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: June 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 August 10, 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 1517 58000 Sole 58000 0 ABN AMRO CAP VII (ABNA) - 6.08 Preferred 00372Q201 4468 200000 Sole 200000 0 Ace Cash Express Inc. Common 004403101 7568 294600 Sole 2000 21100 271500 0 Affordable Resid (ARC) 8.25% P Preferred 008273203 5150 200000 Sole 200000 0 Air Prods & Chems Inc Common 009158106 813 15500 Sole 15500 0 Alabama Power 5.3% Pfd. Preferred 010392561 1805 80000 Sole 80000 0 Albany Intl Corp New Cl A Common 012348108 6105 181900 Sole 181900 0 Allied Capital Corp Common 01903Q108 3592 147095 Sole 147095 0 Allstate Common 020002101 3514 75495 Sole 500 74995 0 Altria Group Inc Common 02209s103 828196 16547368 Sole 4219838 345222 11982308 0 Ameren Corp. Common 023608102 31601 735600 Sole 735600 0 American Express Common 025816109 9842 191550 Sole 200 191350 0 American Home Mortage Inves Common 02660R107 5738 225000 Sole 225000 0 American International Group Common 026874107 180992 2539196 Sole 476824 48429 2013943 0 Amerisourcebergen Corp. Common 03073e105 69765 1167045 Sole 164475 31995 970575 0 Amsouth Bancorp Common 032165102 402 15800 Sole 200 15600 0 Anntaylor Stores Corp. Common 036115103 6720 231900 Sole 2250 25800 203850 0 Apartment Invt & Mgt C Preferred 03748r853 472 18000 Sole 18000 0 Apogent Technologies Inc Common 03760a101 7629 238400 Sole 1600 15100 221700 0 Apria Healthcare Group Common 037933108 5884 205000 Sole 205000 0 Aviall Inc Common 05366B102 1236 65000 Sole 3900 43200 17900 0 Banco Santander 6.4100% Pfd. S Preferred 80281R201 1920 80000 Sole 80000 0 Bank Mutual Corp. Common 063750103 5157 473100 Sole 473100 0 Bank Of America Corp Common 060505104 285658 3375802 Sole 703913 78140 2593749 0 Bank One Corporation Common 06423A103 53722 1053358 Sole 140758 5760 906840 0 Bankatlantic Bancorp Cl A Common 065908501 5604 303750 Sole 1200 12300 290250 0 Banknorth Group, Inc. Common 06646R107 3235 99611 Sole 99611 0 Bard (C.R.) Inc. Common 067383109 1413 24940 Sole 24940 0 Baxter International Inc Common 071813109 404 11700 Sole 11700 0 BB&T Corp. Common 054937107 488 13200 Sole 400 12800 0 Bear Stearns Cos Inc. Common 073902108 3485 41340 Sole 200 41140 0 Becton Dickinson & Co Common 075887109 80145 1547205 Sole 239940 53710 1253555 0 Best Buy Inc. Common 086516101 23405 461261 Sole 65493 6173 389595 0 Bisys Group Inc./The Common 055472104 2640 187800 Sole 400 187400 0 Blue Green Corp. Common 096231105 8432 611000 Sole 5200 56500 549300 0 BOK Financial Corp. Common 05561Q201 4311 109774.6 Sole 1162 13504 95108.58 0 Borders Group Inc. Common 099709107 182982 7806444 Sole 1226439 181845 6398160 0 BP Amoco Plc - Spons Adr Common 055622104 1605 29961 Sole 28461 1500 0 BP Prudhoe Bay Royalty Trust Common 055630107 6172 189500 Sole 189500 0 Briggs & Stratton Common 109043109 5893 66700 Sole 66700 0 Bristol Myers Squibb Common 110122108 282602 11534776 Sole 3053968 279024 8201784 0 British American Tobacco Common 110448107 4391 140621 Sole 55710 50736 34175 0 Bryn Mawr Bk Corp Common 117665109 665 29300 Sole 1800 19400 8100 0 Caci Intl Inc Cl A Common 127190304 2714 67100 Sole 67100 0 CAE Inc. Common 124765108 6713 1481800 Sole 1481800 0 Callon Petroleum Co Common 13123x102 1426 100000 