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, 2009 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: Salvatore Faia Title: Chief Compliance Officer Phone: (201) 793-2046 Signature, Place, and Date of Signing: /s/ Salvatore Faia Jersey City, New Jersey February 10, 2010 ----------------------- ----------------------- ----------------- [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 for 12/31/2009

TOTAL TOTAL: Title MARKET of VALUE TOTAL SOLE SHARED NONE Name of Issuer class CUSIP (x1000) SHARES ------------------------------ ------- --------- --------- ----------------------------------------------------------------------- 3M Company COM 88579Y101 823 9,961 9,961 - - AES Corporation COM 00130H105 364 27,340 - - 27,340 AFLAC Inc COM 001055102 605 13,088 1,728 - 11,360 AT&T Inc COM 00206R102 510 18,185 18,185 - - Aetna Inc COM 00817Y108 18,020 568,467 388,958 151,856 27,653 Alexandria Real Estate EQTS COM 015271109 27,440 426,819 84,850 6,169 335,800 Allete, Inc. COM 018522300 24,699 755,770 151,025 10,620 594,125 Alliance Data Systems Corp. COM 018581108 3,753 58,100 2,925 - 55,175 Alliant Techsystems Inc COM 018804104 3,630 41,125 2,075 - 39,050 Allied World Assurance Hold COM G0219G203 28,043 608,698 95,200 7,703 505,795 Allstate COM 020002101 19,183 638,589 364,068 153,022 121,499 Altria Group Inc COM 02209S103 46,169 2,351,977 1,641,864 626,633 83,480 Amdocs Limited COM g02602103 3,367 118,025 6,575 - 111,450 Amedisys Inc. COM 023436108 30,339 624,269 121,028 8,430 494,811 Ameren Corp. COM 023608102 7,251 259,428 25,265 473 233,690 American Electric Power, Inc. COM 025537101 3,739 107,469 18,640 429 88,400 American Express COM 025816109 23,082 569,653 391,158 161,206 17,289 Ameriprise Financial Inc. COM 03076c106 6,865 176,837 4,915 367 171,555 Amsurg Corp. COM 03232P405 25,377 1,152,473 237,335 15,882 899,256 Anadarko Petroleum COM 032511107 50,960 816,405 569,226 218,502 28,677 Anixter International Inc. COM 035290105 35,460 752,858 128,735 9,248 614,875 Annaly Mtg Mgmt Inc. COM 035710409 2,176 125,391 4,804 587 120,000 Anworth Mortgage Asset Group COM 037347101 24,882 3,554,541 709,150 50,416 2,794,975 Apache Corp Com COM 037411105 44,371 430,078 296,808 115,750 17,520 Arch Capital Group Ltd COM g0450a105 3,112 43,500 2,300 - 41,200 Arch Coal Inc. COM 039380100 3,195 143,600 7,600 - 136,000 Argo Group International Holdi COM G0464B107 28,779 987,622 183,102 12,738 791,782 Arris Group Inc. COM 04269Q100 3,638 318,275 16,000 - 302,275 Arrow Electronics Inc. COM 042735100 2,990 100,978 435 493 100,050 Aspen Insurance Holdings, Ltd. COM G05384105 24,219 951,629 185,950 13,129 752,550 Assurant Inc. COM 04621x108 246 8,340 - - 8,340 Astrazeneca Plc COM 046353108 19,956 425,139 290,331 120,551 14,257 Atwood Oceanics Inc. COM 050095108 32,239 899,276 168,810 12,316 718,150 Axis Capital Holdings Ltd COM G0692U109 2,341 82,396 345 401 81,650 BHP BILLITON LTD ADR COM 088606108 33,534 437,895 306,100 116,315 15,480 BOK Financial Corp. COM 05561Q201 3,659 77,000 3,875 - 73,125 BP Amoco Plc - Spons Adr COM 055622104 254 4,388 4,388 - - BRINKS CO COM 109696104 28,723 1,180,094 212,975 14,469 952,650 BURGER KING HOLDINGS INC COM 121208201 6,672 354,495 35,205 690 318,600 Bank Of America Corp COM 060505104 35,620 2,365,175 1,832,372 448,974 83,829 Bank of Hawaii Corp. COM 