13F-HR 1 form13fhr.txt NONE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 9/30/2012 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: 777 South Flagler Dr. Suite 800-West Tower West Palm Beach, FL 33401 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 submission. Persons Signing this Report on Behalf of Reporting Manager: Name: Yvonne I. Pytlik Title: Chief Compliance Officer Phone: 201-793-2046 Signature, Place, and Date of Signing: /s/ Yvonne I. Pytlik Jersey City, NJ 11/14/2012 --------------------------------- --------------------------------- ---------- [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).) List of Other Managers Reporting for this Manager: Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 3 Form 13F Information Table Entry Total: 292 Form 13F Information Table Value Total: $ 4,005,889 -------------- (In Thousands) List of Other Included Managers: Provide a numbered list of the name(s) and 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 13F File Number Name 01 28-10103 Deutsche Bank ---- -------------------- ---------------------------------------------------- 02 28-14511 American Beacon Advisors ---- -------------------- ---------------------------------------------------- 03 28-05167 MetLife Advisers, LLC ---- -------------------- ----------------------------------------------------

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------ -------------- --------- -------- ------------------ ---------- -------- --------------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------ -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------- --------- ABB LTD SPON ADR COM 000375204 4,618 246,941 SH SOLE 28,821 69,104 149,016 ABM INDUSTRIES INC COM 000957100 14,125 746,148 SH SOLE 143,634 6,924 595,590 AETNA INC NEW COM 00817y108 10,768 271,916 SH SOLE 90,975 7,535 173,406 AGL RESOURCES INC COMMON COM 001204106 2,998 73,275 SH SOLE 1,975 - 71,300 AGRIUM INC COMMON STOCK COM 008916108 8,895 85,973 SH SOLE 6,770 13,598 65,605 AIRCASTLE LTD COM G0129k104 25,855 2,281,997 SH SOLE 438,371 20,109 1,823,517 ALLIANT TECHSYSTEMS INC COM 018804104 31,130 621,241 SH SOLE 120,122 5,068 496,051 ALLIED WORLD ASSUR NEW F COM H01531104 31,232 404,296 SH SOLE 71,577 3,431 329,288 ALLSTATE CORPORATION COM 020002101 13,879 350,392 SH SOLE 50,882 10,668 288,842 ALTRIA GROUP INC COM 02209s103 12,290 368,061 SH SOLE 169,528 8,421 190,112 AMDOCS LTD COMMON STOCK COM G02602103 3,065 92,900 SH SOLE 2,650 - 90,250 AMEREN CORP COM 023608102 3,051 93,375 SH SOLE 2,400 - 90,975 AMERIPRISE FINANCIAL INC COM 03076C106 4,058 71,583 SH SOLE 8,461 1,282 61,840 AMN ELEC POWER CO COM 025537101 3,025 68,839 SH SOLE 604 1,485 66,750 ANADARKO PETROLEUM CORP COM 032511107 21,594 308,841 SH SOLE 109,769 8,332 190,740 APACHE CORP COM 037411105 18,268 211,264 SH SOLE 74,197 5,656 131,411 ARGO GROUP INTL HLDGS F COM G0464B107 3,592 110,913 SH SOLE 2,850 - 108,063 ARRIS GROUP INC COMMON S COM 04269Q100 32,581 2,547,360 SH SOLE 444,716 20,972 2,081,672 ARROW ELECTRONICS INC CO COM 042735100 5,176 153,552 SH SOLE 2,723 1,504 149,325 ASPEN INSURANCE HOLDINGF COM G05384105 36,275 1,189,726 SH SOLE 246,053 11,368 932,305 