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, 2007 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: Michael Appleton Title: Chief Compliance Officer Phone: (201) 793-2005 Signature, Place, and Date of Signing: /s/ Michael Appleton Jersey City, New Jersey November 14, 2007 -------------------- ----------------------- ----------------- [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 30-Jun-07

CUSIP Type Market Value (tot) Shares (tot) Sole(A)(tot) Shared(B)(tot) None(C)(tot) Issuer 00080S101 Common 13,015,000 2,059,410 579,460 71,500 1,408,450 ABX Air Inc. 1986108 Common 35,738,000 1,588,400 821,500 766,900 #N/A 00206R102 Common 17,956,000 429,680 429,680 AT&T Inc 2535201 Common 4,156,000 196,200 166,250 20,400 9550 Aaron Rents Inc Com 00372Q201 PRD 4,352,000 200,000 200,000 ABN AMRO CAP VII (ABNA) - 6.08 7094105 Common 12,574,000 315,300 315,300 #N/A 00817Y108 common 335,860,785.07 6,002,302 1,032,470 709,849 4,259,983 Aetna Inc 10392561 PRD 1,794,000 80,000 80,000 #N/A 01167P101 Common 29,551,000 1,816,300 698,600 36,300 1,081,400 Alaska Comm Systems Group 18522300 Common 27,646,000 632,775 105,125 11,200 516,450 #N/A 18804104 Common 11,817,000 107,050 4200 102,850 #N/A 20002101 Common 5,216,000 99,540 99,540 #N/A 20520102 Common 11,678,000 317,600 121,200 13,900 182,500 #N/A 02209S103 common 1,154,792,058.17 15,880,672 4,505,689 1,499,850 9,875,133 Altria Group Inc 02342j101 Common 497,000 50,000 50,000 AMComp Inc. 23436108 Common 28,190,000 664,075 154,325 16,600 493,150 #N/A 23608102 Common 1,846,000 34,150 2950 31,200 #N/A 25533407 Common 8,611,000 359,700 359,700 #N/A 02607P305 Common 12,292,000 1,823,675 398,475 50,900 1,374,300 American Financial Realty Trus 03058P109 Common 6,253,000 323,500 323,500 Americanwest Bancorporation 03071h100 Common 9,089,000 562,100 200 561,900 Amerisafe Inc. 31100100 Common 10,902,000 231,950 11,650 220,300 #N/A 31162100 Common 107,620,000 1,852,007 299,641 229,323 1,323,043 AMGEN INC 03232P405 Common 6,509,000 246,100 212,900 22,400 10,800 Amsurg Corp. 32511107 Common 440,661,000 7,466,294 1,318,638 434,401 5,713,255 ANADARKO PETRO 35290105 Common 50,397,000 701,425 143,825 9000 548,600 #N/A 37411105 Common 497,498,000 4,792,391 818,929 257,422 3,716,040 APACHE CORP 03761u106 Common 40,946,000 1,968,550 231,350 1,737,200 Apollo Investment Corp. 37933108 Common 17,923,000 741,550 170,800 20,200 550,550 #N/A 40049108 Common 11,055,000 302,800 302,800 #N/A 04269Q100 Common 23,329,000 2,028,610 300,010 32,000 1,696,600 Arris Group Inc. 42735100 Common 1,831,000 45,800 10,650 35,150 #N/A 44103109 Common 17,437,000 1,772,070 331,270 42,200 1,398,600 #N/A 46220109 Common 25,143,000 707,455 135,920 15,530 556,005 #N/A 50095108 Common 45,603,000 541,350 66,800 7600 466,950 #N/A 52800109 Common 9,539,000 150,989 9089 141,900 #N/A 05367p100 Common 9,684,000 329,500 329,500 Avid Technology Inc. 05461t206 PRD 5,092,000 50,000 50,000 Axis Capital 7.5000% 54923107 Common 7,096,000 347,350 297,300 33,900 16,150 #N/A 54937107 Common 1,756,000 47,490 190 47,300 #N/A 55482103 Common 1,522,000 60,420 120 60,300 #N/A 55622104 Common 452,000 5800 5800 #N/A 55630107 Common 11,066,000 142,700 43,800 98,900 #N/A 60505104 Common 235,353,000 4,874,750 1,255,831 295,290 3,323,629 BANK OF AMERICA CORP 67806109 Common 19,876,000 541,125 181,925 19,500 339,700 #N/A 73176109 Common 3,213,000 150,000 150,000 #N/A 75811109 Common 9,607,000 135,650 5450 130,200 #N/A 09067J109 Common 1,757,000 87,830 9530 78,300 Biovail Corp. 91797100 Common 1,685,000 18,740 40 18,700 BLACK & DECKER CORP. 91826107 Common 20,890,000 522,500 522,500 #N/A 95180105 Common 5,524,000 451,700 385,400 45,200 21,100 #N/A 98536105 Common 50,173,000 1,496,200 889,700 606,500 #N/A 99709107 Common 74,905,000 4,857,625 844,935 47,005 3,965,685 BORDERS GROUP INC 101119105 