207 42044 1452300 Sole 1452300 CBRL Group Inc Common 12489v106 7064 168800 Sole 168800 Centennial Bank Holdings Inc 1 Common 151345204 10500 1000000 Sole 1000000 Center Financial Corp Common 15146e102 5930 296200 Sole 296200 Century Aluminum Commonpany Common 156431108 874 33300 Sole 3200 21600 8500 Ceres Group Inc Common 156772105 3501 678500 Sole 678500 Charles River Laboratories Common 159864107 17949 390100 Sole 1700 12000 376400 Chevron Texaco Corp. Common 166764100 332705 6336182 Sole 1388040 199822 4748320 Chevy Chase PFD 8% Preferred 166779207 5490 189300 Sole 189300 Chiquita Brands Intl Common 170032809 13139 595600 Sole 3800 25200 566600 Chubb Corp Common 171232101 3401 44230 Sole 100 44130 Ciphergen Biosystems Inc. Common 17252y104 319 74200 Sole 74200 CIT Group Common 125581108 44675 975015 Sole 105100 869915 Citigroup, Inc Common 172967101 17473 362661 Sole 10561 352100 Cleveland Cliffs Inc Common 185896107 16524 159100 Sole 159100 C-Met Common 189758105 1800 18000 Sole 18000 CMS Energy Corp Common 125896100 8340 798100 Sole 798100 Cohen & Steers REIT & PR Common 19247x100 3153 116000 Sole 116000 Commonmercial Capital Bancorp Common 20162L105 730 31500 Sole 3400 19300 8800 ConocoPhilips Common 20825C104 476100 5483200 Sole 1079440 180674 4223086 Consolidated Edison Inc. Common 209115104 28862 659700 Sole 659700 Consolidated Graphics Inc. Common 209341106 7867 171400 Sole 171400 Covansys Corporation Common 22281W103 3827 250100 Sole 250100 Curtiss-Wright Corp. Common 231561101 9105 158600 Sole 1700 11700 145200 Cyberguard Corp. Common 231910100 4016 637500 Sole 637500 Dairy Farmers (Dairy) 7.875% S Preferred 23385H208 4165 40000 Sole 40000.00 Denbury Resources Common 247916208 7495 273050 Sole 960 8800 263290 Devon Energy Common 25179M103 141935 3646913 Sole 838473 132470 2675970 Doral Financial - 7.25% Pfd Preferred 25811P407 225 8660 Sole 8660 Dow Chemical Common 260543103 551 11135 Sole 11135 Dow Jones US Healthcare Sector Common 464287762 726 12300 Sole 5700 6600 DRS Technologies Inc Common 23330x100 9123 213600 Sole 213600 Dte Energy Common 233331107 11710 271500 Sole 271500 Du Pont (E I) De Nemours Common 263534109 1284 26175 Sole 4000 22175 Duratek Inc. Common 26658Q102 7408 297400 Sole 297400 El Paso Corporation Common 28336L109 83924 8069595 Sole 979045 7090550 El Paso Tennessee Pipe - 8.25% Preferred 283727204 22220 440000 Sole 440000 Electronic Data Systems Corp Common 285661104 241974 9741033 Sole 1199542 183595 8357896 Emcor Group Inc Common Common 29084Q100 9190 203400 Sole 203400 Empire District Electric Co. Common 291641108 8208 361900 Sole 361900 ENCANA CORP Common 292505104 17788 311750 Sole 41200 270550 Endurance Specialty Holdings Common g30397106 9962 291300 Sole 3200 20500 267600 Energy Partners Ltd. Common 29270u105 4459 220000 Sole 220000 Enerplus Resources Fund Common 29274D604 1848 50900 Sole 50900 Evergreen Inc. Advantage Fund Common 30023y105 4784 296200 Sole 296200 Express Scripts Inc. Common 302182100 573 7500 Sole 7500 Exxon Mobil Corp Common 30231G102 1519 29637 Sole 20337 9300 Fannie Mae Common 313586109 579758 8141630 Sole 1723786 226566 6191278 Fannie Mae 5.375% Convertible Preferred 313586810 529 5 Sole 5 Fannie Mae Floating