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, 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 September 30, 2004 [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 ----------------------------------------------------------------------------------------------------------------------- Abbey National PLC 7.375% Pfd. Preferred 002920700 1568 58000 Sole 58000 ABN AMRO CAP VII (ABNA) - 6.08 Preferred 00372Q201 4854 200000 Sole 200000 Ace Cash Express Inc. Common 004403101 7661 294200 Sole 1600 21100 271500 Affordable Resid (ARC) 8.25% P Preferred 008273203 5102 200000 Sole 200000 Air Prods & Chems Inc Common 009158106 843 15500 Sole 15500 Alabama Power 5.3% Pfd. Preferred 010392561 1964 80000 Sole 80000 Albany Intl Corp New Cl A Common 012348108 5422 181900 Sole 181900 Allegheny Energy Inc. Common 017361106 8387 525500 Sole 3400 42100 480000 Allied Capital Corp Common 01903Q108 3512 143995 Sole 143995 Allied Healthcare Internationa Common 01923a109 6075 1098600 Sole 1098600 Allstate Common 020002101 3585 74695 Sole 500 74195 Altria Group Inc Common 02209s103 813079 17284846 Sole 4791458 445745 12047643 Ameren Corp. Common 023608102 33948 735600 Sole 735600 American Express Common 025816109 9672 187950 Sole 200 187750 American Home Mortage Inves Common 02660R107 6289 225000 Sole 225000 American International Group Common 026874107 192805 2842002 Sole 605364 39420 2197218 Amerisourcebergen Corp. Common 03073e105 120146 2236957 Sole 325012 61645 1850300 Anworth Mortgage Asset Group Common 037347101 1054 92600 Sole 4800 60300 27500 Apartment Invt & Mgt C Preferred 03748r853 478 18000 Sole 18000 Applied Films Corp Common 038197109 969 53800 Sole 53800 ATP Oil & Gas Corporation Common 00208j108 1116 91600 Sole 91600 Aviall Inc Common 05366B102 1287 63100 Sole 3100 42100 17900 Axonyx Inc Common 05461R101 4778 845600 Sole 845600 Banco Santander 6.4100% Pfd. S Preferred 80281R201 1950 80000 Sole 80000 Bank Mutual Corp. Common 063750103 3516 293000 Sole 293000 Bank Of America Corp Common 060505104 291992 6740435 Sole 1408312 166713 5165410 Bankatlantic Bancorp Cl A Common 065908501 5561 303550 Sole 1000 12300 290250 Banknorth Group, Inc. Common 06646R107 3427 97911 Sole 97911 Bard (C.R.) Inc. Common 067383109 1412 24940 Sole 24940 Baxter International Inc Common 071813109 370 11500 Sole 11500 BB&T Corp. Common 054937107 484 12200 Sole 400 11800 Bear Stearns Cos Inc. Common 073902108 3937 40940 Sole 200 40740 Becton Dickinson & Co Common 075887109 80101 1549340 Sole 241150 59360 1248830 Best Buy Inc. Common 086516101 23856 439823 Sole 54058 385765 Bisys Group Inc./The Common 055472104 2744 187800 Sole 400 187400 Blue Green Corp. Common 096231105 6163 553700 Sole 3600 45000 505100 Borders Group Inc. Common 099709107 196091 7894837 Sole 1255101 245481 6394255 BP Amoco Plc - Spons Adr Common 055622104 1724 29961 Sole 28461 1500 BP Prudhoe Bay Royalty Trust Common 055630107 8042 203600 Sole 203600 Briggs & Stratton Common 109043109 5416 66700 Sole 66700 Bristol Myers Squibb Common 110122108 256182 10823061 Sole 2968106 268426 7586529 British American Tobacco Common 110448107 4793 164198 Sole 69717 59931 34550 Bryn Mawr