13F-HR/A 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: March 31, 2009 Check here if Amendment [X]; Amendment Number: 1 This Amendment (Check only one.): [X] 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: Michael D. Appleton Title: Chief Compliance Officer Phone: (201) 793-2005 Signature, Place, and Date of Signing: /s/ Michael D. Appleton Jersey City, New Jersey May 5, 2009 ----------------------- ----------------------- ----------------- [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).)

Dreman Value Management, LLC FORM 13F TOTAL TOTAL: MARKET VALUE TOTAL SHARES SOLE SHARED NONE Name of Issuer Title of Class CUSIP (x1000) ----------------------------------------------------------------------------------------------------------------------------------- Aaron Rents Inc Com COM 002535201 16,672 625,343 148,420 8,448 468,475 AES Corporation COM 00130H105 159 27,340 - - 27,340 Aetna Inc COM 00817Y108 77,537 3,186,875 740,546 206,819 2,239,510 Affiliated Computer Services - COM 008190100 5,809 121,300 4,600 - 116,700 AFLAC Inc COM 001055102 229 11,836 476 - 11,360 Alaska Comm Systems Group COM 01167P101 12,933 1,930,290 461,540 26,150 1,442,600 Alexandria Real Estate EQTS COM 015271109 13,510 371,160 80,600 4,660 285,900 Allete, Inc. COM 018522300 16,966 635,665 132,650 7,065 495,950 Alliant Techsystems Inc COM 018804104 6,618 98,800 3,550 - 95,250 Allied World Assurance Hold COM G0219G203 14,873 391,075 91,900 5,230 293,945 Allstate COM 020002101 62,342 3,255,448 727,596 196,974 2,330,878 Altria Group Inc COM 02209S103 209,724 13,091,411 3,046,802 842,584 9,202,025 Amdocs Limited COM g02602103 232 12,500 600 - 11,900 Amedisys Inc. COM 023436108 13,104 476,693 96,300 5,329 375,064 Ameren Corp. COM 023608102 2,416 104,165 775 - 103,390 American Electric Power, Inc. COM 025537101 2,089 82,700 700 - 82,000 American Express COM 025816109 42,469 3,115,864 724,588 202,728 2,188,548 Ameriprise Financial Inc. COM 03076c106 2,937 143,330 1,050 - 142,280 Amsurg Corp. COM 03232P405 15,041 948,964 191,293 10,492 747,179 Anadarko Petroleum COM 032511107 185,774 4,776,903 1,083,514 287,756 3,405,633 Anixter International Inc. COM 035290105 21,526 679,490 131,114 7,076 541,300 Annaly Mtg Mgmt Inc. COM 035710409 1,829 131,850 1,050 - 130,800 Apache Corp Com COM 037411105 158,970 2,480,422 570,800 146,249 1,763,373 Arch Capital Group Ltd COM g0450a105 3,763 69,867 3,667 - 66,200 Arch Coal Inc. COM 039380100 15,716 1,175,498 252,700 13,973 908,825 Argo Group International Holdi COM G0464B107 23,359 775,268 152,977 7,961 614,330 Arrow Electronics Inc. COM 042735100 5,442 285,511 9,161 - 276,350 Aspen Insurance Holdings, Ltd. COM G05384105 21,201 943,934 225,600 12,809 705,525 Associated Banc Corp COM 045487105 15,790 1,021,985 244,700 14,060 763,225 AT&T Inc COM 00206R102 374 14,860 10,160 - 4,700 Atwood Oceanics Inc. COM 050095108 16,638 1,002,895 221,060 12,210 769,625 Autoliv Inc. COM 052800109 3,441 185,325 5,325 - 180,000 Baker Hughes Inc. COM 057224107 1,336 46,809 709 - 46,100 Baldor Electric Co COM 057741100 14,236 982,504 234,726 13,453 734,325 Bank Of America Corp COM 060505104 100,285 14,704,536 3,471,951 717,934 10,514,651 Bank of Hawaii Corp. COM 062540109 1,520 46,100 2,300 - 43,800 Barnes