Quarterly Preferred 313586794 4540 80000 Sole 80000 Federated Dept Stores Common 31410h101 84885 1468865 Sole 258484 65765 1144616 Feldman Mall Properties Inc Common 314308107 2602 200000 Sole 200000 Fieldstone Investment Corp Common 31659U102 16940 982000 Sole 982000 Firstfed Financial Corp/Ca Common 337907109 3239 62450 Sole 62450 Fisher Scientific Internationa Common 338032204 8063 129264 Sole 1472 6328 121464 Florida Rock Inds Inc Common Common 341140101 11760 197550 Sole 197550 Ford Motor Co Common 345370860 47949 3275183 Sole 296841 2978342 Franklin Resources Common 354613101 3010 43210 Sole 43210 Freddie Mac Common 313400301 766645 10402517 Sole 2520388 307613 7574516 Gencorp Inc Common Common 368682100 10750 578900 Sole 7900 51900 519100 General Cable Corp/De Common 369300108 17339 1251900 Sole 9900 64200 1177800 General Electric Co Common 369604103 84728 2321349 Sole 400590 84081 1836678 Genesee & Wyoming Inc-Cl A Common 371559105 8508 302450 Sole 302450 Genlyte Group Inc Common Common 372302109 7951 92800 Sole 92800 Georgia Gulf Corp Common 373200203 6569 131900 Sole 131900 Glacier Bancorp New Common Common 37637Q105 5897 173231 Sole 2400 12200 158631 Glaxo Smithkline Plc Ads Common 37733W105 393 8300 Sole 8300 Global Industries LTD Common 379336100 7781 938600 Sole 12600 90900 835100 Golden West Financial Corp Common 381317106 4011 65300 Sole 65300 Goldman Sachs Common 38141G104 3725 35800 Sole 200 35600 Government Properties Trust Common 38374W107 352 35700 Sole 35700 Grant Prideco Inc. Common 38821G101 9217 459700 Sole 459700 Great Plains Energy Inc. Common 391164100 9908 327200 Sole 327200 Greater Bay Bancorp Common Common 391648102 8233 295300 Sole 1700 11800 281800 Grey Wolf Inc Common 397888108 2209 419250 Sole 12350 74800 332100 Gulfmark Offshore Inc. Common 402629109 2227 100000 Sole 100000 Harland John H Co Common Common 412693103 5480 151800 Sole 151800 Harsco Corp Common Common 415864107 6143 110200 Sole 110200 Hawaiian Electronic Inds Common 419870100 4918 168700 Sole 168700 HCA Healthcare Commonpany Common 404119109 124656 3119553 Sole 481564 112454 2525535 Headwaters Inc. Common 42210p102 16829 590500 Sole 2300 15100 573100 Helen of Troy Ltd Common G4388N106 14126 420300 Sole 1700 16800 401800 Herley Industries Inc Common 427398102 7528 370100 Sole 370100 Highland Hospital Common 430141101 1819 161800 Sole 161800 HMS Holdings Corp Common 40425j101 1144 127100 Sole 13900 80900 32300 Home Depot Inc. Common 437076102 179645 4203328 Sole 670126 132052 3401150 Hornbeck Offshore Services Common 440543106 2845 147400 Sole 147400 Hughes Supply Inc. Common 444482103 983 30400 Sole 2600 19600 8200 Hyperion Total Return Fund Common 449145101 2326 232600 Sole 232600 Impac Mortgage Holding Inc Common 45254P102 6087 268500 Sole 268500 Imperial Tobacco Group Plc Common 453142101 51716 936059 Sole 65541 46193 824325 Independence Cmnty Bk Common Common 453414104 8482 199200 Sole 199200 Indymac Bancorp Inc Common Common 456607100 6819 197950 Sole 2450 16600 178900 Infrasource Services Inc. Common 45684P102 11664 897200 Sole 9800 65100 822300 International Bncshrs Common Common 459044103 5754 146123 Sole 146123 Ishares Tr Russell 2000 Common 464287655 11331 87500 Sole 