062540109 29,722 631,570 118,825 8,345 504,400 Barnes Group Inc. COM 067806109 29,087 1,721,153 325,830 24,398 1,370,925 Best Buy Inc. COM 086516101 1,510 38,263 180 183 37,900 Big Lots Inc. Com COM 089302103 3,420 118,024 6,445 - 111,579 Biogen Idec Inc. COM 09062x103 2,661 49,734 11,650 184 37,900 Biovail Corp. COM 09067J109 2,623 187,869 715 904 186,250 Boeing Co COM 097023105 274 5,060 - - 5,060 Brinker International Inc. COM 109641100 32,224 2,159,806 386,125 25,906 1,747,775 CBS Corp New Cl B COM 124857202 3,951 281,220 13,400 - 267,820 CENTURYTEL INC COM 156700106 254 7,014 - - 7,014 CF Industries Holdings Inc. COM 125269100 3,484 38,375 1,925 - 36,450 CONSTELLATION BRANDS INC COM 21036P108 3,495 219,370 10,375 - 208,995 CRANE CO DELAWARE COM 224399105 3,536 115,475 5,800 - 109,675 CSX Corp COM 126408103 352 7,250 - - 7,250 Caci Intl Inc Cl A COM 127190304 27,373 560,352 112,700 7,977 439,675 Cal Dive international Inc COM 12802t101 27,587 3,649,067 669,925 45,317 2,933,825 Cameco Corp COM 13321L108 2,783 86,514 375 414 85,725 Cardinal Health Inc. COM 14149Y108 14,047 435,686 247,569 101,211 86,906 Carnival Corp. COM 143658300 12,661 399,533 284,379 101,793 13,361 Cash American International In COM 14754D100 28,208 806,861 167,777 12,087 626,997 Central Euro Distribution CP COM 153435102 22,175 780,523 161,300 11,398 607,825 Check Point Software COM m22465104 2,736 80,757 355 402 80,000 Chesapeake Energy Corp COM 165167107 31,346 1,211,220 784,543 282,311 144,366 Chevron Corporation COM 166764100 27,695 359,727 246,207 100,252 13,268 Chubb Corp COM 171232101 346 7,029 1,519 - 5,510 Cigna Corp COM 125509109 436 12,367 2,417 - 9,950 Cimarex Energy Co. COM 171798101 2,971 56,092 235 282 55,575 Citigroup, Inc COM 172967101 4,513 1,363,350 926,003 391,975 45,372 Coach Inc. COM 189754104 427 11,700 - - 11,700 Coeur D. Alene Mines COM 192108504 2,853 157,975 7,950 - 150,025 Comerica Inc COM 200340107 3,322 112,328 14,005 473 97,850 Commscope Inc. COM 203372107 29,544 1,113,593 203,770 14,098 895,725 ConocoPhillips COM 20825C104 48,203 943,852 653,988 256,626 33,238 Contango Oil & Gas COM 21075n204 24,054 511,674 103,292 7,407 400,975 Convergys Corp. COM 212485106 280 26,050 - - 26,050 Cooper Cos. Inc Com COM 216648402 2,791 73,219 315 354 72,550 Corn Prods Intl Inc Com COM 219023108 27,687 947,208 158,830 10,828 777,550 Coventry Health Care Com COM 222862104 386 15,880 - - 15,880 Curtiss-Wright Corp. COM 231561101 27,037 863,255 171,855 12,275 679,125 DIANA SHIPPING INC COM Y2066G104 23,602 1,629,981 327,175 23,256 1,279,550 DST Systems Inc. COM 233326107 25,121 576,839 113,650 8,139 455,050 Del Monte Foods Co COM 24522p103 30,343 2,675,757 497,630 36,502 2,141,625 Devon Energy COM 25179M103 50,599 688,419 478,567 183,072 26,780 Diamond Offshore Drilling COM 25271c102 355 3,611 721 - 2,890 Donnelley (R R) & Sons Co COM 257867101 555 24,910 - - 24,910 Du Pont (E I) De Nemours COM 263534109 299 8,875 8,875 - - Eaton Corp. COM 278058102 29,262 459,947 289,408 114,963 55,576 Edison International COM 281020107 298 8,556 2,286 - 6,270 El Paso Corporation COM 28336L109 281 28,620 - - 28,620 Emcor Group Inc Com COM 29084Q100 31,898 1,185,784 234,455 18,629 932,700 Emerson Electric Co. COM 291011104 16,662 391,120 270,921 107,225 12,974 Endurance Specialty Holdings COM G30397106 28,764 772,599 