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, 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 February 14, 2008 -------------------- ----------------------- ----------------- [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 31-Dec-07 TOTAL TOTAL: Title MARKET of VALUE TOTAL Name of Issuer class CUSIP (x1000) SHARES SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------- 3M Company COM 88579Y101 426,399 5,056,918 942,347 479,420 3,635,151 ABX Holdings, Inc. COM 00080S101 9,136 2,185,560 666,760 39,150 1,479,650 AMComp Inc. COM 02342j101 494 52,850 -- -- 52,850 AT&T Inc COM 00206R102 319 7,680 180 -- 7,500 Aaron Rents Inc Com COM 002535201 3,911 203,300 184,650 11,000 7,650 Ace Ltd. COM g0070k103 992 16,050 50 -- 16,000 Administaff Inc COM 007094105 9,427 333,350 -- -- 333,350 Aetna Inc COM 00817Y108 337,806 5,851,477 1,056,597 604,086 4,190,794 Alaska Comm Systems Group COM 01167P101 28,670 1,911,300 751,350 21,300 1,138,650 Alcoa Inc COM 013817101 976 26,700 200 -- 26,500 Allegheny Technologies COM 01741r102 976 11,300 -- -- 11,300 Allete, Inc. COM 018522300 26,482 669,075 115,325 6,250 547,500 Alliant Techsystems Inc COM 018804104 12,872 113,150 4,100 -- 109,050 Allied World Assurance Hold COM G0219G203 15,503 309,010 60 -- 308,950 Allstate COM 020002101 6,186 118,440 99,540 -- 18,900 Alon USA Energy Inc. COM 020520102 9,172 337,450 135,550 7,450 194,450 Altria Group Inc COM 02209S103 1,141,435 15,102,351 4,459,460 1,245,818 9,397,073 Amedisys Inc. COM 023436108 32,514 670,125 166,734 10,227 493,164 Ameren Corp. COM 023608102 1,813 33,450 2,900 -- 30,550 American Capital Strategies COM 024937104 975 29,570 70 -- 29,500 American Ecology Corp COM 025533407 8,928 380,250 -- -- 380,250 American Financial Realty Trus COM 02607P305 14,934 1,862,125 462,125 31,200 1,368,800 American International Group COM 026874107 992 17,010 110 -- 16,900 Americanwest Bancorporation COM 03058P109 6,029 342,000 -- -- 342,000 Amerisafe Inc. COM 03071h100 9,217 594,250 200 -- 594,050 Amgen Inc COM 031162100 99,150 2,135,024 434,795 358,671 1,341,558 Amsurg Corp. COM 03232P405 6,945 256,650 233,650 14,500 8,500 Anadarko Petroleum COM 032511107 523,409 7,967,871 1,530,449 760,227 5,677,195 Anixter International Inc. COM 035290105 45,944 737,825 152,225 5,700 579,900 Apache Corp Com COM 037411105 436,893 4,062,607 832,076 383,742 2,846,789 Apollo Investment Corp. COM 03761u106 34,382 2,016,550 231,350 -- 1,785,200 Apria Healthcare Group COM 037933108 16,813 779,450 188,850 10,950 579,650 Arc Energy Trust (Canadian) COM 001986108 32,403 1,588,400 821,500 -- 766,900 Arch Capital Group Ltd COM g0450a105 10,506 149,340 7,340 -- 142,000 Arena Resources Inc. COM 040049108 13,351 320,100 -- -- 320,100 Argo Group International Holdi COM G0464B107 30,738 729,605 208,015 5,766 515,824 Arris Group Inc. COM 04269Q100 21,392 2,143,460 329,160 17,550 1,796,750 Arrow Electronics Inc. COM 042735100 1,913 48,700 10,550 -- 38,150 Ashford Hospitality