87500 J.P. Morgan Chase & Co. Common 46625H100 61577 1578486 Sole 181096 1397390 JER Investors Trust Inc. Common 46614h103 5625 375000 Sole 375000 Johnson & Johnson Common 478160104 659 10397.18 Sole 1133 164.18 9100 Kemet Corp. Common 488360108 1375 153600 Sole 153600 Kerr-Mcgee Common 492386107 90917 1574614 Sole 426244 48915 1099455 Keycorp Common 493267108 158029 4661849 Sole 1290581 131718 3239550 Keyspan Common 49337w100 6123 155200 Sole 155200 King Pharmaceuticals Common 495582108 5993 483300 Sole 3700 20600 459000 KKR Financial Corp. Common 482476108 26125 2500000 Sole 300 2499700 KOMAG Inc. Common 500453204 5705 303800 Sole 2800 2300 298700 Labone Inc. Common 50540L105 7238 225900 Sole 225900 Laboratory Corp. Of America Common 50540r409 177895 3570906 Sole 537690 109656 2923560 Laidlaw International Common 50730r102 10398 485900 Sole 485900 Lakes Entertainment Inc Common 51206P109 11092 680900 Sole 5150 34300 641450 Lehman Brothers Holding 6.5% S Preferred 524908720 3813 140500 Sole 140500 Lehman Brothers Holdings Inc Common 524908100 3219 36800 Sole 100 36700 Levitt Corp. - CL A Common 52742P108 14325 468600 Sole 3800 24600 440200 Lilly (Eli) & Co Common 532457108 465 8200 Sole 8200 Linens N Things Inc Common 535679104 6185 249400 Sole 249400 LTC Properties 8% Series F Preferred 502175607 2108 80000 Sole 80000 Luminent Mortgage Capital Inc. Common 550278303 9450 794100 Sole 794100 Magnum Hunter Resources, Inc. Common 55972F203 2535 196500 Sole 196500 Meadowbrook Insurance Group Common 58319P108 6211 1244700 Sole 1244700 Medco Health Solutions, Inc. Common 58405u102 155855 3746444 Sole 559797 99920 3086727 Medical Properties Trust Inc. Common 58463j106 2750 275000 Sole 275000 Mediware Information Systems Common 584946107 659 51900 Sole 4550 33550 13800 Mercantile Bankshares Corp. Common 587405101 3633 69600 Sole 69600 Merchants Bancshares Inv - Ver Common 588448100 359 12355 Sole 1900 8830 1625 Merck & Co Common 589331107 156781 4878135 Sole 1405792 249521 3222822 Merrill Lynch & Co Common 590188108 5639 94350 Sole 400 93950 Metal Management, Inc. Common 591097209 14187 528000 Sole 5500 36600 485900 Mettler-Toledo International Common 592688105 15368 299520 Sole 2400 15220 281900 MFA Mortgage Investments, Inc. Common 55272x102 10260 1163300 Sole 1163300 MIRANT TR I PFD CV SER A Preferred 60467Q102 235 22550 Sole 15200 7350 MKS Instrument Inc Common Common 55306N104 4307 232200 Sole 232200 Morg Stan Dean Wttr Dscvr & Co Common 617446448 5759 103730 Sole 650 103080 National Bank Of Canada Common 633067103 11406 275750 Sole 275750 National City Corp Common 635405103 4058 108056 Sole 300 107756 Navigant Intl Inc Common Common 63935R108 3479 285900 Sole 285900 NCI Building Systems, Inc. Common 628852105 5723 152600 Sole 152600 Nestle S A Sponsored ADR Common 641069406 2783 42550 Sole 39100 3450 New Century Financial Corp. RE Common 6435ev108 9587 150000 Sole 150000 NewAlliance Bancshares Inc. Common 650203102 3060 200000 Sole 200000 Newcastle Investment Corp. Common 65105M108 29301 922009 Sole 155500 25550 740959 NewCastle Invt Holdings Corp C Common 65105Q109 3132 388759 Sole 388759 Newmont Mining Corp Common 651639106 711 16000 Sole 16000 Nicor Inc. Common 654086107 