144,775 10,249 617,575 Energizer Holdings Inc. COM 29266r108 6,170 100,682 3,185 197 97,300 Ensco International PLC COM 29358Q109 2,466 61,744 230 274 61,240 Eog Resources Inc. COM 26875p101 282 2,900 - - 2,900 Esterline Technologies Com COM 297425100 23,743 582,353 118,100 8,328 455,925 Expedia Inc. COM 30212p105 635 24,660 - - 24,660 FISERV Inc. WISC PV 1CT COM 337738108 2,471 50,967 220 247 50,500 FLUOR CORP NEW DEL COM COM 343412102 5,246 116,467 5,461 206 110,800 Federal Express COM 31428X106 20,907 250,536 172,333 69,203 9,000 Federated Investors Inc. - Cla COM 314211103 2,557 92,975 405 445 92,125 Fifth Third Bancorp COM 316773100 1,308 134,135 134,135 - - Financial Select Sector SPDR COM 81369y605 373 25,870 18,670 - 7,200 Firstmerit Corp. COM 337915102 25,935 1,287,736 257,396 17,643 1,012,697 Flowserve Corp COM 34354P105 303 3,210 - - 3,210 Forest Laboratories Inc. COM 345838106 3,240 100,900 2,991 439 97,470 Forest Oil Corp Com Par $0.01 COM 346091705 35,803 1,609,110 304,300 19,285 1,285,525 Fortune Brands Inc. COM 349631101 2,888 66,852 285 317 66,250 Foster Wheeler AG COM h27178104 440 14,945 14,945 - - GAMMON GOLD INC COM 36467T106 33,501 3,042,755 610,525 45,205 2,387,025 GATX CORPORATION COM 361448103 25,612 890,835 176,375 12,635 701,825 GameStop Corp. Cl A COM 36467W109 2,731 124,490 18,675 515 105,300 Gardner Denver Inc Com COM 365558105 27,744 652,023 129,550 9,273 513,200 Garmin Ltd (Kayman Is) COM g37260109 5,827 189,813 15,130 358 174,325 General Cable Corp/De COM 369300108 32,069 1,090,046 183,240 13,181 893,625 General Dynamics Corp. COM 369550108 383 5,615 1,085 - 4,530 General Electric Co COM 369604103 28,697 1,896,665 1,321,090 504,689 70,886 Genesee & Wyoming Inc-Cl A COM 371559105 30,871 945,788 170,375 11,788 763,625 Genworth FINL INC. COM COM 37247d106 1,294 113,970 - - 113,970 Goldman Sachs COM 38141G104 27,039 160,143 104,843 49,753 5,547 Goodrich B F Company COM 382388106 319 4,960 - - 4,960 HCC Ins Hldgs Inc COM 404132102 2,834 101,340 455 485 100,400 HUBBELL INC CL B PAR .01 COM 443510201 6,683 141,285 4,035 325 136,925 Hanesbrands Inc. COM 410345102 29,874 1,239,087 231,005 16,232 991,850 Hanover Insurance Group, Inc. COM 410867105 29,406 661,843 117,205 7,588 537,050 Harley Davidson COM 412822108 396 15,720 - - 15,720 Harris Corp. COM 413875105 256 5,380 - - 5,380 Hartford Finl Svcs Grp Inc COM 416515104 973 41,835 15,865 - 25,970 Healthspring Inc COM 42224n101 31,307 1,777,813 325,720 22,593 1,429,500 Heinz HJ Co. COM 423074103 2,749 64,282 265 317 63,700 Helen of Troy Ltd COM G4388N106 26,822 1,096,553 219,685 14,668 862,200 Henry (Jack) & Associates COM 426281101 25,605 1,106,516 209,873 14,866 881,777 Hewlett-Packard Co COM 428236103 295 5,730 - - 5,730 Hospitality Properties Trust COM 44106M102 41,169 1,736,341 297,025 22,216 1,417,100 Host Hotels & Resorts Inc COM 44107P104 437 37,445 - - 37,445 Hudson City Bancorp. Inc. COM 443683107 2,236 162,873 615 783 161,475 Humana Inc COM 444859102 292 6,660 - - 6,660 IDACORP INC COM COM 451107106 32,108 1,004,943 185,390 13,292 806,261 IMS Health Inc COM 449934108 3,611 171,480 9,775 - 161,705 INTL SPEEDWAY CORP-CL A COM 460335201 30,887 1,085,642 197,070 14,047 874,525 ITT EDUCATIONAL SVCES COM 45068B109 3,356 34,975 1,750 - 33,225 Integrys Energy Group, Inc. COM 45822P105 33,148 789,430 