Trust COM 044103109 13,589 1,890,020 393,820 23,200 1,473,000 Assurant Inc. COM 04621x108 974 14,560 60 -- 14,500 Asta Funding COM 046220109 10,659 403,155 82,370 5,580 315,205 Atmos Energy COM 049560105 208 7,410 110 -- 7,300 Atwood Oceanics Inc. COM 050095108 39,760 396,650 66,300 4,300 326,050 Autozone COM 053332102 987 8,230 30 -- 8,200 Avid Technology Inc. COM 05367p100 9,874 348,400 -- -- 348,400 Axcan Pharma Inc. COM 054923107 8,223 357,500 322,800 21,950 12,750 BHP BILLITON LTD ADR COM 088606108 967 13,800 -- -- 13,800 BP Amoco Plc - Spons Adr COM 055622104 424 5,800 5,800 -- -- BP Prudhoe Bay Royalty Trust COM 055630107 11,445 142,700 43,800 -- 98,900 Bank Of America Corp COM 060505104 526,283 12,755,276 2,811,322 1,014,164 8,929,790 Barnes Group Inc. COM 067806109 19,195 574,875 199,575 12,500 362,800 Baytex Energy Trust - Units COM 073176109 2,867 150,000 150,000 -- -- Beckman Coulter Inc. COM 075811109 10,771 147,950 5,450 -- 142,500 Biovail Corp. COM 09067J109 1,501 111,480 12,630 -- 98,850 Black Box Corp. DEL COM COM 091826107 19,980 552,400 -- -- 552,400 Blount Intl Inc New COM 095180105 5,812 472,150 426,750 28,700 16,700 Bonavista Energy Trust (Canadi COM 098536105 42,642 1,496,200 889,700 -- 606,500 Borders Group Inc. COM 099709107 50,603 4,751,435 775,980 46,650 3,928,805 Boston Private Finl Holding COM 101119105 12,722 469,800 188,750 12,250 268,800 Bristow Group Inc. COM 110394103 9,361 165,250 -- -- 165,250 British American Tobacco COM 110448107 17,921 228,111 78,592 142,020 7,499 C-Met (144A) COM 189758105 216 18,000 -- -- 18,000 CAE Inc. COM 124765108 17,233 1,288,950 -- -- 1,288,950 CBS Corp New Cl B COM 124857202 1,189 43,650 250 -- 43,400 CF Industries Holdings Inc. COM 125269100 24,681 224,250 -- -- 224,250 CIT Group COM 125581108 97,821 4,070,812 729,356 438,727 2,902,729 CMS Energy Corp COM 125896100 3,776 217,250 -- -- 217,250 CNA Financial Corp COM 126117100 997 29,580 80 -- 29,500 Caci Intl Inc Cl A COM 127190304 15,103 337,350 -- -- 337,350 Callaway Golf COM 131193104 10,341 593,300 -- -- 593,300 Cameco Corp COM 13321L108 968 24,250 2,000 -- 22,250 Capital Lease Funding COM 140288101 9,844 1,169,070 320 -- 1,168,750 Capital One Finl Corp COM 14040H105 998 21,120 120 -- 21,000 Carolina Gp - Loews Corp COM 540424207 1,753 20,550 1,850 -- 18,700 CastlePoint Holdings Ltd. COM g19522112 4,673 389,400 -- -- 389,400 Celanese Corp. - Series A COM 150870103 985 23,280 80 -- 23,200 Centene Corp. COM 15135B101 14,543 530,000 -- -- 530,000 Centerplate Inc IDS COM 15200E204 1,207 133,800 -- -- 133,800 Century Aluminum Company COM 156431108 20,328 376,860 106,610 7,100 263,150 Charles River Laboratories COM 159864107 22,421 340,750 -- -- 340,750 Check Point Software COM m22465104 1,659 75,550 6,850 -- 68,700 Chesapeake Energy Corp COM 165167107 2,651 67,640 3,790 -- 63,850 Chevron Corporation COM 166764100 439,496 4,709,056 1,104,396 426,966 3,177,694 Chicago Bridge & Iron COM 167250109 31,329 518,350 -- -- 