4001 108300 Sole 108300 Nisource Inc Common Common 65473P105 5902 259079 Sole 54023 205056 Nobel Learning Commonmunities Common 654889104 2163 285400 Sole 9200 117100 159100 Noble International Ltd Common 655053106 2457 120500 Sole 120500 Nova Chemicals Corp Common 66977W109 9245 195450 Sole 2150 5900 187400 Novartis Ag Sponsored Adr Common 66987v109 253 5000 Sole 5000 Novastar Financial 8.90% Serie Preferred 669947806 535 21000 Sole 21000 Novastar Financial Inc. Common 669947400 51896 1048400 Sole 257900 24500 766000 Nuveen Pfd. & Cvrt InCommone Fund Common 67073d102 3329 240000 Sole 240000 Nuveen Quality Preferred II Common 67072c105 3041 211200 Sole 211200 Occidental Petroleum Common 674599105 27399 469491 Sole 72683 21006 375802 Ocular Sciences Inc Common 675744106 1450 29580 Sole 2700 18380 8500 Odyssey Healthcare Inc Common 67611V101 8919 652000 Sole 200 651800 Offshore Logistics Common 676255102 6676 205600 Sole 700 7500 197400 OGE Energy Corp. Common 670837103 12449 469600 Sole 469600 Oil States International Inc Common 678026105 8626 447200 Sole 2000 24500 420700 Omega Healthcare 8.375% Pfd Se Preferred 681936407 10560 400000 Sole 400000 OMI Corp. New Common Y6476W104 2780 165000 Sole 165000 Oneok Inc New Common Common 682680103 10419 366600 Sole 366600 Oriental Financial Group Common 68618W100 4076 143990 Sole 143990 Ormat Technologies Inc Common 686688102 5289 324900 Sole 324900 Oshkosh Truck Corp. Common 688239201 10072 147300 Sole 1800 11900 133600 Pan American Silver Corp. Common 697900108 8359 523100 Sole 523100 Par Pharmaceutical Cos Inc. Common 69888p106 17160 414700 Sole 1300 13100 400300 Patterson-Uti Energy Inc. Common 703481101 8558 440000 Sole 1500 438500 PC-Tel Inc. Common 69325Q105 6009 757800 Sole 2500 23200 732100 Pediatrix Medical Group Common 705324101 7801 121800 Sole 121800 Pengrowth Energy Trust Common 706902301 2738 131500 Sole 131500 Penn Va Corp Common Common 707882106 6272 154600 Sole 154600 Peoples Choice Common 71085T105 6000 600000 Sole 600000 Peoples Energy Corp Common Common 711030106 16468 374700 Sole 374700 Pepco Holdings Inc. Common 713291102 6767 317400 Sole 317400 Pepsico Inc Common 713448108 449 8600 Sole 1500 7100 Petrohawk Energy Corp. Preferred 716495205 4263 55000 Sole 55000 Pff Bancorp Inc Common Common 69331W104 7848 169400 Sole 169400 Pfizer Common 717081103 167212 6218526 Sole 1256388 323213 4638925 Pharmaceutical Holders Trust Common 71712A206 356 4900 Sole 4900 Phillips-Van Heusen Common 718592108 11472 424900 Sole 424900 Pioneer Drilling Commonpany Common 723655106 10693 1059800 Sole 8700 57200 993900 Pioneer High InCommone Trust Common 72369H106 5042 295200 Sole 295200 Piper Jaffray Common 724078100 1366 28488 Sole 2313 26175 Pitney Bowes Inc Common 724479100 272 5880 Sole 5880 PMA Cap Corp Cl A Common 693419202 3721 359500 Sole 359500 PNC Financial Services Group Common 693475105 162121 2822519 Sole 611153 78082 2133284 Popular Inc Common 733174106 5077 176100 Sole 176100 Precision Castparts Corp Common 740189105 19668 299450 Sole 2330 15570 281550 Procentury Corp Common 74268T108 10480 845200 Sole 845200 Procter & Gamble Co Common 742718109 456 8284 Sole 4284 4000 Progress Energy Common 743263105 19630 433900 Sole 