Bk Corp Common 117665109 582 29000 Sole 1500 19400 8100 Bucyrus International Inc. Cla Common 118759109 427 12700 Sole 700 8100 3900 Caci Intl Inc Cl A Common 127190304 3542 67100 Sole 67100 CAE Inc. Common 124765108 6505 1481800 Sole 1481800 Cameco Corp Common 13321L108 1735 21900 Sole 1100 14400 6400 Cantel Medical Corp Common 138098108 286 11900 Sole 800 6800 4300 Capital Lease Funding Common 140288101 6458 585000 Sole 585000 Capitol Bancorp Ltd Common 14056D105 3248 110700 Sole 110700 Cardinal Health Inc. Common 14149Y108 35291 806282 Sole 143657 50360 612265 Carolina Gp - Loews Corp Common 540424207 35393 1452300 Sole 1452300 Catalina Marketing Corp. Common 148867104 6045 261900 Sole 261900 CBRL Group Inc Common 12489v106 6090 168800 Sole 168800 Center Financial Corp Common 15146e102 5641 296600 Sole 400 296200 Ceres Group Inc Common 156772105 4777 876500 Sole 876500 Charles River Laboratories Common 159864107 15050 328600 Sole 900 12000 315700 Chevron Texaco Corp. Common 166764100 295775 5514104 Sole 1278993 157901 4077210 Chevy Chase PFD 8% Preferred 166779207 5168 189300 Sole 189300 Chiquita Brands Intl Common 170032809 8959 514600 Sole 514600 Chubb Corp Common 171232101 3193 45430 Sole 45430 CIT Group Common 125581108 36725 982205 Sole 107540 874665 Citigroup, Inc Common 172967101 16504 374061 Sole 8261 365800 Cleveland Cliffs Inc Common 185896107 11767 145500 Sole 145500 C-Met Common 189758105 1800 18000 Sole 18000 CMS Energy Corp Common 125896100 7598 798100 Sole 798100 Cohen & Steers REIT & PR Common 19247x100 2916 116000 Sole 116000 Colonial Bancgroup Inc Common 195493309 6667 326000 Sole 326000 Commercial Capital Bancorp Common 20162L105 683 30100 Sole 2000 19300 8800 Community First Bankshares Common 203902101 3158 98500 Sole 98500 Comstock Res Inc Com New Common 205768203 8337 398500 Sole 398500 ConocoPhilips Common 20825C104 424727 5126483 Sole 953162 152010 4021311 Consolidated Edison Inc. Common 209115104 28426 659700 Sole 659700 Consolidated Graphics Inc. Common 209341106 7664 182900 Sole 182900 Curtiss-Wright Corp. Common 231561101 9421 164620 Sole 1160 16240 147220 Cyberguard Corp. Common 231910100 3531 597500 Sole 597500 Dairy Farmers (Dairy) 7.875% S Preferred 23385H208 4150 40000 Sole 40000 Delta Petroleum Corp Common 247907207 2753 211100 Sole 211100 Denbury Resources Common 247916208 17430 686230 Sole 2760 37810 645660 Devon Energy Common 25179M103 111869 1575421 Sole 366697 44429 1164295 Doral Financial - 7.25% Pfd Preferred 25811P407 223 8660 Sole 8660 Dow Chemical Common 260543103 503 11135 Sole 11135 Dreman/Claymore DVD & Income Common 26153R100 196 10705.76 Sole 927 8278.76 1500 DRS Technologies Inc Common 23330x100 8169 218200 Sole 218200 Dte Energy Common 233331107 14944 354200 Sole 354200 Du Pont (E I) De Nemours Common 263534109 1189 27775 Sole 4000 23775 El Paso Corporation Common 28336L109 74304 8085359 Sole 980084 7105275 El Paso Tennessee Pipe - 8.25% Preferred 283727204 20240 440000 Sole 440000 Electronic Data Systems Corp Common 285661104 191249 9863281 Sole 1302541 173199 8387541 Emerson Electric Co. Common 291011104 56666 915585 Sole 109130 806455 Empire District Electric