115,385 7,420 666,625 Inverness Medical Innovations COM 46126P106 29,758 716,888 131,900 9,438 575,550 Investm Tech Grp Inc New COM 46145f105 22,500 1,142,141 202,750 14,191 925,200 Iowa Telecommunications COM 462594201 28,019 1,671,753 314,900 20,853 1,336,000 J.P. Morgan Chase & Co. COM 46625H100 28,332 679,911 465,281 192,758 21,872 JOY GLOBAL INC DEL COM COM 481165108 5,769 111,877 3,355 247 108,275 Jabil Circuit Inc COM 466313103 39,678 2,284,272 411,375 29,352 1,843,545 Jakks Pac Inc Com COM 47012E106 22,231 1,834,235 378,025 26,885 1,429,325 Jarden Corp. COM 471109108 29,548 955,926 190,925 14,076 750,925 KBW Bank Index ETF COM 78464a797 1,101 51,985 43,785 - 8,200 Kelly Svcs Inc Cl A COM 488152208 21,694 1,818,482 385,464 26,993 1,406,025 Keycorp COM 493267108 560 100,815 100,815 - - Kinetic Concepts Inc. COM 49460W208 2,998 79,626 345 381 78,900 L-3 Communications Holdings COM 502424104 3,405 39,160 1,127 183 37,850 LORILLARD INC COM COM 544147101 3,068 38,243 160 183 37,900 LUBRIZOL CORP COM 549271104 3,478 47,675 2,400 - 45,275 Lexmark International Inc COM 529771107 26,152 1,006,624 201,700 14,379 790,545 Life Time Fitness Inc. COM 53217r207 31,184 1,250,872 228,450 15,822 1,006,600 Lifepoint Hospitals COM 53219l109 31,785 977,109 185,730 13,004 778,375 Lilly (Eli) & Co COM 532457108 1,337 37,437 31,007 - 6,430 Lincoln Electric Holdings COM 533900106 231 4,315 4,315 - - Lincoln National Corp COM 534187109 453 18,220 - - 18,220 Lloyds TSB Group SPD ADR COM 539439109 44 13,424 13,424 - - Loews Corp COM 540424108 309 8,490 - - 8,490 Lowes Cos. COM 548661107 25,009 1,069,210 740,910 290,130 38,170 MEREDITH CORP COM 589433101 358 11,590 - - 11,590 MFA Mortgage Investments, Inc. COM 55272x102 3,188 433,800 21,825 - 411,975 Marathon Oil Corp COM 565849106 440 14,080 14,080 - - Mattel Inc COM 577081102 6,983 349,513 28,840 773 319,900 Mcdermott Intl. Inc COM 580037109 3,481 145,000 7,300 - 137,700 Mednax Inc COM 58502b106 25,945 431,619 88,950 6,369 336,300 Merck & Co COM 58933y105 326 8,929 2,249 - 6,680 Metlife COM 59156r108 346 9,790 - - 9,790 Mettler-Toledo International COM 592688105 30,866 293,994 55,600 3,819 234,575 Microsemi Corp. COM 595137100 35,084 1,975,434 362,050 25,059 1,588,325 Microsoft COM 594918104 15,443 506,676 343,632 145,651 17,393 NET 1 UEPS TECHNOLOGIES INC COM 64107N206 28,393 1,463,563 271,967 19,398 1,172,198 NEXEN INC CANADA COM COM 65334H102 2,617 109,344 1,765 529 107,050 NV Energy Inc COM 67073Y106 27,738 2,240,586 424,475 29,636 1,786,475 Nash Finch Co Com COM 631158102 26,897 725,172 142,363 9,584 573,225 National Oilwell Varco Inc. COM 637071101 337 7,650 1,690 - 5,960 Newell Rubbermaid Inc COM 651229106 467 31,130 - - 31,130 Newfield Expl. CO Com. COM 651290108 6,726 139,451 4,155 296 135,000 Newmont Mining Corp COM 651639106 10,020 211,801 141,303 58,930 11,568 Noble Corp COM H5833N103 350 8,609 1,669 - 6,940 Norfolk Southern Corp. COM 655844108 3,040 57,993 220 253 57,520 Northrop Grumman Corp COM 666807102 20,923 374,622 230,359 90,325 53,938 Nucor Corp COM 670346105 2,378 50,967 220 247 50,500 OM Group Inc COM 670872100 26,040 829,550 168,900 11,975 648,675 Occidental Petroleum COM 674599105 19,755 242,837 165,105 66,187 11,545 Oil States International Inc COM 678026105 27,474 699,250 140,375 10,100 548,775 Omnicare Inc. COM 681904108 2,950 