Common 12,414,000 431,650 160,550 18,900 252,200 Boston Private Finl Holding 110394103 Common 7,798,000 156,300 156,300 Bristow Group Inc. 110448107 common 15,428,656.43 209,548 53,885 148,787 6876 British American Tobacco 110448107 foreign 2,369,405 33,868 10,172 23,696 0 British American Tobacco 11133T103 Common 2653 140 140 #N/A 112585104 Common 6044 157 157 #N/A 115236101 Common 3945 150 150 #N/A 117043109 Common 1,656,000 74,240 140 74,100 Brunswick Corp 124765108 Common 16,447,000 1,219,200 1,219,200 CAE Inc. 125269100 Common 18,644,000 212,100 212,100 CF Industries Holdings Inc. 125581108 common 134,312,460 3,810,946 574,066 282,185 2,954,695 CIT Group 125581207 PRD 6,913,000 310,000 310,000 CIT Group Inc. 6.35% Series A 125896100 Common 3,487,000 205,500 205,500 CMS Energy Corp 126804301 Common 3784 160 160 #N/A 127190304 Common 17,184,000 319,100 319,100 Caci Intl Inc Cl A 131193104 Common 9,720,000 561,200 561,200 Callaway Golf 13321L108 Common 1,915,000 39,050 4000 35,050 Cameco Corp 140288101 Common 10,350,000 1,105,820 320 1,105,500 Capital Lease Funding 14040H105 Common 1,608,000 24,520 120 24,400 Capital One Finl Corp 143130102 Common 3151 155 155 #N/A 148553100 Common 4,537,000 389,400 389,400 CastlePoint Holdings Ltd. 15135B101 Common 11,695,000 501,300 501,300 Centene Corp. 1.52E+208 Common 2,260,000 133,800 133,800 #N/A 156431108 Common 20,739,000 356,410 95,210 11,000 250,200 Century Aluminum Company 159864107 Common 18,696,650 322,365 65 322,300 Charles River Laboratories 165167107 Common 1,593,000 40,340 3890 36,450 Chesapeake Energy Corp 166764100 common 571,347,332.71 6,241,262 1,331,955 633,210 4,276,097 Chevron Corporation 166779207 PRD 4,865,000 189,300 189,300 Chevy Chase PFD 8% 167250109 Common 24,740,000 494,800 494,800 Chicago Bridge & Iron 171232101 common 229,616,239.06 4,296,684 744,103 573,137 2,979,444 Chubb Corp 171340102 Common 14,732,000 311,400 3350 308,050 Church & Dwight Co Inc 171798101 Common 10,042,000 247,890 11,340 236,550 Cimarex Energy Co. 172062101 Common 1,368,000 34,393 3793 30,600 Cincinnati Financial Corp. 172595100 Common 5,025,000 364,300 364,300 Cinram International Income (C 172967101 Common 1,583,000 37,771 316 355 37,100 Citigroup, Inc 174420109 Common 14,840,000 975,000 186,900 23,700 764,400 Citizens Republic Bancorp Inc. 177835105 Common 5,309,000 140,422 120,072 13,900 6450 City Holding Co. 189054109 Common 5184 85 85 #N/A 189758105 Common 216,000 18,000 18,000 C-Met (144A) 19247x100 Common 2,964,000 116,000 116,000 Cohen & Steers REIT & PR 197236102 Common 18,601,000 598,675 134,725 16,500 447,450 Columbia Bkg Sys Inc 200340107 Common 2,969,000 63,610 2910 60,700 Comerica Inc 203372107 Common 35,142,000 745,000 137,000 14,900 593,100 Commscope Inc. 208242107 Common 7,699,000 301,100 301,100 Conn's Inc. 20825C104 common 1,194,401,075.34 14,058,735 3,075,622 1,345,856 9,637,257 ConocoPhillips 212337109 Common 10,179,000 1,017,700 333,900 683,800 Contrans Income Fund (Canadian 216648402 Common 24,388,000 580,675 192,875 11,600 376,200 Cooper Cos. Inc Com 22025Y407 Common 10,075,000 356,142 356,142 Corrections Corp Of America 222862104 Common 4354 70 70 #N/A 225908102 Common 53,066,000 2,172,500 1,200,900 971,600 Crescent Point Energy Trust (C 231561101 Common 17,367,000 308,525 105,875 12,200 190,450 Curtiss-Wright Corp. 23281a208 Common 7,500,000 750,000 750,000 Cypress Shapridge 144A 23330x100 Common 41,327,000 719,475 171,475 10,300 537,700 DRS Technologies Inc 23385H208 PRD 14,595,000 140,000 140,000 Dairy Farmers (Dairy) 7.875% S 24522P103 Common 27,220,000 2,632,500 456,550 49,100 2,126,850 Del Monte Foods Co 247907207 Common 20,002,000 1,069,600 198,121 23,267 848,212 Delta Petroleum Corp 248019101 Common 12,876,000 319,192 319,192 Deluxe Corp. 25153u204 PRD 6,993,000 300,000 300,000 DB Cap