Co. Common 291641108 7437 361900 Sole 361900 Endurance Specialty Holdings Common G30397106 3623 112700 Sole 600 5600 106500 Energy Partners Ltd. Common 29270u105 6462 396900 Sole 600 396300 Enerplus Resources Fund Common 29274D604 1655 50900 Sole 50900 Evergreen Inc. Advantage Fund Common 30023y105 4671 296200 Sole 296200 Exxon Mobil Corp Common 30231G102 1432 29637 Sole 20337 9300 Fannie Mae Common 313586109 512444 8082687 Sole 1689312 182022 6211353 Federated Dept Stores Common 31410h101 66552 1464938 Sole 258254 62425 1144259 Fieldstone Investment Corp Common 31659U102 16694 982000 Sole 982000 First Fed Cap Corp Com Common 319960100 7279 240700 Sole 1700 21650 217350 Firstfed Financial Corp/Ca Common 337907109 7462 152665 Sole 15 152650 Fisher Scientific Internationa Common 338032204 7493 128464 Sole 672 6328 121464 Florida Rock Inds Inc Com Common 341140101 9678 197550 Sole 197550 Ford Motor Co Common 345370860 48414 3445860 Sole 462425 2983435 Franklin Resources Common 354613101 2487 44610 Sole 44610 Freddie Mac Common 313400301 674527 10339147 Sole 2485090 250301 7603756 Fresh Del Monte Produce Inc Common G36738105 553 22200 Sole 1100 14300 6800 Frontier Oil Corp Com Common 35914P105 7874 333500 Sole 1000 12700 319800 Gencorp Inc Com Common 368682100 6088 449300 Sole 4300 53900 391100 General Cable Corp/De Common 369300108 12175 1144300 Sole 5100 64200 1075000 General Electric Co Common 369604103 77221 2299639 Sole 392203 70628 1836808 Genesee & Wyoming Inc-Cl A Common 371559105 8306 328050 Sole 328050 Genlyte Group Inc Com Common 372302109 5975 92800 Sole 92800 Glacier Bancorp New Com Common 37637Q105 10009 343231.3 Sole 1600 13500 328131.3 Glaxo Smithkline Plc Ads Common 37733W105 363 8300 Sole 8300 Global Industries LTD Common 379336100 2702 437200 Sole 437200 Golden West Financial Corp Common 381317106 3733 33650 Sole 33650 Goldman Sachs Common 38141G104 3403 36500 Sole 36500 Government Properties Trust Common 38374W107 345 36300 Sole 36300 Grant Prideco Inc. Common 38821G101 6790 331400 Sole 331400 Great Plains Energy Inc. Common 391164100 9538 327200 Sole 327200 Greater Bay Bancorp Com Common 391648102 12326 428720 Sole 1140 16230 411350 Grey Wolf Inc Common 397888108 552 112800 Sole 5900 74800 32100 Gulfmark Offshore Inc. Common 402629109 1633 100000 Sole 100000 Harland John H Co Com Common 412693103 4759 151800 Sole 151800 Harsco Corp Com Common 415864107 4948 110200 Sole 110200 Hawaiian Electronic Inds Common 419870100 5876 221400 Sole 221400 HCA Healthcare Company Common 404119109 117765 3087433 Sole 468580 91613 2527240 Headwaters Inc. Common 42210p102 19170 621200 Sole 2000 23700 595500 Helen of Troy Ltd Common G4388N106 11520 423200 Sole 1500 19900 401800 Herley Industries Inc Common 427398102 8431 451100 Sole 451100 Highland Hospital Common 430141101 8187 718200 Sole 2800 37800 677600 Home Depot Inc. Common 437076102 164419 4194375 Sole 663044 122751 3408580 Hornbeck Offshore Services Common 440543106 2432 147400 Sole 147400 Hughes Supply Inc. Common 444482103 878 29200 Sole 1400 19600 8200 Humana Inc Common 444859102 18742 938048 Sole 109493 828555 Hyperion Total Return Fund Common 449145101 2312 