ASTRAZENECA PLC ADR F SP COM 046353108 15,333 320,376 SH SOLE 74,355 31,948 214,073 ATWOOD OCEANICS INC COM 050095108 34,495 758,955 SH SOLE 132,990 6,106 619,859 AXIS CAPITAL HOLDINGS LT COM G0692U109 6,733 192,825 SH SOLE 3,401 1,874 187,550 AGILENT TECHNOLOGIES INC COM 00846U101 3,304 85,939 SH SOLE 11,947 1,522 72,470 AMCOL INTERNATIONAL CORP COM 02341W103 12,580 371,313 SH SOLE 71,156 3,477 296,680 AMERCO COM 023586100 3,063 28,800 SH SOLE 750 - 28,050 AMERICAN AXLE & MFG HLDG COM 024061103 33,937 3,011,305 SH SOLE 588,679 27,124 2,395,502 AMKOR TECHNOLOGY INC. COM 031652100 13,287 3,009,441 SH SOLE 596,807 28,783 2,383,851 APPLIED MATERIALS INC COM 038222105 3,135 280,803 SH SOLE 29,978 5,175 245,650 ASCENA RETAIL GROUP INC. COM 04351g101 16,605 774,134 SH SOLE 150,605 7,649 615,880 ASSOCIATED BANC CORP COM 045487105 41,627 3,163,135 SH SOLE 568,907 25,773 2,568,455 AURICO GOLD INC COM 05155c105 24,515 3,507,133 SH SOLE 685,682 32,378 2,789,073 BANCO SANT SA ADR COM 05964H105 4,736 634,857 SH SOLE 88,118 170,323 376,416 BANCORPSOUTH INC COM 059692103 27,485 1,864,666 SH SOLE 351,092 16,560 1,497,014 BANK OF AMERICA CORP COM 060505104 12,624 1,429,705 SH SOLE 429,056 42,176 958,473 BANK OF HAWAII CORP COM 062540109 33,966 744,550 SH SOLE 130,442 5,983 608,125 BARNES GROUP INC COM 067806109 16,197 647,624 SH SOLE 126,756 5,749 515,119 BARRICK GOLD CORPORATION COM 067901108 4,182 100,133 SH SOLE 14,243 27,213 58,677 BEST BUY CO INC COM 086516101 8,361 486,132 SH SOLE 125,454 12,765 347,913 BHP BILLITON LTD ADR F S COM 088606108 18,928 275,879 SH SOLE 82,422 22,957 170,500 BIG LOTS INC COMMON STOC COM 089302103 4,599 155,463 SH SOLE 2,763 1,461 151,239 BOK FINANCIAL CORPORATIO COM 05561Q201 3,175 53,725 SH SOLE 1,475 - 52,250 BP PLC ADR F SPONSORED A COM 055622104 16,700 394,231 SH SOLE 69,658 36,806 287,767 BRINKER INTL INC COM 109641100 34,632 981,083 SH SOLE 173,305 8,258 799,520 BRINKS CO COM 109696104 33,674 1,310,765 SH SOLE 231,805 10,605 1,068,355 BANCO BILBAO VIZCAYA - A COM 05946K101 4,842 624,800 SH SOLE 86,327 167,299 371,174 BANK OF NEW YORK MELLON COM 064058100 10,251 453,200 SH SOLE 85,894 15,272 352,034 BARCLAYS PLC- ADR COM 06738E204 3,323 239,562 SH SOLE 43,298 - 196,264 BLACKROCK INC COM 09247x101 9,389 52,657 SH SOLE 8,875 1,858 41,924 BRADY CORP WI CL A COM 104674106 15,030 513,326 SH SOLE 100,628 5,861 406,837 BRANDYWINE RLTY TR SH BE COM 105368203 33,608 2,756,992 SH SOLE 531,797 22,490 2,202,705 BRIGGS & STRATTON COM 109043109 30,592 1,638,577 SH SOLE 320,341 14,943 1,303,293 BROCADE COMMUNICATIONS COM 111621306 33,613 5,682,650 SH SOLE 1,111,733 52,215 4,518,702 C A C I INC CL A COM 127190304 26,426 510,253 SH SOLE 96,993 4,550 408,710 C B L & ASSOC PROPERTIES COM 124830100 34,746 1,628,214 SH SOLE 285,107 11,770 1,331,337 CA INC COMMON STOCK USD. COM 12673P105 2,969 115,244 SH SOLE 1,006 2,388 111,850 CARNIVAL CORP NEW F PAIR COM 143658300 8,950 245,677 SH SOLE 74,161 7,177 164,339 CARNIVAL PLC-ADR COM 14365C103 4,249 115,594 SH SOLE 13,408 31,870 70,316 CATERPILLAR INC COMMON S COM 149123101 9,553 111,030 SH SOLE 25,938 3,606 81,486 CEC ENTERTAINMENT INC COM 125137109 7,797 258,856 SH SOLE 50,031 2,582 206,243