Group Inc. COM 067806109 18,072 1,690,568 372,230 20,763 1,297,575 Best Buy Inc. COM 086516101 1,302 34,300 300 - 34,000 BHP BILLITON LTD ADR COM 088606108 104,764 2,348,974 493,926 157,601 1,697,447 Biogen Idec Inc. COM 09062x103 1,890 36,048 4,468 - 31,580 Biovail Corp. COM 09067J109 2,814 257,025 2,075 - 254,950 BJ Svcs Co Com COM 055482103 1,804 181,269 1,869 - 179,400 Brinker International Inc. COM 109641100 15,966 1,057,351 242,800 14,751 799,800 BRINKS CO COM 109696104 19,404 733,320 150,300 8,120 574,900 Bristow Group Inc. COM 110394103 15,242 711,236 169,800 9,636 531,800 Caci Intl Inc Cl A COM 127190304 16,346 447,966 106,600 5,916 335,450 Cameco Corp COM 13321L108 1,783 103,825 875 - 102,950 Cardinal Health Inc. COM 14149Y108 249 7,895 5,395 - 2,500 Carnival Corp. COM 143658300 48,205 2,231,722 529,658 138,845 1,563,219 Caterpillar Inc COM 149123101 54,670 1,955,282 450,992 127,642 1,376,648 CBS Corp New Cl B COM 124857202 377 98,227 37,307 - 60,920 Cemex SA Spons ADR New COM 151290889 238 38,029 26,875 - 11,154 Central Euro Distribution CP COM 153435102 13,829 1,285,182 306,500 17,457 961,225 CF Industries Holdings Inc. COM 125269100 3,624 50,950 1,750 - 49,200 Check Point Software COM m22465104 2,778 125,092 1,992 - 123,100 Chesapeake Energy Corp COM 165167107 102,994 6,037,177 1,378,257 385,306 4,273,614 Chevron Corporation COM 166764100 139,562 2,075,582 479,248 138,300 1,458,034 Chubb Corp COM 171232101 235 5,560 50 - 5,510 Cigna Corp COM 125509109 184 10,470 520 - 9,950 Cimarex Energy Co. COM 171798101 3,333 181,322 5,372 - 175,950 Cincinnati Financial Corp. COM 172062101 2,177 95,198 848 - 94,350 CIT Group COM 125581108 89 31,145 31,145 - - Citigroup, Inc COM 172967101 20,906 8,263,432 1,894,508 532,297 5,836,627 Coach Inc. COM 189754104 195 11,700 - - 11,700 Comerica Inc COM 200340107 2,071 113,115 11,290 - 101,825 Commscope Inc. COM 203372107 12,746 1,122,024 241,720 13,279 867,025 ConocoPhillips COM 20825C104 223,659 5,711,417 1,272,102 351,408 4,087,907 CONSTELLATION BRANDS INC COM 21036P108 155 13,020 - - 13,020 Contrans Income Fund (Canadian COM 212337109 2,459 785,100 258,241 - 526,859 Convergys Corp. COM 212485106 210 26,050 - - 26,050 Cooper Cos. Inc Com COM 216648402 2,772 104,825 875 - 103,950 Cooper Industries Ltd COM G24182100 2,649 102,425 875 - 101,550 Corn Prods Intl Inc Com COM 219023108 16,024 755,827 160,925 9,077 585,825 Coventry Health Care Com COM 222862104 210 16,194 314 - 15,880 Curtiss-Wright Corp. COM 231561101 20,569 733,288 156,530 8,558 568,200 Del Monte Foods Co COM 24522p103 19,210 2,635,182 494,730 26,202 2,114,250 Devon Energy COM 25179M103 176,185 3,942,390 924,320 246,185 2,771,885 DICKS SPORTING GOODS INC COM 253393102 13,500 946,016 216,300 13,116 716,600 Donnelley (R R) & Sons Co COM 257867101 389 53,020 19,210 - 33,810 Dow Chemical COM 260543103 296 35,138 24,338 - 10,800 Dreamworks Animation SKG-A COM 26153C103 17,000 785,576 187,840 10,811 586,925 DST Systems Inc. COM 233326107 18,342 529,803 126,500 7,103 396,200 Du Pont (E I) De Nemours COM 263534109 227 10,150 10,150 - - Eaton Corp. COM 278058102 51,744 1,403,803 322,044 88,446 993,313 Edison International COM 281020107 364 12,645 25 - 12,620 El Paso Corporation COM 28336L109 187 29,859 1,239 - 28,620 