433900 Prospect Energy Corp. Common 74348T102 8489 707400 Sole 4200 38100 665100 Provident Bankshares Common Common 743859100 9567 263050 Sole 1300 7200 254550 Provident Senior Living Trust Common 744053109 15000 1000000 Sole 1000000 Province Healthcare Co Common Common 743977100 11906 532700 Sole 4400 29300 499000 Prudential Financial, Inc. Common 744320102 1011 18390 Sole 18390 Public Service Enterprises Common 744573106 16121 311400 Sole 311400 PXRE Group Ltd. Common G73018106 1210 48000 Sole 48000 Quest Diagnostics Inc. Common 74834L100 159309 1667349 Sole 235438 50571 1381340 Quicksilver Resources Inc. Common 74837R104 246 6700 Sole 3200 3500 R & G Financial Corp Cl B Common 749136107 13511 347500 Sole 3150 19950 324400 RailAmerica Inc Common 750753105 5537 424300 Sole 424300 Ralcorp Holdings Inc Common 751028101 13795 329000 Sole 300 328700 Regions Financial Corp. New Common 7591ep100 27688 778023 Sole 532970 123106 121947 Reliant Resources Inc. Common 75952B105 28575 2093400 Sole 8200 48900 2036300 Reynolds American Inc Common 761713106 321102 4085278 Sole 1495600 76783 2512895 Royal Dutch Pet -Ny Reg Common 780257804 1107 19300 Sole 14300 5000 S & T Bancorp Inc. Common 783859101 2540 67400 Sole 67400 Safety Insurance Group Inc. Common 78648T100 749 23900 Sole 2200 15200 6500 Safeway Inc Common 786514208 34595 1752649 Sole 285704 77440 1389505 San Juan Basin Royalty Tr Common 798241105 4440 150800 Sole 150800 Saxon REIT Inc. Common 80556T106 4599 191700 Sole 3200 13300 175200 SBC Commonmunications Inc Common 78387G103 29459 1143150 Sole 1143150 Scansource Inc Common 806037107 6521 104900 Sole 104900 Schering-Plough Common 806605101 27487 1316405 Sole 172375 1144030 Scottish Re Group Ltd. Common G7885t104 17325 668900 Sole 4500 28900 635500 Seacoast Banking Corp Common 811707306 380 17100 Sole 1600 10800 4700 Selective Ins Group Common Common 816300107 14068 318000 Sole 318000 Sensient Technologies Corp. Common 81725T100 12400 516900 Sole 516900 Serologicals Corp. Common 817523103 11564 522800 Sole 522800 Sierra Pacific Resources Common 826428104 5668 539800 Sole 539800 SLM Corp. Common 78442p106 2863 53630 Sole 53630 Southern Co Common 842587107 277 8250 Sole 8250 Southern Union 7.55% Yield Preferred 844030601 10775 385500 Sole 385500 Southern Union Co Common 844030106 23107 963610 Sole 6565 43890 913155 Sovereign Bancorp. Inc. Common 845905108 122218 5419923 Sole 757229 128284 4534410 SPDR Trust Series 1 Common 78462f103 1633 13505 Sole 7240 6265 Specialty Underwriter's Alli Common 84751T309 6834 719400 Sole 900 11000 707500 Spectralink Corp Common 847580107 2930 206600 Sole 206600 St. Paul Travelers Commonpanies, Common 792860108 30934 834476 Sole 9496 824980 Standard Pacific Corporation Common 85375C101 3380 52700 Sole 52700 Staples Inc Common 855030102 115107 3414716 Sole 481817 93614 2839285 Star Gas Partners, L.P. Common 85512C105 1417 190200 Sole 190200 Steel Technologies Inc Common 858147101 5513 200400 Sole 200400 Sterling Financial Corp./Spoka Common 859319105 8679 221057 Sole 2800 18900 199357 Stratasys Inc. Common 862685104 7262 216400 Sole 3800 26100 186500 Suntrust Banks Inc Common 867914103 1587 21476 Sole 100 21376 Superior Energy Services Inc. Common 