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------ -------------- --------- -------- ------------------ ---------- -------- --------------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------ -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------- --------- CELESTICA SUB VTG SHS COM 15101Q108 6,918 968,917 SH SOLE 186,607 9,090 773,220 CHARLES RIVER LABORATORI COM 159864107 40,445 1,021,334 SH SOLE 185,885 8,459 826,990 CHESAPEAKE ENERGY CORP COM 165167107 14,541 770,574 SH SOLE 304,086 16,543 449,945 CHEVRON CORP COM 166764100 246 2,114 SH SOLE 2,114 - - CIA VALE DO RIO DOCE - A COM 91912e105 3,887 217,149 SH SOLE 29,495 58,325 129,329 CIGNA CORP COMMON STOCK COM 125509109 3,304 70,048 SH SOLE 2,647 1,421 65,980 CITIGROUP INC COM 172967424 10,778 329,398 SH SOLE 67,500 10,961 250,937 COEUR D ALENE MINES CORP COM 192108504 43,187 1,497,995 SH SOLE 259,925 11,989 1,226,081 COMERICA INC COM COM 200340107 3,246 104,551 SH SOLE 9,644 1,987 92,920 COMMONWEALTH REIT COM 203233101 22,194 1,524,328 SH SOLE 289,667 13,212 1,221,449 COMPUTER SCIENCES CORP C COM 205363104 2,046 63,534 SH SOLE 581 1,443 61,510 CONOCOPHILLIPS COM 20825c104 17,169 300,261 SH SOLE 105,703 8,118 186,440 CONSTELLATION BRANDS INC COM 21036P108 3,043 94,075 SH SOLE 2,475 - 91,600 CORNING INC COMMON STOCK COM 219350105 9,608 730,638 SH SOLE 147,761 24,173 558,704 CRANE CO COMMON STOCK US COM 224399105 35,687 893,732 SH SOLE 145,829 8,328 739,575 CSX CORP COM 126408103 8,948 431,218 SH SOLE 102,171 13,874 315,173 CABOT CORP. COM 127055101 23,891 653,285 SH SOLE 123,557 5,751 523,977 CANON INC- ADR COM 138006309 3,780 118,089 SH SOLE 13,914 32,764 71,411 CARDINAL HEALTH INC. COM 14149Y108 3,318 85,132 SH SOLE 773 1,779 82,580 CARLISLE COS INC COM 142339100 28,107 541,344 SH SOLE 105,826 4,804 430,714 CHEMICAL FINANCIAL CORP. COM 163731102 8,768 362,316 SH SOLE 68,830 3,070 290,416 CHINA MOBILE LTD SPN ADR COM 16941m109 3,817 68,940 SH SOLE 8,568 19,888 40,484 CISCO SYSTEMS INC. COM 17275R102 9,334 488,824 SH SOLE 104,514 16,144 368,166 CITY NATIONAL CORP. COM 178566105 13,194 256,148 SH SOLE 49,233 2,165 204,750 COOPER TIRE AND RUBBER COM 216831107 32,786 1,709,395 SH SOLE 305,391 13,934 1,390,070 CREDIT SUISSE GRP SPONS- COM 225401108 3,806 179,940 SH SOLE 25,258 46,897 107,785 CURTISS-WRIGHT CORP. COM 231561101 30,912 945,309 SH SOLE 180,453 8,438 756,418 D S T SYSTEMS INC COM 233326107 37,210 657,879 SH SOLE 115,439 5,285 537,155 DEVON ENERGY CP NEW COM 25179m103 19,811 327,449 SH SOLE 105,850 9,161 212,438 DUKE REALTY CORP REIT US COM 264411505 27,586 1,876,620 SH SOLE 313,929 20,206 1,542,485 DARDEN RESTAURANTS INC. COM 237194105 3,166 56,792 SH SOLE 516 1,156 55,120 DELHAIZE LE LION S A ADR COM 29759w101 3,458 89,672 SH SOLE 10,386 24,415 54,871 DEUTSCHE BANK AG REG COM D18190898 1,798 45,342 SH SOLE 15,341 30,001 - DONNELLEY (R R) & SONS C COM 257867101 282 26,649 SH SOLE 26,649 - - EATON CORPORATION COM 278058102 15,559 329,160 SH SOLE 105,844 8,609 214,707 EMCOR GROUP INC COM 29084Q100 14,288 500,627 SH SOLE 98,287 4,625 397,715 ENDO HEALTH SOLUTIONS IN COM 29264F205 2,943 92,775 SH SOLE 2,375 - 90,400 ENDURANCE SPECALTY HLDGF