Emcor Group Inc Com COM 29084Q100 20,732 1,207,458 288,930 16,403 902,125 Emerson Electric Co. COM 291011104 317 11,080 7,580 - 3,500 Endurance Specialty Holdings COM G30397106 21,500 862,077 164,700 8,877 688,500 Energizer Holdings Inc. COM 29266r108 1,386 27,900 200 - 27,700 Esterline Technologies Com COM 297425100 11,874 588,137 140,900 7,837 439,400 Expedia Inc. COM 30212p105 224 24,660 - - 24,660 Federal Express COM 31428X106 63,590 1,429,302 330,009 93,650 1,005,643 Fifth Third Bancorp COM 316773100 149 50,965 39,425 - 11,540 Financial Fed Corp Com COM 317492106 21,769 1,027,807 246,230 14,052 767,525 Financial Select Sector SPDR COM 81369y605 473 53,683 46,483 - 7,200 Firstmerit Corp. COM 337915102 16,337 897,647 214,703 12,169 670,775 FLUOR CORP NEW DEL COM COM 343412102 3,327 96,300 3,300 - 93,000 Forest Oil Corp Com Par $0.01 COM 346091705 16,641 1,265,479 275,400 15,254 974,825 Fortune Brands Inc. COM 349631101 1,551 63,175 525 - 62,650 Freeprt McMoran cpr&gld COM 35671d857 2,153 56,492 542 - 55,950 Gardner Denver Inc Com COM 365558105 18,754 862,639 206,000 11,714 644,925 GATX CORPORATION COM 361448103 14,357 709,705 169,600 9,705 530,400 General Cable Corp/De COM 369300108 20,524 1,035,533 203,765 11,343 820,425 General Electric Co COM 369604103 107,341 10,617,334 2,481,231 683,127 7,452,976 Genesee & Wyoming Inc-Cl A COM 371559105 16,141 759,568 164,900 9,018 585,650 Genworth FINL INC. COM COM 37247d106 217 113,970 - - 113,970 Glaxosmitkhline Plc-Sp Adr COM 37733W105 383 12,321 8,691 - 3,630 Goldman Sachs COM 38141G104 111,102 1,047,938 225,782 78,647 743,509 Hanesbrands Inc. COM 410345102 17,335 1,811,365 389,230 21,160 1,400,975 Hanover Insurance Group, Inc. COM 410867105 17,306 600,482 123,880 6,602 470,000 Harley Davidson COM 412822108 214 16,007 287 - 15,720 Hartford Finl Svcs Grp Inc COM 416515104 228 29,105 3,135 - 25,970 Harvest Energy Trust COM 41752x101 2,046 568,444 - - 568,444 HCC Ins Hldgs Inc COM 404132102 5,125 203,445 5,595 - 197,850 Healthspring Inc COM 42224n101 15,593 1,863,005 389,720 22,310 1,450,975 Heinz HJ Co. COM 423074103 2,453 74,200 600 - 73,600 Helen of Troy Ltd COM G4388N106 17,927 1,303,810 309,160 17,675 976,975 Henry (Jack) & Associates COM 426281101 28,022 1,717,031 351,648 18,656 1,346,727 Hercules Offshore Inc. COM 427093109 151 95,500 4,900 - 90,600 Hospitality Properties Trust COM 44106M102 19,091 1,590,945 297,625 17,070 1,276,250 Host Marriott Corp. COM 44107P104 147 37,454 784 - 36,670 HUBBELL INC CL B PAR .01 COM 443510201 5,065 187,875 5,325 - 182,550 IAMgold Corporation COM 450913108 18,222 2,131,246 459,491 26,405 1,645,350 IDACORP INC COM COM 451107106 18,402 787,751 158,340 8,400 621,011 IMS Health Inc COM 449934108 172 13,780 - - 13,780 Integrys Energy Group, Inc. COM 45822P105 15,367 590,135 105,655 5,630 478,850 Intel Corp COM 458140100 231 15,382 10,522 - 4,860 INTL SPEEDWAY CORP-CL A COM 460335201 19,292 874,526 209,070 11,831 653,625 Inverness Medical Innovations COM 46126P106 18,436 692,293 147,400 8,093 536,800 Iowa Telecommunications COM 462594201 13,882 1,211,379 290,000 16,454 904,925 IPC Holdings LTD COM G4933P101 23,363 864,001 173,162 9,289 681,550 J.P. Morgan Chase & Co. COM 46625H100 97,867 3,681,971 861,095 271,674 2,549,202 Jabil