121,992 525 592 120,875 Oneok Inc New Com COM 682680103 3,978 89,250 4,500 - 84,750 Owens & Minor Inc New Com COM 690732102 24,371 567,683 118,425 8,458 440,800 Owens Ill Inc COM 690768403 3,875 117,885 5,200 - 112,685 PDL Biopharma Inc. COM 69329y104 2,697 393,100 19,775 - 373,325 PNC Financial Services Group COM 693475105 28,980 548,972 365,494 165,352 18,126 PPG Industries Inc. COM 693506107 2,795 47,748 215 233 47,300 PPL Corp. COM 69351t106 2,837 87,798 385 438 86,975 Pactiv Corp COM 695257105 339 14,040 - - 14,040 Pan American Silver Corp. COM 697900108 28,539 1,198,630 241,150 18,880 938,600 Park Electrochemical Corp. COM 700416209 24,071 870,861 194,454 13,228 663,179 Pengrowth Energy Trust COM 706902509 789 81,960 1,960 - 80,000 Pepco Holdings Inc. COM 713291102 254 15,070 - - 15,070 Perkinelmer Inc. COM 714046109 27,106 1,316,481 261,050 18,756 1,036,675 Pfizer COM 717081103 36,304 1,995,842 1,375,498 534,958 85,386 Phillip Morris International COM 718172109 19,976 414,519 284,961 114,344 15,214 Pitney Bowes Inc COM 724479100 5,795 254,605 7,125 550 246,930 Plantronics Inc New Com COM 727493108 26,113 1,005,131 204,750 14,956 785,425 Platinum Underwriters Holdings COM G7127P100 30,704 801,880 146,150 10,055 645,675 Precision Castparts Corp COM 740189105 350 3,170 - - 3,170 Principal Financial Group Inc. COM 74251V102 495 20,610 - - 20,610 Procter & Gamble Co COM 742718109 538 8,880 8,880 - - Progress Energy COM 743263105 2,835 69,134 295 339 68,500 Protective Life Corp Com COM 743674103 24,715 1,493,345 298,743 21,376 1,173,226 Prudential Financial, Inc. COM 744320102 431 8,660 - - 8,660 REGIS CORP MINN COM 758932107 26,633 1,710,542 273,365 17,677 1,419,500 RINO INTERNATIONAL CORP COM 766883102 25,561 924,441 182,784 13,683 727,974 RPM International Inc. COM 749685103 29,142 1,433,424 294,725 22,424 1,116,275 Radio Shack Corp COM 750438103 25,220 1,293,335 255,511 18,220 1,019,604 Ralcorp Holdings Inc COM 751028101 22,407 375,258 71,355 4,828 299,075 Raymond James Financial Corp COM 754730109 26,888 1,131,169 212,575 14,544 904,050 Regal Beloit COM 758750103 24,445 470,630 104,465 7,165 359,000 Reliance Steel & Aluminum COM 759509102 27,157 628,343 116,500 7,968 503,875 Renaissancere Holdings LTD COM G7496G103 2,173 40,890 181 196 40,513 Rockwell Collins Inc. COM 774341101 309 5,590 - - 5,590 Ruddick Corp. COM 781258108 26,170 1,017,120 183,030 12,040 822,050 Russell 1000 Value Index Fund COM 464287598 308 5,372 - 4,752 620 Ryder System Inc. COM 783549108 24,058 584,361 118,438 8,698 457,225 SLM Corp. COM 78442p106 444 39,370 - - 39,370 SNAP ON INC COM COM 833034101 294 6,960 - - 6,960 SPIRIT AEROSYSTEMS HOLD-CL A COM 848574109 3,920 197,400 9,925 - 187,475 SYNAPTICS INC COM 87157D109 37,250 1,215,324 224,850 15,774 974,700 SYNOPSYS INC COM 871607107 3,251 145,925 7,350 - 138,575 Sanderson Farms Inc. COM 800013104 3,697 87,700 4,400 - 83,300 Sara Lee Corp COM 803111103 544 44,645 44,645 - - Scotts Miracle-Gro Co (The) COM 810186106 22,536 573,296 120,250 8,571 444,475 Senior Housing Prop Trust-REIT COM 81721m109 2,948 134,807 475 657 133,675 Silver Wheaton Corp COM 828336107 3,376 224,744 33,555 939 190,250 Simon Property COM 828806109 394 4,937 - - 4,937 St. Mary Land & Exploration COM 792228108 23,850 696,543 141,155 10,038 545,350 Staples Inc COM 855030102 31,859 