COM G30397106 22,415 582,215 SH SOLE 112,073 5,276 464,866 ENERGIZER HOLDINGS INC C COM 29266R108 6,492 87,017 SH SOLE 1,466 966 84,585 ENERSYS COM 29275Y102 28,175 798,374 SH SOLE 155,364 7,251 635,759 ENSCO PLC SPON ADR ADR U COM g3157s106 3,107 56,947 SH SOLE 520 1,187 55,240 ENTERTAINMENT PPTYS TR C COM 29380T105 3,357 75,550 SH SOLE 1,775 - 73,775 ESTERLINE TECH CORP COM 297425100 27,938 497,647 SH SOLE 96,289 4,388 396,970 EURONET WORLDWIDE INC COM 298736109 1,374 73,119 SH SOLE 13,826 1,029 58,264 EAST WEST BANCORP INC. COM 27579R104 27,131 1,284,626 SH SOLE 213,191 9,530 1,061,905 ENERGEN CORP COM COM 29265N108 30,742 586,575 SH SOLE 110,297 5,562 470,716 ENI S P A SPONSORED ADR COM 26874r108 4,414 100,678 SH SOLE 13,904 27,028 59,746 EVEREST REINS HLDGS COM g3223r108 4,554 42,575 SH SOLE 1,100 - 41,475 FEDERATED INVESTORS INC COM 314211103 23,980 1,159,022 SH SOLE 225,927 10,759 922,336 FEDEX CORPORATION COM 31428x106 10,677 126,179 SH SOLE 37,620 3,759 84,800 FIFTH THIRD BANCORP COM 316773100 16,331 1,053,276 SH SOLE 265,324 27,112 760,840 FIRSTMERIT CORP COM 337915102 28,588 1,943,431 SH SOLE 371,806 16,898 1,554,727 FOSTER WHEELER AG COM h27178104 43,005 1,794,878 SH SOLE 329,553 71,753 1,393,572 FREEPORT MCMORAN COPPER COM 35671D857 1,440 36,370 SH SOLE 36,370 - - FULTON FINANCIAL CORP COM 360271100 38,099 3,867,962 SH SOLE 690,030 31,492 3,146,440 FIRST HORIZON NATIONAL C COM 320517105 25,915 2,691,086 SH SOLE 486,461 25,370 2,179,255 FIRST MIDWEST BANCORP, I COM 320867104 10,553 840,228 SH SOLE 161,863 7,685 670,680 GENERAL CABLE CP DE NEW COM 369300108 34,967 1,190,177 SH SOLE 193,037 11,083 986,057 GENERAL ELECTRIC COMPANY COM 369604103 11,446 504,003 SH SOLE 134,597 16,539 352,867 GEO GROUP INC COM 36159R103 9,918 358,431 SH SOLE 69,295 3,005 286,131

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------ -------------- --------- -------- ------------------ ---------- -------- --------------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------ -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------- --------- GOLDMAN SACHS GROUP INC COM 38141g104 10,147 89,261 SH SOLE 17,774 3,015 68,472 GLACIER BANCORP NEW COM COM 37637Q105 7,343 470,981 SH SOLE 89,239 3,948 377,794 HALLIBURTON CO COMMON ST COM 406216101 8,471 251,450 SH SOLE 52,632 8,392 190,426 HANESBRANDS INC COM 410345102 38,665 1,212,843 SH SOLE 214,511 9,752 988,580 HANOVER INSURANCE GROUP COM 410867105 29,483 791,268 SH SOLE 149,371 6,932 634,965 HARRIS CORP COMMON STOCK COM 413875105 3,566 69,630 SH SOLE 632 1,488 67,510 HARTFORD FINL SVCS GRP COM 416515104 17,650 907,920 SH SOLE 152,073 20,851 734,996 HELEN OF TROY LTD F COM G4388N106 28,548 896,880 SH SOLE 173,619 8,104 715,157 HEWLETT PACKARD CO COMMO COM 428236103 6,877 403,115 SH SOLE 82,170 13,438 307,507 HOSPITALITY PPTYS TRUST COM 44106M102 37,365 1,571,295 SH SOLE 253,221 14,328 1,303,746 HSBC HLDGS PLC SPONS-ADR COM 404280406 4,766 102,580 SH SOLE 11,801 26,934 63,845 HUBBELL INC CL B PAR .01 COM 443510201 3,740 46,325 SH SOLE 1,200 - 45,125 HANCOCK HLDG CO COM COM 410120109 30,676 990,194 SH SOLE 187,680 8,344 794,170 HILL-ROM HOLDINGS INC COM 431475102 22,288 766,981 SH SOLE 