518,350 Chubb Corp COM 171232101 231,417 4,239,947 777,064 480,844 2,982,039 Cigna Corp COM 125509109 967 18,000 -- -- 18,000 Cimarex Energy Co. COM 171798101 10,487 246,590 11,240 -- 235,350 Cincinnati Financial Corp. COM 172062101 2,445 61,843 3,693 -- 58,150 Cinram International Income (C COM 172595100 2,119 364,300 -- -- 364,300 Citigroup, Inc COM 172967101 113,100 3,841,710 608,715 99,690 3,133,305 Citizens Republic Bancorp Inc. COM 174420109 15,099 1,040,600 222,150 13,200 805,250 City Holding Co. COM 177835105 4,918 145,322 132,672 7,550 5,100 Coca-Cola Femsa - ADR COM 191241108 271 5,500 1,300 -- 4,200 Cohen & Steers REIT & PR COM 19247x100 2,192 116,000 116,000 -- -- Columbia Bkg Sys Inc COM 197236102 19,102 642,525 159,025 9,250 474,250 Comerica Inc COM 200340107 2,525 58,010 2,860 -- 55,150 Commscope Inc. COM 203372107 37,350 759,000 136,300 7,800 614,900 Computer Sciences Corp. COM 205363104 980 19,800 -- -- 19,800 Conn's Inc. COM 208242107 5,447 318,350 -- -- 318,350 ConocoPhillips COM 20825C104 1,091,391 12,360,041 2,806,312 1,113,086 8,440,643 Consolidated Edison Inc. COM 209115104 995 20,370 70 -- 20,300 Contrans Income Fund (Canadian COM 212337109 9,734 1,017,700 333,900 -- 683,800 Cooper Cos. Inc Com COM 216648402 23,128 608,625 203,425 7,350 397,850 Cooper Industries Ltd COM G24182100 1,999 37,800 3,450 -- 34,350 Corrections Corp Of America COM 22025Y407 10,510 356,142 -- -- 356,142 Covidien Ltd. COM G2552X108 6,043 136,442 32,674 6,092 97,676 Crescent Point Energy Trust (C COM 225908102 54,613 2,172,500 1,200,900 -- 971,600 Curtiss-Wright Corp. COM 231561101 16,622 331,125 120,125 7,750 203,250 Cypress Shapridge 144A COM 23281a208 5,063 750,000 750,000 -- -- DRS Technologies Inc COM 23330x100 41,176 758,725 180,925 6,600 571,200 Del Monte Foods Co COM 24522P103 26,329 2,783,200 501,400 26,900 2,254,900 Deluxe Corp. COM 248019101 13,011 395,600 -- -- 395,600 Devon Energy COM 25179M103 583,154 6,558,925 1,545,984 653,788 4,359,153 Donnelley (R R) & Sons Co COM 257867101 2,779 73,640 4,190 -- 69,450 Double Hull Tankers Inc COM Y21110104 13,941 1,139,000 100,000 -- 1,039,000 Dow Chemical COM 260543103 1,150 29,180 180 -- 29,000 Du Pont (E I) De Nemours COM 263534109 347 7,860 3,360 -- 4,500 Duke Energy Corp New COM 26441c105 987 48,910 410 -- 48,500 Dynegy Inc. Class A COM 26817g102 82 11,529 -- -- 11,529 Eagle Bulk Shipping Inc. COM y2187a101 25,297 952,800 61,100 -- 891,700 Eaton Corp. COM 278058102 2,240 23,100 1,650 -- 21,450 Edison International COM 281020107 1,879 35,200 2,750 -- 32,450 Embarq Corp COM 29078e105 994 20,060 60 -- 20,000 Emcor Group Inc Com COM 29084Q100 24,254 1,026,400 120,000 6,500 899,900 Empire District Electric Co. COM 291641108 8,244 361,900 361,900 -- -- Encana Corp COM 292505104 4,167 61,310 5,853 1,515 53,942 Endurance Specialty Holdings COM G30397106 41,039 983,430 259,238 10,300 713,892 Enerplus Resources Fund COM 29274D604 14,466 361,200 361,200 -- -- Ennis Inc. COM 293389102 