Sole 100000 0 Cameco Corp Common 13321L108 1325 22600 Sole 1500 14700 6400 0 Cantel Medical Corp Common 138098108 515 23900 Sole 1700 13900 8300 0 Capital Lease Funding Common 140288101 5044 485000 Sole 485000 0 Capitol Bancorp Ltd Common 14056D105 2879 110700 Sole 110700 0 Cardinal Health Common 14149Y108 769 10972 Sole 2867 8105 0 Carolina Gp - Loews Corp Common 540424207 24474 996900 Sole 996900 0 Catalina Marketing Corp. Common 148867104 5621 307300 Sole 2700 29800 274800 0 CBRL Group Inc Com Common 12489V106 5207 168800 Sole 168800 0 Center Financial Corp Common 15146e102 4505 297000 Sole 800 296200 0 Centerpoint Energy Inc. Common 15189T107 725 63000 Sole 3700 42000 17300 0 Ceres Group Inc Common 156772105 5944 968000 Sole 5700 60400 901900 0 Charles River Laboratories Common 159864107 7824 160100 Sole 1100 12000 147000 0 Charter Financial Corp. Common 16122m100 1295 38100 Sole 38100 0 Chevron Texaco Corp. Common 166764100 257955 2740993 Sole 632209 68919 2039865 0 Chevy Chase PFD 8% Preferred 166779207 7816 286300 Sole 189300 97000 0 Chiquita Brands Intl Common 170032809 9370 447900 Sole 447900 0 Chubb Corp Common 171232101 3138 46030 Sole 100 45930 0 CIT Group Common 125581108 37716 985005 Sole 107540 877465 0 Citigroup, Inc Common 172967101 17798 382761 Sole 8261 374500 0 Cleveland Cliffs Inc Common 185896107 6017 106700 Sole 106700 0 C-Met Common 189758105 1800 18000 Sole 18000 0 CMS Energy Corp Common 125896100 7287 798100 Sole 798100 0 Cohen & Steers REIT & PR Common 19247x100 2684 116000 Sole 116000 0 Colonial Bancgroup Inc Common 195493309 6300 346700 Sole 1300 13700 331700 0 Community First Bankshares Common 203902101 3171 98500 Sole 98500 0 Comstock Res Inc Com New Common 205768203 7755 398500 Sole 398500 0 Conmed Corp Common 207410101 6129 223700 Sole 223700 0 ConocoPhilips Common 20825C104 379286 4971664 Sole 898911 97971 3974782 0 Consolidated Edison Inc. Common 209115104 26230 659700 Sole 659700 0 Consolidated Graphics Inc. Common 209341106 8057 182900 Sole 182900 0 Correctional Pptys Corp Common 22025E104 6047 206720 Sole 1800 17000 187920 0 Cullen/Frost Bankers Inc Common 229899109 678 15150 Sole 900 10050 4200 0 Curtiss-Wright Corp. Common 231561101 9357 166520 Sole 1260 17340 147920 0 Cyberguard Corp. Common 231910100 1795 220000 Sole 220000 0 Cytyc Corporation Common 232946103 3339 131600 Sole 131600 0 Dairy Farmers (Dairy) 7.875% S Preferred 23385H208 4160 40000 Sole 40000 0 Delta Petroleum Corp Common 247907207 9246 687400 Sole 3800 41700 641900 0 Denbury Resources Common 247916208 14427 688630 Sole 3260 39710 645660 0 Devon Energy Common 25179M103 103438 1567261 Sole 365787 43604 1157870 0 Doral Financial - 7.25% Pfd Preferred 25811P407 217 8660 Sole 8660 0 Dow Chemical Common 260543103 453 11135 Sole 11135 0 Dreman/Claymore DVD & Income Common 26153R100 321 18570 Sole 1118 12134 5318 0 Dress Barn Inc Com Common 261570105 4254 248500 Sole 248500 0 DRS Technologies Inc Common 23330x100 6961 218200 Sole 218200 0 Dte Energy Common 233331107 14363 354300 Sole 354300 0 Du Pont (E I) De Nemours Common 263534109 1500 33775 Sole 4000 29775 0 El Paso Corporation Common 28336L109 67226 8531115 Sole 1175728 162882 7192505 0 El Paso Tennessee Pipe - 8.25% Preferred 283727204 18810 440000 Sole 440000 0 Electronic Data Systems Corp Common 285661104 199917 