143,325 6,193 617,463 HILLENBRAND INC COM 431571108 9,159 503,516 SH SOLE 97,524 4,703 401,289 HUNTSMAN CORP COM 447011107 28,036 1,877,843 SH SOLE 286,493 17,778 1,573,572 IAMGOLD CORPORATION COM 450913108 2,651 167,675 SH SOLE 4,300 - 163,375 IDACORP INCORPORATED COM 451107106 30,164 697,121 SH SOLE 131,029 6,086 560,006 ING GP NV SPSD ADR COM 456837103 4,511 571,695 SH SOLE 80,494 153,653 337,548 INGREDION INC COM COM 457187102 29,899 542,044 SH SOLE 110,658 5,380 426,006 INTL SPEEDWAY CL A COM 460335201 36,101 1,272,513 SH SOLE 224,841 10,287 1,037,385 ITAU UNIBANCO HLDNG-PREF COM 465562106 4,264 279,035 SH SOLE 38,552 75,492 164,991 ITT CORP COMMON STOCK US COM 450911201 29,735 1,475,704 SH SOLE 284,319 13,475 1,177,910 INDEPENDENT BK CP MASS C COM 453836108 6,549 217,658 SH SOLE 41,815 1,848 173,995 INGERSOLL RAND PLC COM g47791101 3,377 75,335 SH SOLE 7,588 1,447 66,300 INGRAM MICRO INC COM 457153104 25,870 1,698,598 SH SOLE 329,690 15,641 1,353,267 INTEL CORP COM 458140100 9,273 409,300 SH SOLE 118,105 12,164 279,031 INTERACTIVE BROKERS GROU COM 45841n107 13,129 936,482 SH SOLE 181,052 8,687 746,743 INTERNATIONAL BNCSHRS CO COM 459044103 7,571 396,989 SH SOLE 76,387 3,330 317,272 INVESCO LTD COM g491bt108 3,324 132,996 SH SOLE 1,192 2,884 128,920 ISHARES TR RUSSELL 2000 COM 464287655 6,478 77,631 SH SOLE 67,256 - 10,375 JABIL CIRCUIT INC COM 466313103 3,271 174,750 SH SOLE 4,150 - 170,600 JARDEN CORP COM 471109108 32,439 613,918 SH SOLE 117,730 5,792 490,396 JDA SOFTWARE GROUP INC. COM 46612K108 30,627 963,735 SH SOLE 180,322 8,245 775,168 JOY GLOBAL INC COMMON ST COM 481165108 1,538 27,439 SH SOLE 243 576 26,620 JPMORGAN CHASE & CO COM 46625h100 14,413 356,063 SH SOLE 148,850 8,595 198,618 KB FINANCIAL GROUP INC-A COM 48241a105 4,556 129,111 SH SOLE 17,451 34,064 77,596 KINROSS GOLD CORP COM 496902404 7,084 693,795 SH SOLE 51,566 118,594 523,635 KLA-TENCOR CORP COM 482480100 6,384 133,823 SH SOLE 2,379 1,294 130,150 KROGER CO COMMON STOCK U COM 501044101 329 13,984 SH SOLE 13,984 - - KEYCORP COM 493267108 13,776 1,576,257 SH SOLE 293,517 45,806 1,236,934 KOPPERS COM 50060P106 7,099 203,248 SH SOLE 39,396 1,623 162,229 L 3 COMMUNICATIONS HLDGS COM 502424104 3,401 47,421 SH SOLE 5,086 905 41,430 LIFEPOINT HOSPITALS INC COM 53219L109 37,011 865,150 SH SOLE 150,989 6,886 707,275 LINCOLN NATIONAL CORP CO COM 534187109 3,623 149,769 SH SOLE 1,319 3,010 145,440 LORILLARD INC COMMON STO COM 544147101 2,775 23,832 SH SOLE 187 495 23,150 LOWES COMPANIES INC COM 548661107 3,006 99,415 SH SOLE 99,415 - - LAKELAND FINANCIAL CORP. COM 511656100 6,551 237,373 SH SOLE 45,695 2,018 189,660 LEAR CORP. COM 521865204 2,993 79,200 SH SOLE 714 1,656 76,830 MACK CALI REALTY CORP RE COM 554489104 2,760 103,755 SH SOLE 945 - 102,810 MARATHON OIL CORP COM 565849106 3,472 117,402 SH SOLE 4,807 2,365 110,230 MCGRATH RENTCORP COM 580589109 4,318 165,522 SH SOLE 32,036 1,848 131,638 MEREDITH CORP COM 589433101 38,451 1,098,596 SH SOLE 196,091 8,980 893,525 METLIFE INC COMMON STOCK COM 59156R108 9,850 285,835 SH SOLE 58,141 9,501 218,193 MICROSEMI CORPORATION COM 595137100 36,538 1,820,511 SH SOLE 323,223 14,768 1,482,520 MICROSOFT CORP COM 594918104 10,308 346,367 SH SOLE 95,631 10,477 240,259 MOLSON COOR BREW CO CL B COM 60871r209 3,150 69,929 SH SOLE 628 1,461 67,840 MONTPELIER RE HLDGS LTD COM G62185106 18,932 855,507 SH SOLE 163,465 8,032 684,010 MURPHY OIL CORP COMMON S COM 626717102 3,003 55,927 SH SOLE 517 1,180 54,230 MANTECH INTERNATIONAL CO COM 564563104 2,174 90,600 SH SOLE 2,325 - 88,275