16,586 921,450 203,500 11,650 706,300 Ensco International, Inc COM 26874q100 981 16,460 60 -- 16,400 Evergreen Inc. Advantage Fund COM 30023y105 12,959 1,148,868 246,200 -- 902,668 Exxon Mobil Corp COM 30231G102 1,066 11,380 80 -- 11,300 FBR Capital Markets Corp. - 14 COM 30247c103 2,874 300,000 -- -- 300,000 Fair Isaac Corp. COM 303250104 3,578 111,300 111,300 -- -- Fairborne Energy Ltd. (Canadia COM 303623102 21,396 3,224,000 1,210,100 -- 2,013,900 Fairpoint Communications Inc. COM 305560104 2,833 217,600 -- -- 217,600 Fannie Mae COM 313586109 393,651 9,846,196 3,312,003 694,348 5,839,845 Federal Express COM 31428X106 35,478 397,870 40,070 9,600 348,200 Fifth Third Bancorp COM 316773100 978 38,900 -- -- 38,900 Financial Fed Corp Com COM 317492106 3,547 159,150 144,200 8,350 6,600 Financial Select Sector SPDR COM 81369y605 4,600 158,990 2,120 156,870 -- Firstmerit Corp. COM 337915102 5,076 253,675 229,125 15,300 9,250 Focus Energy Trust Units (Cana COM 34415R108 1,697 100,000 100,000 -- -- Forest Laboratories Inc. COM 345838106 976 26,790 90 -- 26,700 Fortune Brands Inc. COM 349631101 912 12,600 1,150 -- 11,450 Freddie Mac COM 313400301 393,363 11,545,730 1,811,265 887,619 8,846,846 Freehold Royalty Trust UTS (Ca COM 355904103 9,362 592,300 -- -- 592,300 Freeprt McMoran cpr&gld COM 35671d857 1,175 11,470 70 -- 11,400 Frontier Oil Corp Com COM 35914P105 949 23,380 80 -- 23,300 Frontline Ltd COM g3682e127 10,693 222,770 70 -- 222,700 GATX CORPORATION COM 361448103 4,637 126,425 115,475 6,550 4,400 Gannett Co Inc DEL COM 364730101 2,282 58,520 2,920 -- 55,600 Gardner Denver Inc Com COM 365558105 12,639 383,000 3,900 -- 379,100 General Cable Corp/De COM 369300108 30,774 419,950 123,750 4,000 292,200 General Electric Co COM 369604103 297,659 8,029,636 1,584,676 978,160 5,466,800 Genesee & Wyoming Inc-Cl A COM 371559105 12,565 519,850 -- -- 519,850 Genlyte Group Inc Com COM 372302109 13,714 144,050 -- -- 144,050 Granite Constr Inc Com COM 387328107 10,682 295,250 -- -- 295,250 Grant Prideco Inc. COM 38821G101 975 17,560 60 -- 17,500 Great Plains Energy Inc. COM 391164100 9,300 317,200 317,200 -- -- HCC Ins Hldgs Inc COM 404132102 9,330 325,310 18,160 -- 307,150 HERCULES INC COM 427056106 26,565 1,372,850 258,500 15,450 1,098,900 HNI Corp COM 404251100 23,649 674,525 114,825 6,250 553,450 HUBBELL INC CL B PAR .01 COM 443510201 27,965 541,950 9,850 -- 532,100 Hanesbrands Inc. COM 410345102 13,959 513,750 196,850 12,800 304,100 Hanover Insurance Group, Inc. COM 410867105 30,563 667,320 121,120 6,600 539,600 Harley Davidson COM 412822108 975 20,870 70 -- 20,800 Harsco Corp Com COM 415864107 17,597 274,650 -- -- 274,650 Hartford Finl Svcs Grp Inc COM 416515104 180,524 2,070,468 455,346 242,593 1,372,529 Harvest Energy Trust COM 41752x101 34,541 1,663,028 546,828 -- 1,116,200 Headwaters Inc. COM 42210p102 4,654 396,450 -- -- 396,450 Healthspring Inc COM 42224n101 36,723 1,927,700 481,800 16,700 1,429,200 Helen of Troy Ltd COM G4388N106 19,099 