10439484 Sole 1571991 252912 8614581 0 Emerson Electric Co. Common 291011104 107632 1693639 Sole 247131 20337 1426171 0 Empire District Electric Co. Common 291641108 7278 361900 Sole 361900 0 Emulex Corp. Common 292475209 4475 312700 Sole 312700 0 Endurance Specialty Holdings Common g30397106 4475 128600 Sole 700 5600 122300 0 Energy Partners Ltd. Common 29270u105 6241 407900 Sole 3000 31300 373600 0 Enerplus Resources Fund Common 29274D604 1449 50900 Sole 50900 0 Equity Inns Inc Pfd Preferred 294703301 2269 90400 Sole 90400 0 Evergreen Inc. Advantage Fund Common 30023y105 4425 296200 Sole 296200 0 Exxon Mobil Corp Common 30231G102 1316 29637 Sole 20337 9300 0 Fannie Mae Common 313586109 505007 7076894 Sole 1660877 147479 5268538 0 Federated Dept Stores Common 31410H101 70489 1435627 Sole 244469 45374 1145784 0 Fieldstone Investment Corp Common 31659U102 5906 375000 Sole 375000 0 First Fed Cap Corp Com Common 319960100 7862 282500 Sole 2100 23350 257050 0 First Horizon National Corp Common 320517105 1648 36263 Sole 12535 18083 5645 0 Firstfed Financial Corp/Ca Common 337907109 7349 176650 Sole 176650 0 Fleetwood Enterprises Common 339099103 11950 821300 Sole 3600 38700 779000 0 Florida Rock Inds Inc Com Common 341140101 8331 197550 Sole 197550 0 Ford Motor Co Common 345370860 55025 3516015 Sole 502333 22022 2991660 0 Franklin Bank Corp./Houston Common 352451108 3955 250000 Sole 250000 0 Franklin Resources Common 354613101 2259 45110 Sole 45110 0 Freddie Mac Common 313400301 653108 10317703 Sole 2457954 228798 7630951 0 Fresh Del Monte Produce Inc Common G36738105 720 28500 Sole 1100 19100 8300 0 Frontier Oil Corp Com Common 35914P105 7133 336600 Sole 1300 12700 322600 0 FTI Consulting Inc. Common 302941109 4244 257200 Sole 257200 0 Fulton Financial Corp Common 360271100 6650 330004 Sole 630 329374 0 Gap Inc. Co. Common 364760108 377 15562 Sole 15525 37 0 General Electric Co Common 369604103 75487 2329848 Sole 402807 85438 1841603 0 Genesee & Wyoming Inc-Cl A Common 371559105 7775 328050 Sole 328050 0 Genlyte Group Inc Com Common 372302109 5835 92800 Sole 92800 0 Glacier Bancorp New Com Common 37637Q105 9911 351831.3 Sole 2000 20100 329731.3 0 Glaxo Smithkline Plc Ads Common 37733W105 344 8300 Sole 8300 0 Global Industries LTD Common 379336100 1144 200000 Sole 200000 0 Golden West Financial Corp Common 381317106 3611 33950 Sole 33950 0 Government Properties Trust Common 38374W107 380 36400 Sole 36400 0 Great Plains Energy Inc. Common 391164100 9718 327200 Sole 327200 0 Greater Bay Bancorp Com Common 391648102 12429 430070 Sole 1440 17280 411350 0 Harland John H Co Com Common 412693103 6680 227600 Sole 227600 0 Harsco Corp Com Common 415864107 5179 110200 Sole 110200 0 Hawaiian Electronic Inds Common 419870100 5779 221400 Sole 221400 0 HCA Healthcare Company Common 404119109 111370 2677786 Sole 368035 62741 2247010 0 Headwaters Inc. Common 42210p102 16857 650100 Sole 2500 25900 621700 0 Healthcare Rlty Tr Com Common 421946104 5674 151400 Sole 151400 0 Helen of Troy Ltd Common G4388N106 14977 406200 Sole 1900 19900 384400 0 Herley Industries Inc Common 427398102 8814 451100 Sole 451100 0 Highland Hospitality Corp. Common 430141101 7225 718900 Sole 3500 37800 677600 0 Home Depot Inc. Common 437076102 146586 4164359 Sole 643562 96522 3424275 0 HRPT Porperties Trust Common 40426W101 