Funding VIII 6.375% Per 25179M103 common 618,188,161.38 6,677,923 1,525,539 777,540 4,374,844 Devon Energy 257867101 Common 1,710,000 42,440 4340 38,100 Donnelley (R R) & Sons Co 260003108 Common 3566 70 70 #N/A 263534109 Common 528,000 10,660 4160 6500 Du Pont (E I) De Nemours 26817g102 Common 111,000 12,030 1351 10,679 Dynegy Inc. Class A 26874q100 Common 1,546,000 27,860 60 27,800 Ensco International, Inc 278058102 Common 1,245,000 13,450 1700 11,750 Eaton Corp. 281020107 Common 1,864,000 32,050 2800 29,250 Edison International 281347104 Common 29,389,000 506,700 506,700 EDO Corp 29084Q100 Common 34,022,000 988,150 120,850 14,000 853,300 Emcor Group Inc Com 291641108 Common 8,704,000 361,900 361,900 Empire District Electric Co. 292505104 common 139,890,064.77 2,020,405 275,804 196,371 1,548,230 Encana Corp 292505104 foreign 2,114,362 34,350 22,361 11,989 0 Encana Corp 29267H208 PRD 10,452,000 412,000 412,000 Endurance Specialty Holding Pf 29274D604 Common 17,475,000 361,200 361,200 Enerplus Resources Fund 293389102 Common 17,900,000 875,750 184,000 21,100 670,650 Ennis Inc. 30023y105 Common 14,234,000 1,148,868 246,200 902,668 Evergreen Inc. Advantage Fund 302182100 Common 202,000 3200 3200 Express Scripts Inc. 302445101 Common 3046 55 55 #N/A 30247c103 Common 4,002,000 300,000 300,000 FBR Capital Markets Corp. - 14 303250104 Common 5,112,000 134,800 134,800 Fair Isaac Corp. 303628101 Common 23,761,000 3,224,000 1,210,100 2,013,900 Fairborne Energy Trust (Canadi 305560104 Common 4,023,000 217,600 217,600 Fairpoint Communications Inc. 31162100 common 25,281,769.20 453,351 121,499 325,962 5890 AMGEN INC 313400301 common 632,910,236.99 11,950,565 1,809,984 1,240,529 8,900,052 Freddie Mac 313400699 PRD 1,281,000 25,000 25,000 Freddie Mac 6.4200% Series 313400772 PRD 4,670,000 100,000 100,000 Federal Home Loan Mortgage 313586109 common 580,192,733.29 10,094,796 3,341,796 901,556 5,851,444 Fannie Mae 313586604 PRD 9,931,000 200,000 200,000 Fannie Mae 5.1% Series Preferr 313586778 PRD 30,150,000 1,200,000 1,200,000 Fannie Mae 6.75% Preferred 313586786 PRD 7,000,000 280,000 280,000 Fannie Mae Floating Preferred 313586794 PRD 4,213,000 80,000 80,000 Fannie Mae Floating Quarterly 313586810 49,597,000 505 505 Fannie Mae 5.375% Convertible 31428X106 common 40,982,116 396,570 38,470 9900 348,200 Federal Express 316773100 Common 1,630,000 52,100 52,100 Fifth Third Bancorp 317492106 Common 4,022,000 148,850 125,950 14,900 8000 Financial Fed Corp Com 32511107 common 35,932,993.26 667,194 183,518 475,400 8276 ANADARKO PETRO 337738108 Common 4577 90 90 #N/A 337915102 Common 4,992,000 235,475 200,125 23,700 11,650 Firstmerit Corp. 34415R108 Common 1,986,000 100,000 100,000 Focus Energy Trust Units (Cana 352451405 PRD 1,025,000 50,000 50,000 Franklin Bank 7.50% Series A 355904103 Common 9,242,000 592,300 592,300 Freehold Royalty Trust UTS (Ca 361448103 Common 5,014,000 122,375 104,775 12,000 5600 GATX CORPORATION 364730101 Common 1,201,000 28,320 2970 25,350 Gannett Co Inc DEL 365558105 Common 13,155,000 364,100 3900 360,200 Gardner Denver Inc Com 369300108 Common 31,002,000 430,650 143,100 7400 280,150 General Cable Corp/De 369604103 common 338,852,025.80 8,224,888 1,534,848 1,180,264 5,509,776 General Electric Co 370442105 Common 2,108,000 53,790 90 53,700 General Motors 371559105 Common 14,417,000 491,700 491,700 Genesee & Wyoming Inc-Cl A 372302109 Common 9,322,000 143,200 143,200 Genlyte Group Inc Com 37411105 common 36,997,138.74 412,980 113,535 294,280 5165 APACHE CORP 38144X500 PRD 1,922,000 80,000 80,000 Goldman Sachs GP 6.2% Series P 387328107 Common 11,960,000 279,300 279,300 Granite Constr Inc Com 391164100 Common 9,465,000 317,200 317,200 Great Plains Energy Inc. 404132102 Common 8,498,000 284,310 16,710 267,600 HCC Ins Hldgs Inc 404251100 Common 27,645,000 637,575 