1,114,295 398,495 12,200 703,600 Helix Energy Group, Inc. COM 42330p107 22,902 551,850 -- -- 551,850 Henry (Jack) & Associates COM 426281101 33,412 1,372,700 189,000 11,700 1,172,000 Hercules Offshore Inc. COM 427093109 25,656 1,078,884 195,000 10,550 873,334 Hess Corp COM 42809h107 2,670 26,470 1,570 -- 24,900 Hillenbrand Industries COM 431573104 9,613 172,500 8,700 -- 163,800 Home Depot Inc. COM 437076102 994 36,880 280 -- 36,600 Hormel Foods Corp. COM 440452100 8,367 206,700 13,300 -- 193,400 Hornbeck Offshore Services COM 440543106 5,997 133,425 119,853 7,972 5,600 Hospitality Properties Trust COM 44106M102 6,500 201,730 3,580 -- 198,150 Huntington Bancshares In COM 446150104 7,083 479,890 24,940 -- 454,950 Hyperion Total Return Fund COM 449145101 1,529 222,600 222,600 -- -- IAMgold Corporation COM 450913108 32,968 4,070,164 1,227,200 43,414 2,799,550 IDACORP INC COM COM 451107106 30,044 853,025 170,325 9,650 673,050 IDEARC Inc. COM 451663108 4,487 255,550 15,250 -- 240,300 IPC Holdings LTD COM G4933P101 29,290 1,014,560 183,310 11,400 819,850 Imperial Tobacco Group PLC COM 453142101 102,823 958,452 133,200 103,449 721,803 Integrys Energy Group, Inc. COM 45822P105 36,059 697,600 195,300 6,500 495,800 International Business Machine COM 459200101 202 1,870 70 -- 1,800 Iowa Telecommunications COM 462594201 19,740 1,214,000 269,800 15,450 928,750 Ishares Tr Russell 2000 COM 464287655 1,534 20,200 -- 20,200 -- J.P. Morgan Chase & Co. COM 46625H100 31,170 714,084 101,554 14,445 598,085 JM Smucker Co. COM 832696405 43,922 853,850 183,750 6,500 663,600 KBW Bank Index ETF COM 78464a797 9,829 225,700 154,700 -- 71,000 Kelly Svcs Inc Cl A COM 488152208 19,118 1,024,535 163,535 8,000 853,000 Kennametal Inc. COM 489170100 14,052 371,150 158,750 10,100 202,300 Key Energy Services Inc. COM 492914106 22,247 1,545,990 303,440 16,900 1,225,650 Keycorp COM 493267108 193,897 8,268,532 2,081,631 454,334 5,732,567 Kimberly Clark Corp COM 494368103 202 2,910 110 -- 2,800 Kindred Healthcare Inc. COM 494580103 8,268 331,000 -- -- 331,000 Kinetic Concepts Inc. COM 49460W208 23,757 443,550 2,950 -- 440,600 Kohls Corp. COM 500255104 998 21,800 -- -- 21,800 L-3 Communications Holdings COM 502424104 1,796 16,950 1,700 -- 15,250 Lam Research Corp. COM COM 512807108 967 22,360 60 -- 22,300 Leggett & Platt Inc. COM 524660107 7,176 411,470 23,020 -- 388,450 Lehman Brothers Holdings Inc COM 524908100 1,001 15,300 -- -- 15,300 Liberty Media Holding Corp. Ca COM 53071m302 979 8,400 -- -- 8,400 Lifepoint Hospitals COM 53219l109 27,823 935,543 145,267 8,336 781,940 Lilly (Eli) & Co COM 532457108 155,110 2,905,238 851,069 238,604 1,815,565 Limited Inc. COM 532716107 1,001 52,900 -- -- 52,900 Lincare Holdings Inc COM 532791100 7,097 201,850 8,950 -- 192,900 Lincoln National Corp COM 534187109 993 17,050 50 -- 17,000 Loews Corp COM 540424108 1,020 20,260 160 -- 20,100 Lowes Cos. COM 548661107 249,393 11,025,334 1,985,271 1,000,702 8,039,361 M&T Bank Corporation COM 