Circuit Inc COM 466313103 19,979 3,593,425 795,700 44,305 2,753,420 JM Smucker Co. COM 832696405 17,308 464,386 95,510 5,276 363,600 JOY GLOBAL INC DEL COM COM 481165108 19,865 932,633 201,200 10,908 720,525 KBW Bank Index ETF COM 78464a797 1,359 98,082 89,882 - 8,200 Kelly Svcs Inc Cl A COM 488152208 10,510 1,305,633 254,800 13,808 1,037,025 Kennametal Inc. COM 489170100 20,919 1,290,480 274,030 15,175 1,001,275 Keycorp COM 493267108 428 54,434 54,434 - - Kimberly Clark Corp COM 494368103 265 5,740 3,920 - 1,820 Kinetic Concepts Inc. COM 49460W208 1,599 75,725 625 - 75,100 L-3 Communications Holdings COM 502424104 2,254 33,250 300 - 32,950 Legg Mason Inc. COM 524901105 19,145 1,204,090 285,800 16,290 902,000 Lexmark International Inc COM 529771107 169 10,020 - - 10,020 Lifepoint Hospitals COM 53219l109 26,405 1,265,834 278,167 15,502 972,165 Lilly (Eli) & Co COM 532457108 273 8,180 1,750 - 6,430 Lincare Holdings Inc COM 532791100 4,248 194,850 10,050 - 184,800 Lincoln Electric Holdings COM 533900106 302 9,535 6,520 - 3,015 Lincoln National Corp COM 534187109 124 18,596 376 - 18,220 LORILLARD INC COM COM 544147101 1,828 29,600 300 - 29,300 Lowes Cos. COM 548661107 111,478 6,108,375 1,403,245 391,578 4,313,552 LUBRIZOL CORP COM 549271104 2,027 59,600 3,100 - 56,500 Marathon Oil Corp COM 565849106 399 15,173 10,498 - 4,675 Marshall & Ilsley Corp. COM 571837103 1,092 194,048 1,499 - 192,549 Mattel Inc COM 577081102 5,285 458,375 33,055 - 425,320 MB Financial Inc. COM 55264U108 11,931 877,271 186,680 10,466 680,125 Mednax Inc COM 58502b106 20,304 688,955 164,900 9,455 514,600 Merck & Co COM 589331107 486 18,169 7,849 - 10,320 MEREDITH CORP COM 589433101 193 11,590 - - 11,590 Metlife COM 59156r108 223 9,790 - - 9,790 Mettler-Toledo International COM 592688105 14,922 290,711 61,900 3,311 225,500 Microsoft COM 594918104 56,150 3,056,640 708,222 197,370 2,151,048 Mueller Water Products Inc. COM 624758108 125 37,979 25,970 100 11,909 Mylan Inc. COM 628530107 1,711 127,600 1,000 - 126,600 Nash Finch Co Com COM 631158102 12,748 453,842 108,230 5,912 339,700 Newell Rubbermaid Inc COM 651229106 202 31,624 494 - 31,130 Newfield Expl. CO Com. COM 651290108 1,886 83,075 675 - 82,400 Newmont Mining Corp COM 651639106 54,217 1,211,287 284,984 81,699 844,604 Noble Energy COM 655044105 1,868 34,662 512 - 34,150 Norfolk Southern Corp. COM 655844108 2,117 62,720 500 - 62,220 Northrop Grumman Corp COM 666807102 85,776 1,965,529 443,945 139,629 1,381,955 Nucor Corp COM 670346105 1,897 49,700 400 - 49,300 NV Energy Inc COM 67073Y106 16,124 1,717,099 410,200 23,324 1,283,575 Occidental Petroleum COM 674599105 81,772 1,469,397 341,518 91,582 1,036,297 Oil States International Inc COM 678026105 13,601 1,013,462 242,300 13,637 757,525 Old Republic Intl Corp COM 680223104 662 61,225 - 61,225 - Owens Ill Inc COM 690768403 214 14,854 294 - 14,560 Pactiv Corp COM 695257105 205 14,040 - - 14,040 Pan American Silver Corp. COM 697900108 20,517 1,177,791 278,150 16,291 883,350 Park Electrochemical Corp. COM 700416209 19,187 1,110,361 267,315 15,616 827,430 Parker Hannifin Corp COM 701094104 2,426 71,400 575 - 70,825 PEABODY ENERGY CORP COM COM 704549104 243 9,720 6,645 - 3,075 Pengrowth Energy Trust COM 706902509 457 81,960 1,960 - 80,000 