232600 Sole 232600 Impac Mortgage Holding Inc Common 45254P102 11653 443100 Sole 443100 Imperial Tobacco Group Plc Common 453142101 40713 928637 Sole 62351 41406 824880 Independence Cmnty Bk Com Common 453414104 7806 199900 Sole 199900 Indymac Bancorp Inc Com Common 456607100 8701 240350 Sole 1350 16600 222400 Infrasource Services Inc. Common 45684P102 2780 264800 Sole 264800 Integrated Electrc Srv Com Common 45811E103 4902 1019100 Sole 8000 85200 925900 International Bncshrs Com Common 459044103 5370 146125.2 Sole 146125.2 J.P. Morgan Chase & Co. Common 46625H100 63060 1587204 Sole 180682 1406522 Jameson Inns Inc. Common 470457102 1780 1000000 Sole 1000000 JER Investors Trust Inc. Common 46614h103 5625 375000 Sole 375000 Johnson & Johnson Common 478160104 576 10233 Sole 1133 9100 Kemet Corp. Common 488360108 1073 132600 Sole 132600 Kerr-Mcgee Common 492386107 89745 1567565 Sole 423199 44501 1099865 Keycorp Common 493267108 146518 4636642 Sole 1275380 111342 3249920 Keyspan Common 49337w100 6084 155200 Sole 155200 KKR Financial Corp. Common 482476108 25000 2500000 Sole 300 2499700 Labone Inc. Common 50540L105 6606 226000 Sole 100 225900 Laboratory Corp. Of America Ho Common 50540r409 155628 3559661 Sole 532750 99136 2927775 Lakes Entertainment Inc Common 51206P109 7111 678500 Sole 2750 34300 641450 Lehman Brothers Holding 6.5% S Preferred 524908720 3692 140500 Sole 140500 Lehman Brothers Holdings Inc Common 524908100 2997 37600 Sole 37600 Levitt Corp. - CL A Common 52742P108 10951 466800 Sole 2000 24600 440200 Lilly (Eli) & Co Common 532457108 492 8200 Sole 8200 Linens N Things Inc Common 535679104 5779 249400 Sole 249400 Lowes Cos. Common 548661107 31850 586012 Sole 84062 501950 LTC Properties 8% Series F Preferred 502175607 2034 80000 Sole 80000 Luminent Mortgage Capital Inc. Common 550278303 11819 932100 Sole 794100 138000 Magnum Hunter Resources, Inc. Common 55972F203 6393 554000 Sole 554000 Marsh & Mclennan Cos Common 571748102 83264 1819580 Sole 262200 52375 1505005 Matrix Service Co. Common 576853105 1737 339300 Sole 339300 Meadowbrook Insurance Group Common 58319P108 3200 657100 Sole 657100 Medco Health Solutions, Inc. Common 58405u102 115745 3745801 Sole 558869 97762 3089170 Medical Properties Trust Inc. Common 58463j106 2750 275000 Sole 275000 Mediware Information Systems Common 584946107 585 49800 Sole 2450 33550 13800 Mercantile Bankshares Corp. Common 587405101 3434 71600 Sole 71600 Merchants Bancshares Inv - Ver Common 588448100 329 11455 Sole 1000 8830 1625 Merck & Co Common 589331107 138347 4192333 Sole 766602 187704 3238027 Merrill Lynch & Co Common 590188108 4825 97050 Sole 97050 Metal Management, Inc. Common 591097209 5499 302500 Sole 302500 Mettler-Toledo International Common 592688105 15220 322320 Sole 1200 15220 305900 MFA Mortgage Investments, Inc. Common 55272x102 10714 1163300 Sole 1163300 Minnesota Mining & Mfg Co Common 604059105 457 5710 Sole 5710 MIRANT TR I PFD CV SER A Preferred 60467Q102 236 23550 Sole 1000 15200 7350 MKS Instrument Inc Com Common 55306N104 2903 189500 Sole 189500 Moog Inc Cl A Common 615394202 6166 169855 Sole 600 6705 162550 Morg Stan Dean Wttr Dscvr & Co Common 617446448 