104,475 11,500 521,600 HNI Corp 404280604 PRD 2,252,000 100,000 100,000 HSBC Holdings PLC 6.2000% Seri 410345102 Common 14,853,000 478,500 173,300 19,900 285,300 Hanesbrands Inc. 410867105 Common 29,062,000 630,820 110,020 11,600 509,200 Hanover Insurance Group, Inc. 415864107 Common 15,749,000 259,800 259,800 Harsco Corp Com 416515104 common 203,697,029.94 2,103,844 437,922 300,750 1,365,172 Hartford Finl Svcs Grp Inc 41752x101 Common 47,082,000 1,663,028 546,828 1,116,200 Harvest Energy Trust 42210p102 Common 5,381,000 375,000 375,000 Headwaters Inc. 42224n101 Common 38,468,000 1,831,800 457,500 25,700 1,348,600 Healthspring Inc 42330p107 Common 24,143,000 522,000 522,000 Helix Energy Group, Inc. 426281101 Common 37,719,000 1,290,850 167,150 18,500 1,105,200 Henry (Jack) & Associates 427056106 Common 24,220,000 1,287,600 224,600 26,300 1,036,700 HERCULES INC 427093109 Common 27,705,000 1,024,584 177,250 18,900 828,434 Hercules Offshore Inc. 42809h107 Common 1,634,000 22,820 2320 20,500 Hess Corp 431573104 Common 8,827,000 159,850 8750 151,100 Hillenbrand Industries 432748200 PRD 4,330,000 200,000 200,000 Affordable Resid (ARC) 8.25% P 437076102 Common 1751.76 54 54 #N/A 440452100 Common 7,292,000 199,900 14,200 185,700 Hormel Foods Corp. 440543106 Common 5,004,000 127,975 108,403 12,822 6750 Hornbeck Offshore Services 44106M102 Common 7,402,000 186,930 3680 183,250 Hospitality Properties Trust 44107P104 Common 1,557,000 70,240 140 70,100 Host Marriott Corp. 443510201 Common 28,036,000 509,750 9900 499,850 HUBBELL INC CL B PAR .01 446150104 Common 7,067,000 394,590 25,240 369,350 Huntington Bancshares In 449145101 Common 1,641,000 222,600 222,600 Hyperion Total Return Fund 450913108 Common 34,535,000 3,937,900 1,221,150 71,400 2,645,350 IAMgold Corporation 451107106 Common 27,972,000 801,725 150,125 16,400 635,200 IDACORP INC COM 451663108 Common 6,821,000 252,800 15,400 237,400 IDEARC Inc. 453142101 common 98,533,189.48 976,036 126,347 114,387 735,302 Imperial Tobacco Group PLC 453142101 foreign 1,184,927 12,926 6130 6796 0 Imperial Tobacco Group PLC 457667103 Common 421,000 29,975 29,975 Insituform Technologies - Clas 45822P105 Common 49,908,000 927,477 450,777 10,300 466,400 Integrys Energy Group, Inc. 459902102 Common 5387 125 125 #N/A 462594201 Common 22,456,000 1,138,750 228,750 28,000 882,000 Iowa Telecommunications 462846106 Common 4724 155 155 #N/A 464287598 common 61,738,548.25 716,838 272,210 421,290 23,338 Russell 1000 Value Index Fund 464287598 ETF/ISH 769,950 8850 0 8850 0 Russell 1000 Value Index Fund 464287598 mutual 8,587,770 98,710 0 98,710 0 Russell 1000 Value Index Fund 46625H100 Common 34,203,000 727,719 103,409 14,215 610,095 J.P. Morgan Chase & Co. 48258VAJ8 Common 0 1000 1000 #N/A 488152208 Common 20,660,000 982,385 159,885 17,300 805,200 Kelly Svcs Inc Cl A 489170100 Common 15,969,000 175,075 72,275 7700 95,100 Kennametal Inc. 492914106 Common 20,038,000 1,459,440 272,140 31,100 1,156,200 Key Energy Services Inc. 493267108 common 128,942,530.56 4,476,371 1,453,619 438,332 2,584,420 Keycorp 494580103 Common 7,030,000 331,000 331,000 Kindred Healthcare Inc. 49460W208 Common 25,476,000 423,900 3050 420,850 Kinetic Concepts Inc. 502175607 PRD 1,911,000 80,000 80,000 LTC Properties 8% Series F 502424104 Common 1,908,000 17,400 1750 15,650 L-3 Communications Holdings 50540R409 Common 3911 50 50 #N/A 524660107 Common 7,375,000 379,570 23,170 356,400 Leggett & Platt Inc. 524908720 PRD 3,479,000 140,500 140,500 Lehman Brothers Holding 6.5% S 526107107 Common 22,455,000 629,000 151,000 16,400 461,600 Lennox International Inc. 52800109 Common 3585 60 60 #N/A 530555309 Common 2938 76 76 #N/A 53219l109 Common 26,843,000 879,513 123,117 14,944 741,452 Lifepoint Hospitals 532457108 common 163,126,283.72 2,996,609 899,763 280,868 1,815,978 Lilly (Eli) & Co 