Penske Auto Group COM 70959w103 17,905 1,919,068 459,900 25,618 1,433,550 Pepco Holdings Inc. COM 713291102 188 15,070 - - 15,070 Pepsico Inc COM 713448108 205 3,990 3,990 - - Perkinelmer Inc. COM 714046109 14,330 1,122,155 268,400 15,280 838,475 Pfizer COM 717081103 121,182 8,897,377 2,377,873 611,204 5,908,300 Phillip Morris International COM 718172109 83,689 2,352,127 547,718 157,323 1,647,086 Plantronics Inc New Com COM 727493108 16,527 1,369,297 327,300 18,572 1,023,425 Platinum Underwriters Holdings COM G7127P100 18,730 660,447 129,750 7,097 523,600 PNC Financial Services Group COM 693475105 63,680 2,174,113 465,119 159,714 1,549,280 PPG Industries Inc. COM 693506107 2,508 67,975 575 - 67,400 PPL Corp. COM 69351t106 1,186 41,325 375 - 40,950 Principal Financial Group Inc. COM 74251V102 172 21,020 410 - 20,610 Procter & Gamble Co COM 742718109 435 9,230 6,550 - 2,680 Progress Energy COM 743263105 1,879 51,825 425 - 51,400 Prosperity Bancshares Inc. COM 743606105 15,741 575,557 136,000 7,757 431,800 Radio Shack Corp COM 750438103 176 20,560 - - 20,560 Ralcorp Holdings Inc COM 751028101 17,771 329,822 60,230 3,242 266,350 Raymond James Financial Corp COM 754730109 18,033 915,395 187,100 10,695 717,600 Regal Beloit COM 758750103 22,313 728,216 158,890 8,776 560,550 REGIS CORP MINN COM 758932107 18,031 1,247,827 256,340 14,062 977,425 Reliance Steel & Aluminum COM 759509102 21,353 810,989 174,900 9,864 626,225 Renaissancere Holdings LTD COM G7496G103 1,846 37,334 321 - 37,013 RPM International Inc. COM 749685103 16,783 1,318,400 304,400 17,900 996,100 Ruddick Corp. COM 781258108 18,409 819,982 166,230 9,152 644,600 Ryder System Inc. COM 783549108 16,821 594,164 128,588 6,976 458,600 Safety Insurance Group Inc. COM 78648T100 16,953 545,471 130,340 7,431 407,700 Sanderson Farms Inc. COM 800013104 4,696 125,050 6,450 - 118,600 Selective Ins Group Com COM 816300107 10,308 847,712 202,800 11,687 633,225 SLM Corp. COM 78442p106 195 39,370 - - 39,370 St. Mary Land & Exploration COM 792228108 15,077 1,139,625 244,880 13,420 881,325 Stancorp Financial Group COM 852891100 14,350 629,938 150,350 8,388 471,200 Staples Inc COM 855030102 193,934 10,708,695 2,372,808 632,628 7,703,259 State Street Corp COM 857477103 244 7,920 380 - 7,540 Suntrust Banks Inc COM 867914103 24,940 2,124,385 470,490 131,640 1,522,255 Superior Energy Services Inc. COM 868157108 15,986 1,240,162 273,410 15,327 951,425 Supervalu Inc. COM 868536103 2,047 143,337 1,187 - 142,150 Sybase Inc. COM 871130100 19,894 656,795 156,380 8,815 491,600 TCF Financial Corp. Com COM 872275102 16,780 1,426,895 340,500 19,370 1,067,025 Teco Energy Inc. COM 872375100 17,772 1,593,927 381,200 21,652 1,191,075 Teleflex Inc. COM 879369106 2,271 58,100 3,000 - 55,100 The Men's Wearhouse Inc. COM 587118100 19,438 1,283,911 245,330 14,106 1,024,475 TJX Companies Inc COM 872540109 2,047 79,825 675 - 79,150 Travelers Cos Inc/THE COM 89417e109 44,488 1,094,678 255,361 69,434 769,883 U S Bancorp COM 902973304 61,912 4,237,670 946,581 234,729 3,056,360 United Fire and Casualty Co. COM 910331107 19,182 873,520 208,200 11,845 653,475 United Technologies Corp COM 913017109 76,802 1,786,931 411,911 118,156 1,256,864 UnitedHealth Group Inc. COM 91324p102 165,334 7,899,388 1,833,827 