55261F104 987 12,100 -- -- 12,100 MB Financial Inc. COM 55264U108 9,844 319,305 150,805 8,450 160,050 MCG Capital Corp. COM 58047P107 2,817 243,050 -- -- 243,050 MKS Instrument Inc Com COM 55306N104 17,096 893,222 226,189 13,150 653,883 Macy's Inc. COM 55616p104 87,398 3,378,364 681,845 352,261 2,344,258 Magna International CL A VTG COM 559222401 213 2,650 350 -- 2,300 Marathon Oil Corp COM 565849106 1,877 30,840 140 -- 30,700 Marshall & Ilsley Corp. COM 571837103 950 35,867 3,418 -- 32,449 Masco COM 574599106 982 45,440 140 -- 45,300 Matrix Service Co. COM 576853105 5,519 252,950 -- -- 252,950 Mattel Inc COM 577081102 1,994 104,750 9,400 -- 95,350 Metal Management, Inc. COM 591097209 5,700 125,200 -- -- 125,200 Metlife COM 59156r108 993 16,110 110 -- 16,000 Mettler-Toledo International COM 592688105 20,370 179,000 -- -- 179,000 Microsoft COM 594918104 65,273 1,833,512 192,217 87,485 1,553,810 Mirant Corp COM 60467r100 315 8,088 19 -- 8,069 Morgan Stanley COM 617446448 984 18,520 120 -- 18,400 Mueller Water Products Inc. COM 624758108 15,107 1,586,850 358,800 20,450 1,207,600 Mueller Water Products Inc. Cl COM 624758207 3,566 357,696 24,850 -- 332,846 Myers Industries Inc COM 628464109 3,308 228,600 201,500 16,750 10,350 Mylan Inc. COM 628530107 1,041 74,050 7,250 -- 66,800 Nal Oil & Gas Trust-UTS (Canad COM 628949109 13,261 1,128,600 82,900 -- 1,045,700 Nash Finch Co Com COM 631158102 20,569 583,025 229,995 8,659 344,371 Natco Group Inc - A COM 63227W203 6,357 117,400 -- -- 117,400 New Flyer Industries Inc.-IDS COM 64438r306 13,082 1,025,500 104,900 -- 920,600 Newalta Income Fund COM 65020r109 725 39,200 -- -- 39,200 Newfield Expl. CO Com. COM 651290108 1,558 29,570 2,870 -- 26,700 Newmont Mining Corp COM 651639106 400 8,200 4,500 -- 3,700 Noble Drilling Corp COM g65422100 993 17,570 70 -- 17,500 Noble Energy COM 655044105 1,320 16,600 1,350 -- 15,250 Nordstrom Inc. COM 655664100 999 27,200 -- -- 27,200 Norfolk Southern Corp. COM 655844108 1,072 21,260 60 -- 21,200 Northrop Grumman Corp COM 666807102 163,973 2,085,114 397,622 367,317 1,320,175 Northwest Pipe Company COM 667746101 7,975 203,750 -- -- 203,750 Nucor Corp COM 670346105 962 16,250 50 -- 16,200 Nuveen Pfd. & Cvrt Income Fund COM 67073d102 2,090 190,000 190,000 -- -- Nuveen Quality Preferred II COM 67072c105 1,743 161,200 161,200 -- -- OM Group COM 670872100 21,170 367,910 96,510 6,600 264,800 Occidental Petroleum COM 674599105 208,469 2,707,750 490,665 256,513 1,960,572 Odyssey Healthcare Inc COM 67611V101 8,986 812,500 -- -- 812,500 Odyssey Re Holdings Corp COM 67612w108 19,583 533,440 90 -- 533,350 Oil States International Inc COM 678026105 10,702 313,670 70 -- 313,600 Old Republic Intl Corp COM 680223104 1,072 69,545 170 69,375 -- PNC Financial Services Group COM 693475105 326,806 4,978,001 1,063,469 380,640 3,533,892 PPG Industries Inc. COM 693506107 2,458 35,000 2,000 -- 33,000 PPL Corp. COM 69351t106 1,753 33,650 3,100 -- 30,550 Pan American Silver Corp. COM 