5262 106730 Sole 150 106580 Multimedia Games Inc Common 625453105 4042 260800 Sole 260800 National Bank Of Canada Common 633067103 9847 284050 Sole 284050 National City Corp Common 635405103 2957 76556 Sole 400 76156 Navigant Intl Inc Com Common 63935R108 4669 285900 Sole 285900 NCI Building Systems, Inc. Common 628852105 4868 152600 Sole 152600 Nestle S A Sponsored ADR Common 641069406 2517 43960 Sole 40510 3450 New Century Financial Corp. RE Common 6435ev108 1650 150000 Sole 150000 Newcastle Investment Corp. Common 65105M108 16316 531450 Sole 183700 25550 322200 Nicor Inc. Common 654086107 3975 108300 Sole 108300 Nisource Inc - Sails Common 65473P600 5948 2332503 Sole 650340 1682163 Nobel Learning Communities Common 654889104 1784 254900 Sole 8700 117100 129100 Noble International Ltd Common 655053106 2202 120500 Sole 120500 Novastar Financial 8.90% Serie Preferred 669947806 535 21000 Sole 21000 Novastar Financial Inc. Common 669947400 46029 1055700 Sole 276400 26900 752400 Nuveen Pfd. & Cvrt Income Fund Common 67073d102 3386 240000 Sole 240000 Nuveen Quality Preferred II Common 67072c105 3168 211200 Sole 211200 Ocular Sciences Inc Common 675744106 1357 28280 Sole 1400 18380 8500 Odyssey Healthcare Inc Common 67611V101 3582 201800 Sole 200 201600 Offshore Logistics Common 676255102 9706 282000 Sole 1700 21900 258400 OGE Energy Corp. Common 670837103 13245 525000 Sole 525000 Oil States International Inc Common 678026105 14036 750600 Sole 2800 39100 708700 Omega Healthcare 8.375% Pfd Se Preferred 681936407 10420 400000 Sole 400000 Oneok Inc New Com Common 682680103 9539 366600 Sole 366600 Oriental Financial Group Common 68618W100 3542 130900 Sole 130900 Oshkosh Truck Corp. Common 688239201 8359 146500 Sole 1000 11900 133600 Pan American Silver Corp. Common 697900108 7487 439900 Sole 439900 Par Pharmaceutical Cos Inc. Common 69888p106 13449 374300 Sole 1200 15600 357500 Parallel Petroleum Corp. Common 699157103 1785 375000 Sole 375000 Patterson-Uti Energy Inc. Common 703481101 20477 1073800 Sole 4700 47100 1022000 PC-Tel Inc. Common 69325Q105 7883 954300 Sole 3900 53700 896700 Pediatrix Medical Group Common 705324101 6681 121800 Sole 121800 Pengrowth Energy Trust Common 706902301 2358 131500 Sole 131500 Penn Va Corp Com Common 707882106 17998 454600 Sole 1400 17650 435550 Peoples Energy Corp Com Common 711030106 15617 374700 Sole 374700 Pepco Holdings Inc. Common 713291102 7663 385100 Sole 385100 Pepsico Inc Common 713448108 418 8600 Sole 1500 7100 Pff Bancorp Inc Com Common 69331W104 8200 214276 Sole 1385 10696 202195 Pfizer Common 717081103 184066 6015309 Sole 1184316 202863 4628130 Phillips-Van Heusen Common 718592108 9467 424900 Sole 424900 Pioneer Drilling Company Common 723655106 8988 1070000 Sole 4600 57200 1008200 Pioneer High Income Trust Common 72369H106 4891 295200 Sole 295200 Piper Jaffray Common 724078100 1174 29662 Sole 3427 26235 Pitney Bowes Inc Common 724479100 261 5920 Sole 5920 PNC Financial Services Group Common 693475105 151733 2804698 Sole 602102 64417 2138179 Popular Inc Common 733174106 4784 181900 Sole 181900 Precision Castparts Corp Common 740189105 17916 298350 Sole 1230 15570 281550 