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------ -------------- --------- -------- ------------------ ---------- -------- --------------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------ -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------- --------- MARVELL TECHNOLOGY GROUP COM G5876H105 5,266 575,227 SH SOLE 40,718 96,687 437,822 MATTHEWS INTERNATIONAL C COM 577128101 7,583 254,283 SH SOLE 48,946 2,507 202,830 MITSUBISHI UFJ FINANCIAL COM 606822104 3,789 814,868 SH SOLE 95,369 223,130 496,369 N V ENERGY INC COM 67073Y106 24,896 1,382,364 SH SOLE 281,553 13,479 1,087,332 NASDAQ OMX GROUP/THE COM COM 631103108 3,058 131,293 SH SOLE 1,197 2,736 127,360 NBT BANCORP COM 628778102 7,336 332,415 SH SOLE 63,958 2,680 265,777 NCR CORP COM 62886E108 34,201 1,467,223 SH SOLE 234,727 13,847 1,218,649 NEWMONT MINING CORP COM 651639106 11,147 199,004 SH SOLE 38,503 6,744 153,757 NORFOLK SOUTHERN CORP CO COM 655844108 2,392 37,587 SH SOLE 296 771 36,520 NORTHROP GRUMMAN CORP COM 666807102 973 14,647 SH SOLE 14,647 - - NUCOR CORP COMMON STOCK COM 670346105 2,601 67,982 SH SOLE 613 1,389 65,980 NABORS INDUSTRIES LTD. COM G6359F103 3,146 224,217 SH SOLE 22,292 - 201,925 NACCO INDS INC CL A COM 629579103 5,057 40,323 SH SOLE 7,871 341 32,111 NIPPON TELEG ADR COM 654624105 4,282 180,592 SH SOLE 24,816 48,855 106,921 NOMURA HLDG INC SPONS- A COM 65535H208 3,801 1,067,682 SH SOLE 122,546 285,734 659,402 OCCIDENTAL PETE CORP COM 674599105 2,452 28,489 SH SOLE 28,489 - - OWENS &MINOR INC HLDG CO COM 690732102 33,781 1,130,560 SH SOLE 192,472 8,872 929,216 OWENS ILLINOIS INC COMMO COM 690768403 5,220 278,239 SH SOLE 4,444 3,405 270,390 OLIN CORP COM 680665205 30,734 1,414,343 SH SOLE 270,526 12,547 1,131,270 OMEGA HEALTHCARE INVESTO COM 681936100 34,141 1,502,017 SH SOLE 283,968 13,019 1,205,030 ORACLE CORP COM 68389X105 971 30,855 SH SOLE 30,855 - - OSHKOSH TRUCK CORP. COM 688239201 6,724 245,135 SH SOLE 4,538 2,212 238,385 PAN AMERICAN SILVER CP F COM 697900108 11,207 522,707 SH SOLE 96,756 4,602 421,349 PFIZER INCORPORATED COM 717081103 12,026 483,957 SH SOLE 155,528 14,562 313,867 PHILIP MORRIS INTL INC COM 718172109 1,616 17,965 SH SOLE 17,965 - - PITNEY BOWES INC COM 724479100 2,344 169,625 SH SOLE 21,575 - 148,050 PLANTRONICS INC COM 727493108 28,309 801,273 SH SOLE 153,332 7,246 640,695 PLATINUM UNDERWRITERS F COM G7127P100 25,323 619,588 SH SOLE 119,352 5,592 494,644 PMC SIERRA INC COM 69344F106 30,064 5,363,774 SH SOLE 991,981 44,858 4,326,935 PNC FINL SERVICES GP INC COM 693475105 11,551 183,057 SH SOLE 70,367 4,744 107,946 PPL CORPORATION COMMON S COM 69351T106 2,641 90,909 SH SOLE 719 1,965 88,225 PROTECTIVE LIFE CORP COM 743674103 30,123 1,149,297 SH SOLE 224,469 10,205 914,623 PARTNERRE LTD. COM G6852T105 3,021 40,668 SH SOLE 361 846 39,461 PENNSYLVANIA RL EST