3941 393700 Sole 393700 0 Hughes Supply Inc. Common 444482103 872 14800 Sole 900 9800 4100 0 Humana Inc Common 444859102 17267 1021708 Sole 119353 220 902135 0 Hyperion Total Return Fund Common 449145101 2112 232600 Sole 232600 0 Impac Mortgage Holding Inc Common 45254P102 15088 670000 Sole 670000 0 Imperial Tobacco Group Plc Common 453142101 40419 921522 Sole 60061 35681 825780 0 Independence Cmnty Bk Com Common 453414104 9111 250300 Sole 250300 0 Indymac Bancorp Inc Com Common 456607100 7655 242250 Sole 1650 18200 222400 0 Integrated Electrc Srv Com Common 45811E103 768 95400 Sole 5700 62500 27200 0 International Bncshrs Com Common 459044103 5925 146125 Sole 146125 0 Ishares Tr Russell 2000 Common 464287655 4236 35900 Sole 35900 0 J & J Snack Foods Corp Com Common 466032109 6888 168700 Sole 168700 0 J.P. Morgan Chase & Co. Common 46625H100 8391 216435 Sole 216435 0 JER Investors Trust Inc. Common 46614h103 5625 375000 Sole 375000 0 Johnson & Johnson Common 478160104 570 10233 Sole 1133 9100 0 Jos. A. Bank Clothiers, Inc. Common 480838101 389 12400 Sole 1100 7800 3500 0 Kerr-Mcgee Common 492386107 84107 1564204 Sole 405148 63376 1095680 0 Keycorp Common 493267108 139718 4674411 Sole 1286734 126157 3261520 0 Keyspan Common 49337w100 5700 155300 Sole 155300 0 Labone Inc. Common 50540L105 7185 226100 Sole 200 225900 0 Laboratory Corp. Of America Ho Common 50540r409 139952 3525261 Sole 515165 81251 2928845 0 Lakes Entertainment Inc Common 51206P109 6616 571800 Sole 1200 13700 556900 0 Lehman Brothers Holding 6.5% S Preferred 524908720 3586 140500 Sole 140500 0 Lehman Brothers Holdings Inc Common 524908100 2860 38000 Sole 38000 0 Levitt Corp. - CL A Common 52742P108 12136 471100 Sole 4500 46900 419700 0 Lilly (Eli) & Co Common 532457108 574 8220 Sole 8200 20 0 Linens N Things Inc Common 535679104 7310 249400 Sole 249400 0 Lowes Cos. Common 548661107 32074 610322 Sole 96935 9327 504060 0 LTC Properties 8% Series F Preferred 502175607 1960 80000 Sole 80000 0 Luminent Common 550278204 4200 350000 Sole 350000 0 Luminent Mortgage Capital Inc. Common 550278303 11290 940800 Sole 794100 146700 0 Magnum Hunter Resources, Inc. Common 55972F203 5751 554000 Sole 554000 0 Marsh & Mclennan Cos Common 571748102 81990 1793955 Sole 244170 43450 1506335 0 Matrix Service Co. Common 576853105 3974 434300 Sole 3200 31400 399700 0 MCG Capital Corp. Common 58047P107 308 20000 Sole 20000 0 Meadowbrook Insurance Group Common 58319P108 3483 657100 Sole 657100 0 Medco Health Solutions, Inc. Common 58405u102 86265 2300416 Sole 367831 56651 1875934 0 Medical Properties Trust Inc. Common 58463j106 2750 275000 Sole 275000 0 Mediware Information Systems Common 584946107 645 50400 Sole 3050 33550 13800 0 Mercantile Bankshares Corp. Common 587405101 3390 72400 Sole 72400 0 Merchants Bancshares Inv - Ver Common 588448100 532 20280 Sole 1200 13455 5625 0 Merck & Co Common 589331107 197059 4148616 Sole 740187 164637 3243792 0 Meritage Corp. Common 59001A102 2986 43400 Sole 43400 0 Merrill Lynch & Co Common 590188108 5109 94650 Sole 94650 0 Metal Management, Inc. Common 591097209 3506 177000 Sole 177000 0 Mettler-Toledo International Common 592688105 16098 327600 Sole 1400 17600 308600 0 MFA Mortgage Investments, Inc. Common 55272x102 13055 1466800 Sole 1163300 303500 0 Midwest Banc Holdings Inc Common 598251106 