532791100 Common 7,907,000 227,400 12,950 214,450 Lincare Holdings Inc 535678106 Common 2274 65 65 #N/A 539320101 Common 1,509,000 52,990 90 52,900 Liz Claiborne Inc 540424207 Common 1,767,000 20,600 1900 18,700 Carolina Gp - Loews Corp 548661107 common 298,849,331.34 11,066,540 1,851,067 1,194,454 8,021,019 Lowes Cos. 552078107 Common 2,289,000 48,250 6150 42,100 Lyondell Chemical PV $1 55264U108 Common 9,885,000 296,505 128,205 15,200 153,100 MB Financial Inc. 552953101 Common 1,915,000 20,900 20,900 MGM Mirage 55306N104 Common 17,063,000 849,739 204,139 24,100 621,500 MKS Instrument Inc Com 55616P104 common 111,070,698.50 3,448,278 672,581 466,202 2,309,495 Macy's Inc. 570535104 Common 4840 10 10 #N/A 571837103 Common 1,339,000 31,370 3520 27,850 Marshall & Ilsley Corp. 574599106 Common 1,448,000 60,140 140 60,000 Masco 576853105 Common 7,057,000 239,300 239,300 Matrix Service Co. 577081102 Common 1,445,000 69,150 6650 62,500 Mattel Inc 58047P107 Common 3,221,000 229,900 229,900 MCG Capital Corp. 587118100 Common 35,627,000 843,050 200,900 11,500 630,650 The Men's Wearhouse Inc. 590188108 Common 1,737,000 26,310 110 26,200 Merrill Lynch & Co 59022Y840 PRD 4,852,000 200,000 200,000 First Repub Bank 6.7% Series A 591097209 Common 6,582,000 125,200 125,200 Metal Management, Inc. 59156r603 PRD 1,243,000 50,000 50,000 Metlife Inc 6.5% Series B Pfd. 592688105 Common 18,005,000 169,300 169,300 Mettler-Toledo International 594918104 common 70,091,343 1,904,382 262,212 87,330 1,554,840 Microsoft 60467r100 Common 316,000 7469 7469 Mirant Corp 60505104 common 22,494,095.10 437,114 130,123 301,033 5958 BANK OF AMERICA CORP 608190104 Common 3252 40 40 #N/A 617446448 Common 4,609,000 68,520 68,520 Morgan Stanley 61747S504 PRD 2,500,000 100,000 100,000 Morgan Stanley 6.18% Series A 624758108 Common 17,653,000 1,502,350 325,050 37,300 1,140,000 Mueller Water Products Inc. 624758207 Common 3,593,000 339,646 24,850 314,796 Mueller Water Products Inc. Cl 628464109 Common 5,089,000 240,150 201,350 25,900 12,900 Myers Industries Inc 628530107 Common 987,000 65,600 7450 58,150 Mylan Inc. 628852105 Common 12,462,000 318,075 105,375 11,200 201,500 NCI Building Systems, Inc. 628949109 Common 15,091,000 1,128,600 82,900 1,045,700 Nal Oil & Gas Trust-UTS (Canad 631158102 Common 21,724,000 580,075 230,225 13,500 336,350 Nash Finch Co Com 63227W203 Common 6,211,000 116,500 116,500 Natco Group Inc - A 635405103 Common 1,630,000 67,230 130 67,100 National City Corp 64438r306 Common 13,194,000 1,025,500 104,900 920,600 New Flyer Industries Inc.-IDS 651290108 Common 1,608,000 29,870 2920 26,950 Newfield Expl. CO Com. 651639106 Common 361,000 7100 7100 Newmont Mining Corp 666807102 common 176,998,560.97 2,139,219 362,497 448,542 1,328,180 Northrop Grumman Corp 667746101 Common 7,450,000 201,800 201,800 Northwest Pipe Company 67072c105 Common 1,951,000 161,200 161,200 Nuveen Quality Preferred II 67073d102 Common 2,255,000 190,000 190,000 Nuveen Pfd. & Cvrt Income Fund 670872100 Common 12,480,000 235,560 58,760 6900 169,900 OM Group 674599105 common 315,503,777.87 4,595,623 771,428 501,248 3,322,947 Occidental Petroleum 67611V101 Common 7,877,000 768,500 768,500 Odyssey Healthcare Inc 67612w108 Common 18,762,670 504,635 135 504,500 Odyssey Re Holdings Corp 67612w306 PRD 6,110,000 245,000 245,000 Odyssey Re Holdings Pfd. 8.125 67612W405 PRD 3,939,000 152,100 152,100 Odyssey RE HLDGS 0.00% Series 678026105 Common 12,813,000 296,670 70 296,600 Oil States International Inc 680223104 Common 1,055,000 68,845 170 68,675 Old Republic Intl Corp 680665AD8 Common 3330 3000 3000 #N/A 681936407 PRD 10,000,000 400,000 400,000 Omega Healthcare 8.375% Pfd Se 686091109 Common 4009 120 120 #N/A 690368105 Common 1,647,000 22,140 40 22,100 Overseas Shipholdng Gp Com 693475105 common 364,361,012.09 5,059,676 