Procentury Corp Common 74268T108 8376 845200 Sole 845200 Procter & Gamble Co Common 742718109 379 7010 Sole 3010 4000 Progress Energy Common 743263105 18367 433800 Sole 433800 Prospect Energy Corp. Common 74348T102 10211 683000 Sole 2000 24500 656500 Provident Bankshares Com Common 743859100 8802 262350 Sole 600 7200 254550 Provident Financial Services Common 74386T105 1304 75600 Sole 75600 Provident Senior Living Trust Common 744053109 12750 850000 Sole 850000 Province Healthcare Co Com Common 743977100 11100 530600 Sole 2300 29300 499000 Prudential Financial, Inc. Common 744320102 874 18590 Sole 18590 Public Service Enterprises Common 744573106 13261 311300 Sole 311300 Quanta Capital Holdings Ltd. Common G7313F106 5705 700000 Sole 700000 Quest Diagnostics Inc. Common 74834L100 146926 1665463 Sole 239043 44565 1381855 R & G Financial Corp Cl B Common 749136107 13950 360925 Sole 1650 19950 339325 RailAmerica Inc Common 750753105 4689 424300 Sole 424300 Ralcorp Holdings Inc Common 751028101 11877 329000 Sole 300 328700 Range Resources Corp. Common 75281A109 1245 71200 Sole 3800 47100 20300 Regions Financial Corp. New Common 7591ep100 24475 740266 Sole 519578 105041 115647 Reliant Resources Inc. Common 75952B105 18720 2006450 Sole 5500 82400 1918550 Remington Oil & Gas Corp. Common 759594302 7760 295600 Sole 295600 Reynolds American Inc Common 761713106 277325 4075905 Sole 1490319 63691 2521895 Royal Dutch Pet -Ny Reg Common 780257804 996 19300 Sole 14300 5000 S & T Bancorp Inc. Common 783859101 3696 103500 Sole 103500 Safeco Corp Common 786429100 561 12300 Sole 5995 6305 Safety Insurance Group Inc. Common 78648T100 502 22600 Sole 900 15200 6500 Safeway Inc Common 786514208 35401 1833216 Sole 320350 109991 1402875 Salomon Bros Worldwide Inc Common 79548T109 102 6400 Sole 6400 San Juan Basin Royalty Tr Common 798241105 4601 150800 Sole 150800 Saxon REIT Inc. Common 80556T106 7712 358700 Sole 2400 29200 327100 SBC Communications Inc Common 78387G103 38795 1495000 Sole 1495000 Scansource Inc Common 806037107 5327 83500 Sole 83500 Schering-Plough Common 806605101 25222 1323290 Sole 177920 1145370 Scottish Re Group Ltd. Common G7885t104 14114 666700 Sole 2300 28900 635500 Seacoast Banking Corp Common 811707306 350 16400 Sole 900 10800 4700 Selective Ins Group Com Common 816300107 11830 318000 Sole 318000 Sensient Technologies Corp. Common 81725T100 9686 447600 Sole 447600 Serologicals Corp. Common 817523103 10958 469700 Sole 469700 Sierra Pacific Resources Common 826428104 4831 539800 Sole 539800 SLM Corp. Common 78442p106 2463 55230 Sole 55230 Southern Co Common 842587107 247 8250 Sole 8250 Southern Union 7.55% Yield Preferred 844030601 10385 385500 Sole 385500 Southern Union Co Common 844030106 13432 655200 Sole 3465 43890 607845 Sovereign Bancorp. Inc. Common 845905108 124932 5405111 Sole 745364 107147 4552600 Spectralink Corp Common 847580107 1773 186600 Sole 186600 St. Paul Travelers Companies, Common 792860108 27857 842611 Sole 11501 831110 Standard Pacific Corporation Common 85375C101 5733 101700 Sole 101700 Staples Inc Common 855030102 101141 3391738 Sole 466996 80442 2844300 Star Gas Partners, L.P. Common 85512C105 