TR S COM 709102107 30,178 1,902,750 SH SOLE 366,578 17,872 1,518,300 PERKINELMER INC. COM 714046109 31,833 1,080,182 SH SOLE 220,471 10,316 849,395 PETROLEO BRASILEIRO S/A COM 71654v408 4,581 199,741 SH SOLE 27,926 53,963 117,852 PHILLIPS 66 COM 718546104 1,379 29,742 SH SOLE 29,742 - - PORTLAND GENERAL ELECTRI COM 736508847 35,076 1,297,205 SH SOLE 243,010 11,293 1,042,902 PROSPERITY BANCSHARES IN COM 743606105 21,069 494,349 SH SOLE 93,610 4,567 396,172 QLOGIC CORP. COM 747277101 22,392 1,960,746 SH SOLE 378,654 17,660 1,564,432 RAYMOND JAMES FINL INC COM 754730109 4,049 110,475 SH SOLE 2,650 - 107,825 RELIANCE STEEL + ALUMINU COM 759509102 3,811 72,800 SH SOLE 1,875 - 70,925 ROYAL DUTCH SHELL PLC AD COM 780259206 4,265 61,450 SH SOLE 8,588 16,850 36,012 RYDER SYSTEM INC COM 783549108 27,911 714,568 SH SOLE 130,447 7,411 576,710 ROCK-TENN COM 772739207 6,702 92,850 SH SOLE 1,885 1,005 89,960 ROSETTA RESOURCES INC COM 777779307 3,057 63,825 SH SOLE 1,725 - 62,100 S & T BANCORP INC. COM 783859101 895 50,805 SH SOLE 10,251 343 40,211 SECTOR SPDR FINANCIAL COM 81369y605 1,271 81,503 SH SOLE 81,503 - - SENIOR HOUSING PROP TRUS COM 81721M109 3,186 146,285 SH SOLE 1,321 3,059 141,905 SK TELECOM ADR COM 78440P108 4,967 341,641 SH SOLE 39,629 94,272 207,740 SMITH-NPHW PLC SPADR NEW COM 83175M205 4,475 81,193 SH SOLE 9,500 22,473 49,220 SPIRIT AEROSYSTEMS HOLD COM 848574109 3,223 145,125 SH SOLE 3,725 - 141,400 SPX CORP. COM 784635104 29,686 453,852 SH SOLE 80,001 3,471 370,380 STAPLES INC COM 855030102 15,772 1,369,100 SH SOLE 411,944 34,473 922,683 SUMITOMO MITSUI-SPONS AD COM 86562M209 3,827 619,322 SH SOLE 71,930 171,484 375,908 SUNTRUST BANKS INC COM 867914103 14,987 530,126 SH SOLE 76,864 15,931 437,331 SUPERIOR ENERGY SERVICES COM 868157108 26,772 1,304,699 SH SOLE 229,201 10,482 1,065,016 SYMANTEC CORP COMMON STO COM 871503108 3,924 218,296 SH SOLE 26,868 3,997 187,431 SYMETRA FINANCIAL CORP COM 87151q106 11,909 968,176 SH SOLE 186,346 8,855 772,975 SYNAPTICS INC COM 87157D109 2,499 104,051 SH SOLE 14,333 143 89,575

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------ -------------- --------- -------- ------------------ ---------- -------- --------------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------ -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------- --------- SYNOPSYS INC COMMON STOC COM 871607107 8,203 248,612 SH SOLE 4,687 2,063 241,862 SCHULMAN A INC COM COM 808194104 7,846 329,263 SH SOLE 63,787 3,116 262,360 SIEMENS AG ADR COM 826197501 4,761 47,536 SH SOLE 5,526 13,159 28,851 ST JUDE MEDICAL INC COM 790849103 13,378 317,543 SH SOLE 46,789 9,798 260,956 STATOILHYDRO ASA COM 85771p102 4,239 164,364 SH SOLE 23,071 44,393 96,900 STEEL DYNAMICS INC COM COM 858119100 21,144 1,881,139 SH SOLE 359,235 17,708 1,504,196 SUNCOR ENERGY INC. COM 867224107 4,277 130,213 SH SOLE 15,155 36,350 78,708 TATA MTRS LTD SPONSORED COM 876568502 4,772 185,807 SH SOLE 25,210 49,994 110,603 TCF FINANCIAL CORP. COM COM 872275102 19,204 1,608,373 SH SOLE 309,218 14,530 1,284,625 TECO ENERGY INC COM 872375100 24,310 1,370,368 SH SOLE 270,289 13,614 1,086,465 TELEFLEX INCORPORATED COM 879369106 38,301 556,384 SH SOLE 