868157108 6001 389400 Sole 389400 Target Corp Common 87612E106 645 12420 Sole 12420 Teco Energy Inc. Common 872375100 5420 353100 Sole 353100 Tenet Healthcare Corp Common 88033G100 150 13700 Sole 13700 Thomas Properties Group Common 884453101 8281 650000 Sole 650000 TLC Vision Corp Common 872549100 3197 306800 Sole 3600 23700 279500 Tortoise Energy Infrastructure Common 89147L100 10916 397811.13 Sole 2062 25470.13 370279 Tower Group Inc. Common 891777104 4500 375000 Sole 375000 Transocean Sedco Forex Inc Common G90078109 80844 1907192 Sole 208580 37797 1660815 Triad Gty Inc Common Common 895925105 1494 24700 Sole 2300 15300 7100 Triad Hospitals Common 89579k109 8953 240600 Sole 1700 8600 230300 Triumph Group Inc New Common Common 896818101 7011 177500 Sole 177500 Tsakos Energy Navigation Limit Common G9108L108 4785 133700 Sole 133700 Tyco International Ltd Common 902124106 153503 4294989 Sole 632816 87504 3574669 U S Bancorp Common 902973304 115130 3676006 Sole 904594 109866 2661546 Unilever N V Ny Shares Common 904784709 1973 29572.71 Sole 26701.71 2871 United Defense Inds Inc Common 91018B104 7499 158700 Sole 158700 Universal Commonpression Common 913431102 1151 32959 Sole 32959 Universal Corp/Va Common 913456109 161628 3378455 Sole 661751 124979 2591725 Uranium Resources Inc Common 916901309 1896 2615600 Sole 2615600 URS Corp New Common Common 903236107 19132 596000 Sole 3900 25800 566300 US Tobacco Inc. Common 902911106 497635 10343522 Sole 2750231 301779 7291512 Valmont Industries Common 920253101 7146 284600 Sole 284600 Vector Group Ltd Common 92240M108 12263 737402.8 Sole 369023 28567.8 339812 Vishay Intertech Common 928298108 10373 690600 Sole 100 690500 Wachovia Corp Common 929903102 94116 1789274 Sole 342830 73260 1373184 Wal-Mart Stores Common 931142103 338 6407 Sole 4305 102 2000 Washington Mutual Inc Common 939322103 476112 11261196 Sole 2832712 356687 8071797 Waters Corp. Common 941848103 449 9600 Sole 9600 WCA Waste Corp. Common 92926k103 13962 1336100 Sole 11600 77100 1247400 Webster Finl Corp Waterbury Common 947890109 5606 110700 Sole 110700 Wells Fargo & Co (New) Common 949746101 5631 90603 Sole 1853 88750 Wesco Intl Inc Common Common 95082P105 5928 200000 Sole 200000 WestCoast Hospital 9.50% 2/19/ Preferred 95751T206 3300 125000 Sole 125000 Western Digital Corp Common 958102105 823 75900 Sole 9200 43600 23100 Westlake Chemical Corp Common 960413102 1004 30050 Sole 2950 18900 8200 Wheaton River Minerals Ltd. Common 962902102 6767 2075900 Sole 26900 145400 1903600 Williams Coal Seam Gas Trust Common 969450105 3839 240400 Sole 240400 Worthington Industries Inc Common 981811102 5471 279400 Sole 279400 WPS Resources Corp Common Common 92931B106 8203 164200 Sole 164200 Wyeth Common 983024100 39284 922387 Sole 188267 91160 642960 Yellow Roadway Corp. Common 985577105 9816 176195 Sole 2300 14750 159145 York Intl Corp New Common Common 986670107 4349 125900 Sole 125900 YUM! BRANDS, INC Common 988498101 353 7492 Sole 7492 Zoll Medical Corp. Common 989922109 9085 264100 Sole 2200.00 14900.00 247000

Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 342 Form 13F Information Table Value Total: 11,327,391 (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