521,735 5,543,826 Universal Corp/Va COM 913456109 15,910 531,751 127,700 5,151 398,900 Unum Group COM 91529y106 203 16,242 692 - 15,550 URS Corp New Com COM 903236107 23,617 584,445 119,800 6,745 457,900 Valero Energy Corp. COM 91913Y100 46,779 2,613,351 594,545 162,813 1,855,993 Vector Group Ltd COM 92240M108 18,354 1,412,927 281,127 11,444 1,120,356 Vectren Corp. COM 92240g101 14,756 699,672 167,000 9,422 523,250 Ventas Inc. COM 92276F100 4,313 190,775 6,125 - 184,650 Verizon Communications COM 92343V104 72,635 2,405,135 493,344 163,955 1,747,836 Viacom Inc B (Non Vtg) COM 92553P201 206 11,847 627 - 11,220 Waddell & Reed Financial - A COM 930059100 17,508 968,888 231,420 13,175 724,293 Walgreen Co COM 931422109 320 12,340 8,435 - 3,905 Walt Disney Co Disney. Com COM 254687106 65,008 3,579,716 829,133 239,923 2,510,660 Washington Federal Inc. COM 938824109 11,379 856,182 197,000 11,982 647,200 WEIS MARKETS INC COM 948849104 479 15,438 8,960 50 6,428 Wells Fargo & Co (New) COM 949746101 92,580 6,501,388 1,508,820 400,765 4,591,803 Wesco Intl Inc Com COM 95082P105 1,401 77,325 625 - 76,700 Western Un Co COM 959802109 2,129 169,394 14,124 - 155,270 Whirlpool Corp COM 963320106 1,511 51,071 561 - 50,510 WHITING PETROLEUM CORP COM 966387102 16,009 619,309 148,400 8,309 462,600 Willis Group Holdings Ltd. COM G96655108 968 44,011 3,352 - 40,659 Windstream Corp. COM 97381W104 6,000 744,440 25,140 - 719,300 Wolverine World Wide Inc COM 978097103 15,672 1,005,905 240,600 13,680 751,625 Worthington Industries Inc COM 981811102 14,657 1,682,749 402,500 22,624 1,257,625 Wyeth COM 983024100 170,053 3,951,044 975,604 257,784 2,717,656 Wyndham Worldwide Corp. COM 98310w108 170 40,400 - - 40,400 Xerox Corp COM 984121103 156 34,213 1,473 - 32,740 Xilinx Inc COM 983919101 1,572 82,025 725 - 81,300 Yamana Gold Inc. COM 98462Y100 2,704 292,299 27,729 - 264,570 Zimmer Holdings Inc COM 98956P102 57,131 1,565,237 356,661 100,194 1,108,382 Zions Bancorp COM 989701107 10,920 1,110,850 266,800 14,725 829,325 Axis Capital 7.5000% PRD 05461t206 3,078 50,000 50,000 - - Bank Of America 6.7% PFD PRD 060505575 1,106 131,200 131,200 - - CIT Group Inc. 6.35% Series A PRD 125581207 382 60,000 60,000 - - Dairy Farmers (Dairy) 7.875% S PRD 23385H208 7,980 140,000 140,000 - - Fannie Mae 5.1% Series Preferr PRD 313586604 118 200,000 200,000 - - Fannie Mae 6.75% Preferred PRD 313586778 530 1,060,000 1,060,000 - - Fannie Mae 8.25%Pfd. Series PRD 313586752 1,095 1,500,000 1,500,000 - - Fannie Mae Floating Preferred PRD 313586786 104 280,000 280,000 - - Fannie Mae Floating Quarterly PRD 313586794 56 80,000 80,000 - - Federal Home Loan Mortgage PRD 313400772 78 100,000 100,000 - - Freddie Mac 6.4200% Series PRD 313400699 20 25,000 25,000 - - Red Lion Hotels 9.50% 2/19/44 PRD 75670L104 881 73,750 73,750 - - Scottish Re Grp Ltd. 7.2500% S PRD G73537402 433 577,400 577,400 - - CIT Group, Inc 8.75% Convertib PRD 125581603 8,190 450,000 225,000 - 225,000 Fannie Mae 5.375% Convertible PRD 313586810 677 505 505 - - Fannie Mae Convertible Preferr PRD 313586745 3,192 3,040,000 1,540,000 - 1,500,000

Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 277 Form 13F Information Table Value Total: 5,764,633,000 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