3615 162100 Sole 162100 0 Minnesota Mining & Mfg Co Common 604059105 514 5710 Sole 5710 0 MIRANT TR I PFD CV SER A Preferred 60467Q102 172 23550 Sole 1000 15200 7350 0 Moog Inc Cl A Common 615394202 16568 446455 Sole 1900 22405 422150 0 Morg Stan Dean Wttr Dscvr & Co Common 617446448 5724 108480 Sole 108480 0 National Bank Of Canada Common 633067103 9261 288750 Sole 288750 0 National Health Invs Com Common 63633D104 6072 223300 Sole 900 9400 213000 0 Navigant Intl Inc Com Common 63935R108 5086 285900 Sole 285900 0 NCI Building Systems, Inc. Common 628852105 4967 152600 Sole 152600 0 Ndchealth Corp Com Common 639480102 452 19500 Sole 1300 12900 5300 0 Nestle S A Sponsored ADR Common 641069406 3103 46540 Sole 41790 4750 0 Newcastle Investment Corp. Common 65105M108 16107 537800 Sole 184200 28700 324900 0 Nicor Inc. Common 654086107 3679 108300 Sole 108300 0 Nisource Inc - Sails Common 65473P600 5878 2332503 Sole 650340 1682163 0 Nobel Learning Communities Common 654889104 1263 182000 Sole 10800 117100 54100 0 Noble International Ltd Common 655053106 2985 120500 Sole 120500 0 Novastar Financial 8.90% Serie Preferred 669947806 502 21000 Sole 21000 0 Novastar Financial Inc. Common 669947400 32331 851700 Sole 268300 21300 562100 0 Nuveen Pfd. & Cvrt Income Fund Common 67073d102 3096 240000 Sole 240000 0 Nuveen Quality Preferred II Common 67072c105 2967 211200 Sole 211200 0 Ocular Sciences Inc Common 675744106 1120 29480 Sole 1700 19280 8500 0 Odyssey Healthcare Inc Common 67611V101 4750 252400 Sole 400 252000 0 Offshore Logistics Common 676255102 6335 225300 Sole 225300 0 OGE Energy Corp. Common 670837103 13372 525000 Sole 525000 0 Ohio Casualty Corp Common 677240103 12044 598335 Sole 208655 13170 376510 0 Oil States International Inc Common 678026105 9152 598200 Sole 3500 39100 555600 0 Omega Healthcare 8.375% Pfd Se Preferred 681936407 10040 400000 Sole 400000 0 Oneok Inc New Com Common 682680103 8062 366600 Sole 366600 0 Oriental Financial Group Common 68618W100 3543 130900 Sole 130900 0 Oshkosh Truck Corp. Common 688239201 8009 139750 Sole 640 7520 131590 0 Pan American Silver Corp. Common 697900108 5785 439900 Sole 439900 0 Par Pharmaceutical Cos Inc. Common 69888p106 6570 186600 Sole 1500 15600 169500 0 Parallel Petroleum Corp. Common 699157103 2965 584700 Sole 584700 0 PC-Tel Inc. Common 69325Q105 10016 848800 Sole 5200 53700 789900 0 Pediatrix Medical Group Common 705324101 8508 121800 Sole 121800 0 Pengrowth Energy Trust Common 706902301 1398 100000 Sole 100000 0 Penn Va Corp Com Common 707882106 16466 456000 Sole 1900 18280 435820 0 Peoples Energy Corp Com Common 711030106 22487 533500 Sole 374700 158800 0 Pepco Holdings Inc. Common 713291102 7040 385100 Sole 385100 0 Pepsico Inc Common 713448108 463 8600 Sole 1500 7100 0 Pff Bancorp Inc Com Common 69331W104 8538 229271 Sole 1685 15821 211765 0 Pfizer Common 717081103 199700 5825542 Sole 1067859 133518 4624165 0 Phillips-Van Heusen Common 718592108 8179 424900 Sole 424900 0 Pioneer Drilling Company Common 723655106 3109 404800 Sole 404800 0 Pioneer High Income Trust Common 72369H106 4558 295200 Sole 295200 0 Piper Jaffray Common 724078100 1394 30838 Sole 3741 456 26641 0 Pitney Bowes Inc Common 724479100 262 5920 Sole 5920 0 PNC Financial Services Group Common 693475105 148297 2793866 Sole 594833 55094 2143939 0 