95,503 4,321 456,560 TERADYNE INC COMMON STOC COM 880770102 2,892 203,375 SH SOLE 5,675 - 197,700 TEXTAINER GROUP HOLDINGS COM G8766E109 3,216 105,275 SH SOLE 2,700 - 102,575 THE JONES GROUP INC COM 48020T101 37,763 2,934,222 SH SOLE 514,371 22,137 2,397,714 THERMO FISHER SCIENTIFIC COM 883556102 10,161 172,711 SH SOLE 33,192 5,829 133,690 THOMPSON CREEK METALS F COM 884768102 10,576 3,710,816 SH SOLE 765,532 36,877 2,908,407 TTM TECHNOLOGIES COM 87305r109 6,396 679,026 SH SOLE 132,027 5,964 541,035 TUTOR PERINI CORP COM 901109108 25,646 2,241,752 SH SOLE 400,349 18,814 1,822,589 TELEFONICA SA SPAIN ADR COM 879382208 3,767 283,665 SH SOLE 40,883 76,253 166,529 TEVA PHARMACEUTICAL INDU COM 881624209 4,381 105,805 SH SOLE 14,334 28,602 62,869 THOMSON REUTERS CORP COM 884903105 9,668 334,986 SH SOLE 64,414 11,287 259,285 TOTAL SA ADR COM 89151E109 4,241 84,641 SH SOLE 12,044 22,755 49,842 U S BANCORP DEL NEW COM 902973304 12,203 355,776 SH SOLE 131,491 9,482 214,803 UBS AG COM h89231338 3,426 281,293 SH SOLE - 89,725 191,568 UNITED TECHNOLOGIES CORP COM 913017109 10,887 139,055 SH SOLE 47,539 3,830 87,686 UNITEDHEALTH GROUP INC COM 91324p102 3,680 66,411 SH SOLE 66,411 - - UNUM GROUP COMMON STOCK COM 91529Y106 5,495 285,915 SH SOLE 4,807 3,138 277,970 URS CORP COMMON STOCK US COM 903236107 5,794 164,086 SH SOLE 2,925 1,596 159,565 ULTRA PETROLEUM CORP COM 903914109 3,782 172,064 SH SOLE 3,176 1,620 167,268 UMPQUA HOLDINGS CORP. COM 904214103 4,708 364,927 SH SOLE 69,230 3,227 292,470 VALERO ENERGY CORP NEW COM 91913y100 14,403 454,647 SH SOLE 102,247 12,809 339,591 VODAFONE GROUP PLC SP AD COM 92857W209 4,315 151,407 SH SOLE 17,977 41,990 91,440 VISHAY INTERTECH COM 928298108 7,047 716,911 SH SOLE 138,425 6,241 572,245 W & T OFFSHORE INC COM 92922P106 17,088 909,918 SH SOLE 175,893 8,710 725,315 WADDELL & REED FINL CL A COM 930059100 37,025 1,129,842 SH SOLE 217,779 9,825 902,238 WASHINGTON FEDERAL INC S COM 938824109 38,064 2,284,749 SH SOLE 440,323 20,231 1,824,195 WASTE MANAGEMENT INC COM 94106l109 2,973 92,672 SH SOLE 813 1,889 89,970 WEINGARTEN REALTY INVEST COM 948741103 4,435 157,775 SH SOLE 3,750 - 154,025 WELLS FARGO & CO NEW COM 949746101 21,355 618,440 SH SOLE 210,202 17,287 390,951 WESTERN UN CO COM 959802109 3,103 170,307 SH SOLE 1,550 3,497 165,260 WHIRLPOOL CORP COMMON ST COM 963320106 7,524 90,744 SH SOLE 5,549 875 84,320 WALGREEN CO COM 931422109 1,481 40,655 SH SOLE 40,655 - - WEBSENSE INC. COM 947684106 12,461 796,206 SH SOLE 149,151 6,896 640,159 WEBSTER FINL CORP WATERB COM 947890109 21,227 895,665 SH SOLE 144,370 6,580 744,715 WESBANCO INC. COM 950810101 5,317 256,758 SH SOLE 71,314 2,915 182,529 WILEY JOHN & SONS CL A COM 968223206 16,139 351,239 SH SOLE 67,616 3,249 280,374 WINTRUST FINL CORP COM COM 97650W108 27,932 743,474 SH SOLE 142,242 6,596 594,636 WORTHINGTON INDUSTRIES I COM 981811102 21,892 1,010,730 SH SOLE 197,346 9,443 803,941 XEROX CORP COMMON STOCK COM 984121103 89 12,109 SH SOLE 12,109 - - YAMANA GOLD INC COM 98462y100 9,811 513,384 SH SOLE 52,964 81,159 379,261 ZIMMER HOLDINGS INC COM 98956p102 3,473 51,366 SH SOLE 465 1,031 49,870 ZIONS BANCORP COM 989701107 3,268 158,200 SH SOLE 4,075 - 154,125