1,076,841 426,237 3,556,598 PNC Financial Services Group 693506107 Common 1,532,000 20,500 2000 18,500 PPG Industries Inc. 69351t106 Common 1,781,000 34,450 3200 31,250 PPL Corp. 69351u863 PRD 3,071,000 120,000 120,000 PPL Electric Uti PFD 6.25% 697900108 Common 30,841,000 930,900 189,550 21,900 719,450 Pan American Silver Corp. 699157103 Common 42,545,000 2,078,400 567,550 39,200 1,471,650 Parallel Petroleum Corp. 7.16E+104 Common 9255 50 50 #N/A 700416209 Common 21,037,000 671,680 131,897 14,266 525,517 Park Electrochemical Corp. 701094104 Common 2,049,000 25,500 2125 23,375 Parker Hannifin Corp 703395103 Common 3861 100 100 #N/A 706902509 Common 32,208,000 1,701,500 368,000 1,333,500 Pengrowth Energy Trust 707885109 Common 42,854,000 1,343,400 813,100 530,300 Penn West Energy Trust 708160106 Common 1,279,000 22,750 50 22,700 Penney (J C) Co 70959w103 Common 11,079,000 497,250 224,350 25,500 247,400 Penske Auto Group 713839108 Common 27,046,000 471,600 52,500 6200 412,900 Perini Corp. 714046109 Common 11,792,000 428,500 428,500 Perkinelmer Inc. 714290103 Common 9,657,000 407,300 407,300 Perrigo Company 716495106 Common 35,915,000 1,941,325 663,575 44,400 1,233,350 Petrohawk Energy Corp 716748108 Common 26,975,000 2,091,100 679,150 47,000 1,364,950 Petroquest Energy Inc. 717081103 common 530,336,206.62 21,527,720 5,303,139 2,310,984 13,913,597 Pfizer 718592108 Common 14,477,000 302,864 302,864 Phillips-Van Heusen 721467108 Common 23,320,000 785,197 145,147 15,500 624,550 Pilgrims Pride Corp 723464103 Common 3,290,000 700,000 700,000 Pinnacle Gas Resources, Inc. 1 72369H106 Common 6,349,000 392,400 277,100 115,300 Pioneer High Income Trust 74042gaa7 PRD 2,935,000 39,000 39,000 PRETSL 16 Pfd. Term 17.06% 74042haj6 PRD 1,755,000 25,000 25,000 PreTSL 19 Pfd. Term Security 1 74042kaa8 PRD 2,625,000 37,500 37,500 PRETSL 21 Pfd. Term Security 1 74042vaa4 PRD 2,696,000 37,500 37,500 PreTSL 17 Pfd. Term Security 1 74042xaa0 PRD 2,528,000 37,500 37,500 PreTSL 18 Pfd. Term Security 1 74043baa7 PRD 2,584,000 37,500 37,500 PreTSL 23 Pfd. Term Security 1 74043dab1 PRD 6,097,000 75,000 75,000 PRETSL 24 Pfd. Term Security 74158d304 Common 3,887,000 600,300 600,300 Primary Energy Recycling-EIS ( 742718109 Common 216,000 3100 3100 Procter & Gamble Co 743263105 Common 16,589,000 345,600 345,600 Progress Energy 743674103 Common 8,181,000 190,830 11,480 179,350 Protective Life Corp Com 743859100 Common 2,317,000 93,900 93,900 Provident Bankshares Corp 74834L100 common 37,502,600.73 698,822 129,614 87,494 481,714 Quest Diagnostics Inc. 749660106 Common 11,276,000 1,008,600 1,008,600 RPC Inc. 74973W107 Common 49,941,000 638,799 57,349 6600 574,850 RTI International Metals, Inc. 751028101 Common 33,117,000 588,225 84,575 9500 494,150 Ralcorp Holdings Inc 75670L104 PRD 2,092,000 81,250 81,250 Red Lion Hotels 9.50% 2/19/44 758750103 Common 31,587,000 644,100 113,950 12,100 518,050 Regal Beloit 758766109 Common 2,792,000 123,700 123,700 Regal Entertainment Group 758932107 Common 24,397,000 726,100 127,350 13,600 585,150 REGIS CORP MINN 7591ep100 Common 12,840,000 473,460 415,260 58,200 Regions Financial Corp. New 781182100 Common 2,541,000 159,130 135,311 17,200 6619 Ruby Tuesday Inc Com 781258108 Common 35,482,000 1,043,575 159,275 18,600 865,700 Ruddick Corp. 784117103 Common 4228 155 155 #N/A 78462F103 common 688,381 4460 505 3955 0 SPDR Trust Series 1 784774101 Common 23,172,000 3,598,150 704,050 89,900 2,804,200 Stec Inc 78648T100 Common 4,604,000 128,025 109,025 13,600 5400 Safety Insurance Group Inc. 786514208 common 3,471,519 102,110 101,550 560 0 Safeway Inc 792228108 Common 12,565,000 296,615 116,365 12,900 167,350 St. Mary Land & Exploration 798241105 Common 3,735,000 100,800 100,800 San Juan Basin Royalty Tr 8.94E+113 common 11,510 220 0 220 0 TRAVELERS COMPANIES INC 800013104 