Popular Inc Common 733174106 3967 92750 Sole 92750 0 Precision Castparts Corp Common 740189105 16404 299950 Sole 1530 16870 281550 0 Procentury Corp Common 74268T108 8224 845200 Sole 845200 0 Procter & Gamble Co Common 742718109 414 7610 Sole 3010 4600 0 Progress Energy Common 743263105 19118 434000 Sole 434000 0 Provident Bankshares Com Common 743859100 7624 264350 Sole 800 9000 254550 0 Provident Financial Group Common 743866105 2672 67715 Sole 67715 0 Provident Financial Services Common 74386T105 1341 76400 Sole 76400 0 Province Healthcare Co Com Common 743977100 9333 544200 Sole 800 14500 528900 0 Prudential Financial, Inc. Common 744320102 869 18690 Sole 18690 0 Public Service Enterprises Common 744573106 12469 311500 Sole 311500 0 PXRE Group Ltd. Common G73018106 3230 127800 Sole 127800 0 Quanta Capital Holdings Ltd. Common g7313f106 7434 700000 Sole 700000 0 Quest Diagnostics Inc. Common 74834L100 140777 1657175 Sole 235935 38575 1382665 0 Quicksilver Resources Inc. Common 74837R104 3776 56300 Sole 56300 0 R & G Financial Corp Cl B Common 749136107 12780 386575 Sole 2100 22650 361825 0 RailAmerica Inc Common 750753105 6195 424300 Sole 424300 0 Ralcorp Holdings Inc Common 751028101 11591 329300 Sole 600 328700 0 Range Resources Corp. Common 75281A109 1343 92000 Sole 5600 60300 26100 0 Reliant Resources Inc. Common 75952B105 21739 2007250 Sole 4800 83900 1918550 0 Remington Oil & Gas Corp. Common 759594302 7684 325600 Sole 325600 0 Reynolds American Inc Common 761713106 325041 4809023 Sole 2050242 69241 2689540 0 Royal Dutch Pet -Ny Reg Common 780257804 997 19300 Sole 14300 5000 0 S & T Bancorp Inc. Common 783859101 3310 103500 Sole 103500 0 Safeco Corp Common 786429100 38946 885147 Sole 156291 9311 719545 0 Safety Insurance Group Inc. Common 78648T100 484 22600 Sole 900 15200 6500 0 Safeway Inc Common 786514208 45385 1791001 Sole 303135 85051 1402815 0 San Juan Basin Royalty Tr Common 798241105 4256 174700 Sole 152200 16000 6500 0 SBC Communications Inc Common 78387G103 36383 1500350 Sole 1500350 0 Scansource Inc Common 806037107 4962 83500 Sole 83500 0 Schering-Plough Common 806605101 48985 2650715 Sole 351590 2299125 0 Scottish Re Group Ltd. Common G7885t104 15826 680700 Sole 3100 33300 644300 0 Seacoast Banking Corp Common 811707306 350 16700 Sole 1200 10800 4700 0 Selective Ins Group Com Common 816300107 14062 352600 Sole 352600 0 Sensient Technologies Corp. Common 81725T100 8964 417300 Sole 417300 0 Serologicals Corp. Common 817523103 9389 469700 Sole 469700 0 Sierra Pacific Resources Common 826428104 4162 539800 Sole 539800 0 Signature Bank Common 82669G104 1102 46400 Sole 46400 0 SLM Corp. Common 78442p106 2254 55730 Sole 55730 0 Southern Co Common 842587107 240 8250 Sole 8250 0 Southern Union 7.55% Yield Preferred 844030601 10177 385500 Sole 385500 0 Southern Union Co Common 844030106 12903 612100 Sole 3100 34300 574700 0 Sovereign Bancorp. Inc. Common 845905108 120529 5453770 Sole 784603 104372 4564795 0 St. Paul Travelers Companies, Common 792860108 35766 882243 Sole 35121 12922 834200 0 Standard & Poors Trust Unit SeriesCommon 78462F103 22 190 Sole 190 0 Standard Pacific Corporation Common 85375C101 5014 101700 Sole 101700 0 Staples Inc Common 855030102 100429 3414781 Sole 481974 83497 2849310 0 Star Gas Partners, L.P. Common 85512C105 4451 190200 Sole 