4167 190200 Sole 190200 Sterling Financial Corp./Spoka Common 859319105 7427 210757 Sole 1050 12950 196757 Stillwater Mining Co. Common 86074Q102 4100 264500 Sole 264500 Stratasys Inc. Common 862685104 6810 215800 Sole 2000 27300 186500 Suntrust Banks Inc Common 867914103 1505 21376 Sole 21376 Superior Energy Services Inc. Common 868157108 2584 200000 Sole 200000 Target Corp Common 87612E106 562 12420 Sole 12420 Tenet Healthcare Corp Common 88033G100 148 13700 Sole 13700 Tesoro Petroleum Corp Common 881609101 6677 226100 Sole 226100 Tortoise Energy Infrastructure Common 89147l100 10100 388480 Sole 2038 26481 359961 Transocean Sedco Forex Inc Common G90078109 68299 1908837 Sole 207450 40292 1661095 Triad Gty Inc Com Common 895925105 1309 23600 Sole 1200 15300 7100 Triad Hospitals Common 89579k109 8266 240000 Sole 1100 8600 230300 Triumph Group Inc New Com Common 896818101 4658 137700 Sole 137700 Tsakos Energy Navigation Limit Common G9108L108 12619 359000 Sole 1800 25300 331900 Tyco International Ltd Common 902124106 131196 4279062 Sole 625331 74362 3579369 U S Bancorp Common 902973304 105836 3662214 Sole 892678 91760 2677776 Ultra Pete Corp Common 903914109 17400 354750 Sole 700 11000 343050 Unilever N V Ny Shares Common 904784709 1852 32038 Sole 27912 4126 Unit Corporation Common 909218109 2140 61000 Sole 61000 United Defense Inds Inc Common 91018B104 6346 158700 Sole 158700 Universal Compression Common 913431102 1123 32959 Sole 32959 Universal Corp/Va Common 913456109 149387 3346516 Sole 648880 105891 2591745 URS Corp New Com Common 903236107 11811 442700 Sole 1100 14300 427300 US Tobacco Inc. Common 902911106 415709 10325563 Sole 2737688 271443 7316432 Valmont Industries Common 920253101 5940 284600 Sole 284600 Vector Group Ltd Common 92240M108 13171 876243 Sole 407223 30770 438250 Verizon Communications Common 92343V104 9372 238000 Sole 238000 Vishay Intertech Common 928298108 2772 214900 Sole 100 214800 Wachovia Corp Common 929903102 83363 1775559 Sole 334832 64523 1376204 Wal-Mart Stores Common 931142103 335 6305 Sole 4305 2000 Washington Mutual Inc Common 939322103 437115 11185109 Sole 2791057 300105 8093947 Waters Corp. Common 941848103 423 9600 Sole 9600 WCA Waste Corp. Common 92926k103 9746 1100000 Sole 1100000 Webster Finl Corp Waterbury Common 947890109 6727 136200 Sole 136200 Wells Fargo & Co (New) Common 949746101 5576 93503 Sole 1853 91650 WestCoast Hospital 9.50% 2/19/ Preferred 95751T206 3238 125000 Sole 125000 Western Digital Corp Common 958102105 4830 549500 Sole 4900 43600 501000 Wheaton River Minerals Ltd. Common 962902102 9810 3114200 Sole 16600 273500 2824100 Williams Coal Seam Gas Trust Common 969450105 4003 240400 Sole 240400 WPS Resources Corp Com Common 92931B106 7387 164200 Sole 164200 Wyeth Common 983024100 32234 861872 Sole 157990 62312 641570 Yellow Roadway Corp. Common 985577105 8660 184690 Sole 1200 14750 168740 York Intl Corp New Com Common 986670107 3977 125900 Sole 125900 Zilog Inc. Common 989524301 1101 190800 Sole 190800

Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 320 Form 13F Information Table Value Total: 10,008,604 (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