Common 5,573,000 160,150 137,450 15,700 7000 Sanderson Farms Inc. 80281R300 PRD 1,856,000 80,000 80,000 Banco Santander 6.4100% Pfd. S 80281R409 PRD 2,344,000 100,000 100,000 S Finance Pfd. (SANTAN) 6.8% S 806037107 Common 13,450,000 364,100 364,100 Scansource Inc 811054204 Common 2100 50 50 #N/A 816300107 Common 10,394,000 427,550 150 427,400 Selective Ins Group Com 824348106 Common 2,352,000 36,800 2400 34,400 Sherwin-Williams 826428104 Common 6,763,000 400,900 400,900 Sierra Pacific Resources 832248108 Common 1,616,000 56,350 5500 50,850 Smithfield Foods Inc Com 832696405 Common 43,225,000 809,000 174,050 10,300 624,650 JM Smucker Co. 844030106 Common 23,622,000 749,901 1 749,900 Southern Union Co 844030601 PRD 9,788,000 385,500 385,500 Southern Union 7.55% Yield 845905108 common 101,603,685.94 6,904,961 1,243,556 894,922 4,766,483 Sovereign Bancorp. Inc. 852891100 Common 20,867,000 378,510 95,160 11,200 272,150 Stancorp Financial Group 855030102 common 323,596,653.75 13,908,521 2,238,627 1,361,670 10,308,224 Staples Inc 857477103 Common 1,923,000 24,110 110 24,000 State Street Corp 858119100 Common 1,584,000 29,770 70 29,700 Steel Dynamics Inc Com 859241101 Common 15,262,000 613,900 613,900 Sterling Construction Co 859319105 Common 13,597,000 604,315 142,235 16,900 445,180 Sterling Financial Corp./Spoka 864482104 Common 18,629,000 386,900 386,900 Suburban Propane Partners 86764P109 Common 1,597,000 21,700 2100 19,600 Sunoco Inc. 867914103 Common 2,700,000 37,184 200 36,984 Suntrust Banks Inc 868157108 Common 32,852,000 885,965 132,065 13,800 740,100 Superior Energy Services Inc. 86815v105 Common 12,090,000 363,600 363,600 Superior Essex Inc 868536103 Common 1,577,000 40,700 3900 36,800 Supervalu Inc. 871130100 Common 22,830,000 798,250 197,700 24,000 576,550 Sybase Inc. 87161C105 Common 4347 155 155 #N/A 872375100 Common 5,344,000 317,500 317,500 Teco Energy Inc. 872540109 Common 1,582,000 54,700 5800 48,900 TJX Companies Inc 873168108 common 20,389,682.22 297,233 82,468 211,205 3560 TXU CORPORATION 878377100 Common 2838 45 45 #N/A 879131100 Common 15,723,000 415,400 68,450 6800 340,150 Tektronix Inc. 881609101 Common 2,153,000 35,570 70 35,500 Tesoro Petroleum Corp 882491103 Common 9,527,000 130,400 130,400 Texas Inds. Inc. 884315102 Common 8,077,000 144,200 144,200 Thomas & Betts Corp 88579Y101 common 453,236,240.77 5,213,521 945,439 555,739 3,712,343 3M Company 886547108 Common 3141 60 60 #N/A 89147L100 Common 10,850,000 307,357 307,357 Tortoise Energy Infrastructure 891777104 Common 12,547,000 415,600 415,600 Tower Group Inc. 8.94E+113 Common 27,980,000 535,910 30,550 10,700 494,660 #N/A 896522109 Common 1,543,000 42,690 90 42,600 Trinity Industries 896818101 Common 7,954,000 99,900 99,900 Triumph Group Inc New Com 897051207 common 273 31 0 31 0 TRONOX INC COM CL B 90262t308 Common 24,067,000 1,409,875 278,325 29,600 1,101,950 UCBH Holdings Inc 902911106 common 552,927,495 10,393,977 3,622,332 631,220 6,140,425 UST Inc. 902973304 common 217,714,026.65 6,564,788 1,535,571 495,453 4,533,764 U S Bancorp 903236107 Common 12,201,000 197,400 197,400 URS Corp New Com 909218109 Common 3388 70 70 #N/A 910331107 Common 20,282,000 633,030 132,330 16,100 484,600 United Fire and Casualty Co. 913017109 common 244,010,323.18 3,175,451 554,639 343,684 2,277,128 United Technologies Corp 91324P102 common 573,748,844.73 11,704,972 2,212,828 1,196,140 8,296,004 UnitedHealth Group Inc. 913456109 Common 4,981,000 102,200 86,500 10,700 5000 Universal Corp/Va 913456307 31,296,000 25,000 25,000 Universal Corp. 6.75% Conv. Pe 91529y106 Common 1,441,000 61,730 130 61,600 Unum Group 916901507 Common 44,212,000 3,551,140 481,615 65,238 3,004,287 Uranium Resources Inc 91797100 common 1247 15 0 15 0 BLACK & DECKER CORP. 92240g101 Common 5,354,000 190,950 162,650 19,100 9200 Vectren