190200 0 Sterling Financial Corp./Spoka Common 859319105 4202 131857 Sole 131857 0 Stillwater Mining Co. Common 86074Q102 5347 356200 Sole 356200 0 Stratasys Inc. Common 862685104 4308 174000 Sole 2500 27300 144200 0 Suntrust Banks Inc Common 867914103 1389 21376 Sole 21376 0 Target Corp Common 87612E106 527 12420 Sole 12420 0 Tenet Healthcare Corp Common 88033G100 184 13700 Sole 13700 0 Tesoro Petroleum Corp Common 881609101 6240 226100 Sole 226100 0 Tierone Corp. Common 88650R108 1491 69300 Sole 69300 0 Tortoise Energy Infrastructure Common 89147l100 8828 385675.8 Sole 2521.81 26236 356918 0 Transocean Sedco Forex Inc Common G90078109 55717 1925222 Sole 214355 48292 1662575 0 Triad Gty Inc Com Common 895925105 1455 25000 Sole 1500 16400 7100 0 Triad Hospitals Common 89579k109 16552 444600 Sole 2100 20800 421700 0 Triumph Group Inc New Com Common 896818101 1086 34000 Sole 34000 0 Tsakos Energy Navigation Limit Common G9108L108 12297 362100 Sole 2200 25300 334600 0 Tyco International Ltd Common 902124106 143361 4325957 Sole 652374 84409 3589174 0 U S Bancorp Common 902973304 101664 3688818 Sole 903616 101566 2683636 0 Ultra Pete Corp Common 903914109 20227 541850 Sole 1100 12900 527850 0 Unilever N V Ny Shares Common 904784709 2168 31638 Sole 27512 4126 0 Union Planters Corp Common 908068109 19356 649054 Sole 469505 63911 115638 0 Unit Corporation Common 909218109 3110 98900 Sole 98900 0 United Defense Inds Inc Common 91018B104 5555 158700 Sole 158700 0 United National Group LTD-A Common 91103X102 2231 146800 Sole 146800 0 Universal Compression Common 913431102 1011 32959 Sole 32959 0 Universal Corp/Va Common 913456109 172240 3381207 Sole 634093 92074 2655040 0 URS Corp New Com Common 903236107 11286 411900 Sole 1400 14300 396200 0 US Tobacco Inc. Common 902911106 370865 10301795 Sole 2719086 248287 7334422 0 Valmont Industries Common 920253101 6517 284600 Sole 284600 0 Vector Group Ltd Common 92240M108 15758 1000513 Sole 388432 29305 582776.3 0 Verizon Communications Common 92343V104 10571 292104 Sole 292104 0 Wachovia Corp Common 929903102 77392 1739142 Sole 315355 43693 1380094 0 Wal-Mart Stores Common 931142103 425 8055 Sole 4305 50 3700 0 Washington Mutual Inc Common 939322103 430250 11134817 Sole 2751302 253668 8129847 0 Waters Corp. Common 941848103 459 9600 Sole 9600 0 WCA Waste Corp. Common 92926k103 4470 500000 Sole 500000 0 Webster Finl Corp Waterbury Common 947890109 8318 176900 Sole 176900 0 Wells Fargo & Co (New) Common 949746101 5494 96003 Sole 1853 94150 0 WestCoast Hospital 9.50% 2/19/ Preferred 95751T206 3150 125000 Sole 125000 0 Western Digital Corp Common 958102105 4997 577000 Sole 6100 64700 506200 0 Wheaton River Minerals Ltd. Common 962902102 8622 3068200 Sole 20600 223500 2824100 0 Williams Coal Seam Gas Trust Common 969450105 3676 233400 Sole 233400 0 Winston Hotels Inc. Preferred Preferred 97563A300 1215 50600 Sole 50600 0 WPS Resources Corp Com Common 92931B106 7611 164200 Sole 164200 0 Wyeth Common 983024100 30668 848093 Sole 154364 52734 640995 0 Yellow Roadway Corp. Common 985577105 7673 192490 Sole 1700 18900 171890 0 York Intl Corp New Com Common 986670107 5171 125900 Sole 125900 0

Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 329 Form 13F Information Table Value Total: 9,857,121 (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