1,295,589 911,749 338,980 44,860 State Street Corp COM 857477103 879 20,178 12,638 - 7,540 Suntrust Banks Inc COM 867914103 9,137 450,338 232,851 101,012 116,475 Superior Energy Services Inc. COM 868157108 29,711 1,223,192 237,485 16,332 969,375 Supervalu Inc. COM 868536103 1,995 156,935 21,495 590 134,850 Sybase Inc. COM 871130100 28,318 652,481 134,055 10,101 508,325 Symantec Corp. COM 871503108 2,975 166,315 4,801 789 160,725 TJX Companies Inc COM 872540109 2,539 69,464 310 329 68,825 Teco Energy Inc. COM 872375100 28,352 1,747,992 360,650 26,617 1,360,725 Teleflex Inc. COM 879369106 27,987 519,328 104,875 6,903 407,550 Terra Industries Inc. COM 880915103 2,036 63,262 270 317 62,675 Tesoro Petroleum Corp COM 881609101 26,582 1,961,783 382,791 28,339 1,550,653 Textainer Group Holdings Ltd COM g8766e109 3,759 222,450 11,200 - 211,250 Thompson Creek Metals Co Inc COM 884768102 25,553 2,180,318 438,697 31,196 1,710,425 Tidewater Inc COM 886423102 6,947 144,874 13,985 289 130,600 Torchmark Corp COM 891027104 320 7,270 - - 7,270 Travelers Cos Inc/THE COM 89417e109 9,653 193,596 130,726 52,235 10,635 Tutor Perini Corp COM 901109108 28,293 1,564,853 288,555 19,918 1,256,380 U S Bancorp COM 902973304 17,657 784,385 534,106 224,892 25,387 United Technologies Corp COM 913017109 22,020 317,246 218,338 87,580 11,328 UnitedHealth Group Inc. COM 91324p102 21,875 717,694 496,520 185,559 35,615 Universal Corp/Va COM 913456109 25,232 553,217 115,450 6,542 431,225 Unum Group COM 91529y106 304 15,550 - - 15,550 VF Corp COM 918204108 2,602 35,531 155 176 35,200 Valero Energy Corp. COM 91913Y100 7,713 460,505 315,578 119,643 25,284 Vector Group Ltd COM 92240M108 23,262 1,661,548 338,422 18,291 1,304,835 Vectren Corp. COM 92240g101 26,556 1,075,993 201,200 13,543 861,250 Verisign Inc COM 92343E102 3,381 139,475 7,025 - 132,450 Verizon Communications COM 92343V104 10,905 329,154 188,892 123,643 16,619 Viacom Inc B (Non Vtg) COM 92553P201 334 11,220 - - 11,220 Vornado Realty COM 929042109 317 4,534 - - 4,534 W&T OFFSHORE INC. COM 92922p106 26,879 2,297,348 437,239 33,750 1,826,359 WHITING PETROLEUM CORP COM 966387102 33,474 468,490 98,850 7,315 362,325 Waddell & Reed Financial - A COM 930059100 29,298 959,335 195,395 15,022 748,918 Walt Disney Co Disney. Com COM 254687106 19,978 619,473 421,404 174,665 23,404 Washington Federal Inc. COM 938824109 30,061 1,554,340 318,550 23,715 1,212,075 Wellpoint Health Networks COM 94973v107 361 6,185 1,445 - 4,740 Wells Fargo & Co (New) COM 949746101 36,713 1,360,248 938,620 379,776 41,852 Western Un Co COM 959802109 3,030 160,756 21,189 667 138,900 Whirlpool Corp COM 963320106 3,942 48,875 160 205 48,510 Windstream Corp. COM 97381W104 6,568 597,628 21,295 1,258 575,075 Wolverine World Wide Inc COM 978097103 23,952 879,955 184,750 13,355 681,850 Wyndham Worldwide Corp. COM 98310w108 815 40,400 - - 40,400 Xerox Corp COM 984121103 277 32,740 - - 32,740 Xilinx Inc COM 983919101 2,635 105,164 465 499 104,200 Yamana Gold Inc. COM 98462Y100 2,927 257,242 34,808 1,084 221,350 Zimmer Holdings Inc COM 98956P102 18,237 308,521 175,294 73,931 59,296 Fannie Mae Convertible Preferr COM 313586745 2,670 1,500,000 - - 1,500,000

Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 298 Form 13F Information Table Value Total: 4,061,608 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