Corp. 92240M108 Common 50,525,000 2,309,171 859,967 33,705 1,415,499 Vector Group Ltd 92276F100 Common 8,008,000 186,700 3700 183,000 Ventas Inc. 92336g106 Common 1,302,000 96,000 96,000 Verasun Energy Corp. 92343V104 common 335,241,163.55 7,289,518 1,128,105 786,231 5,375,182 Verizon Communications 923728109 Common 3,808,000 91,800 91,800 Vermilion Energy Trust (Canadi 929903102 common 305,318,294.72 6,622,848 1,396,976 642,433 4,583,439 Wachovia Corp 930059100 Common 26,746,000 805,125 202,725 25,600 576,800 Waddell & Reed Financial - A 930787106 Common 2,793,000 75,800 75,800 WAJAX Income Fund (Canadian) 93317Q105 Common 15,466,000 504,750 124,750 13,900 366,100 Walter Industries Inc. 938862208 Common 31,643,830 325,055 55 325,000 Washington Group Intl Inc 939322103 common 646,679,217.01 22,912,467 5,966,382 1,892,679 15,053,406 Washington Mutual Inc. 94106L109 Common 3774 100 100 #N/A 941848103 Common 4349 65 65 #N/A 942749102 Common 12,845,000 451,800 451,800 Watts Water Technologies A 948849104 Common 25,745,000 586,580 122,180 13,700 450,700 WEIS MARKETS INC 949746101 Common 1,552,000 45,620 220 45,400 Wells Fargo & Co (New) 95082P105 Common 15,194,000 325,700 600 325,100 Wesco Intl Inc Com 963320106 Common 1,033,000 13,040 1290 11,750 Whirlpool Corp 969450105 Common 615,000 57,500 57,500 Williams Coal Seam Gas Trust 97381W104 Common 8,481,000 630,550 40,050 590,500 Windstream Corp. 978097103 Common 9,045,000 352,750 352,750 Wolverine World Wide Inc 981811102 Common 5,515,000 220,600 220,600 Worthington Industries Inc 983024100 common 527,107,386.18 10,900,019 1,903,540 1,412,548 7,583,931 Wyeth 98462Y100 Common 15,164,000 1,009,570 20,000 989,570 Yamana Gold Inc. 989207105 Common 3649 100 100 #N/A 989701107 Common 1,516,000 25,650 50 25,600 Zions Bancorporation 99709107 common 65,252 4400 0 4400 0 BORDERS GROUP INC ep0215871 PRD 1,950,000 80,000 80,000 Aegon NV 6.875% Preferred G0219G203 Common 14,553,000 303,760 60 303,700 Allied World Assurance Hold g0450a105 Common 10,594,000 141,690 7340 134,350 Arch Capital Group Ltd g0450A147 PRD 8,500,000 340,000 340,000 Arch Capital Group Ltd. Pfd. S g0450a154 PRD 825,000 33,400 33,400 Arch Capital Group Ltd. Pfd. S G0464B107 Common 29,296,000 687,534 198,565 10,423 478,546 Argo Group International Holdi g05384139 PRD 477,000 20,000 20,000 Aspen Insurance (AHL) 7.4010% G0692U208 PRD 5,184,000 218,100 218,100 Axis Capital Holdings 7.25 % P G24182100 Common 1,821,000 34,750 3550 31,200 Cooper Industries Ltd G2552X108 common 5,912,003 142,131 36,661 6691 98,779 Covidien Ltd. G30397106 Common 39,937,000 1,018,530 263,030 16,000 739,500 Endurance Specialty Holdings g3682e127 Common 10,159,000 223,770 1070 222,700 Frontline Ltd G4388N106 Common 19,231,000 1,068,395 377,945 22,000 668,450 Helen of Troy Ltd G4933P101 Common 28,654,000 958,010 166,960 17,600 773,450 IPC Holdings LTD G7127P100 Common 33,486,000 930,165 282,165 17,000 631,000 Platinum Underwriters Holdings G73537402 PRD 7,939,000 577,400 577,400 Scottish Re Grp Ltd. 7.2500% S G7945J104 Common 2,110,000 75,800 7450 68,350 Seagate Technology G84922106 Common 617,000 95,200 95,200 Stewart W P and Co. LTD G9143X208 common 8,767,992 212,908 46,626 9151 157,131 Tyco International Ltd G9144P105 common 3,680,501 103,188 30,452 5562 67,174 Tyco Electronics Ltd. G9618E107 Common 3638 7 7 #N/A m22465104 Common 1,661,000 65,750 7050 58,700 Check Point Software M87245102 Common 3,909,000 213,750 182,800 21,000 9950 Syneron Medical Ltd. Y21110104 Common 17,689,000 1,139,000 100,000 1,039,000 Double Hull Tankers Inc y2187a101 Common 32,481,000 952,800 61,100 891,700 Eagle Bulk Shipping Inc. 441 18,681,406,184

Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 441 Form 13F Information Table Value Total: 18,681,406,184 (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