697900108 34,301 982,000 210,100 14,150 757,750 Parallel Petroleum Corp. COM 699157103 38,843 2,203,250 624,950 22,900 1,555,400 Park Electrochemical Corp. COM 700416209 20,370 721,330 157,797 10,216 553,317 Parker Hannifin Corp COM 701094104 1,886 25,049 2,124 -- 22,925 Pengrowth Energy Trust COM 706902509 30,236 1,701,500 368,000 -- 1,333,500 Penn West Energy Trust COM 707885109 35,025 1,343,400 813,100 -- 530,300 Penney (J C) Co COM 708160106 1,001 22,750 50 -- 22,700 Penske Auto Group COM 70959w103 9,194 526,550 247,600 16,500 262,450 Perini Corp. COM 713839108 23,976 578,858 97,650 6,208 475,000 Perkinelmer Inc. COM 714046109 11,788 453,050 -- -- 453,050 Perrigo Company COM 714290103 15,075 430,600 -- -- 430,600 Petrohawk Energy Corp COM 716495106 34,767 2,008,475 682,575 28,500 1,297,400 Petroquest Energy Inc. COM 716748108 29,733 2,079,200 686,926 23,450 1,368,824 Pfizer COM 717081103 435,570 19,162,805 3,514,989 1,761,119 13,886,697 Phillips-Van Heusen COM 718592108 11,801 320,164 -- -- 320,164 Pilgrims Pride Corp COM 721467108 23,555 813,647 144,347 7,150 662,150 Pine Brook Cap Inc. Class A COM 72246F109 -- 265,913 265,913 -- -- Pinnacle Gas Resources, Inc. 1 COM 723464103 3,206 700,000 -- -- 700,000 Pioneer High Income Trust COM 72369H106 5,498 392,400 277,100 -- 115,300 Pitney Bowes Inc COM 724479100 974 25,600 -- -- 25,600 Platinum Underwriters Holdings COM G7127P100 34,254 963,265 283,015 10,950 669,300 Primary Energy Recycling-EIS ( COM 74158d304 2,602 490,000 -- -- 490,000 Procter & Gamble Co COM 742718109 228 3,100 3,100 -- -- Progress Energy COM 743263105 15,478 319,600 319,600 -- -- Progressive Corp Ohio COM 743315103 1,007 52,560 160 -- 52,400 Protective Life Corp Com COM 743674103 8,238 200,830 11,380 -- 189,450 Provident Bankshares Corp COM 743859100 2,124 99,300 -- -- 99,300 REGIS CORP MINN COM 758932107 21,457 767,400 139,950 7,350 620,100 RPC Inc. COM 749660106 12,486 1,066,300 -- -- 1,066,300 RTI International Metals, Inc. COM 74973W107 46,731 677,949 65,099 4,200 608,650 Ralcorp Holdings Inc COM 751028101 37,840 622,475 92,975 5,900 523,600 Regal Beloit COM 758750103 30,624 681,300 124,850 7,650 548,800 Regal Entertainment Group COM 758766109 2,235 123,700 123,700 -- -- Regions Financial Corp. New COM 7591ep100 9,821 415,260 415,260 -- -- Renaissancere Holdings LTD COM G7496G103 241 4,000 800 -- 3,200 Ruby Tuesday Inc Com COM 781182100 1,707 175,030 160,711 9,450 4,869 Ruddick Corp. COM 781258108 38,535 1,111,475 181,775 12,000 917,700 ISHARES TR MSCI EAFE INDEX COM 464287465 24 300 -- 300 -- Russell 1000 Value Index Fund COM 464287598 50,060 623,794 225,099 380,955 17,740 SPDR Trust Series 1 COM 78462f103 30,235 206,790 29,945 174,145 2,700 Safety Insurance Group Inc. COM 78648T100 5,049 137,875 124,825 8,100 4,950 San Juan Basin Royalty Tr COM 798241105 3,363 100,800 100,800 -- -- Sanderson Farms Inc. COM 800013104 5,207 154,150 141,250 7,350 5,550 Sanderson Farms Inc. COM 806037107 12,453 384,950 -- -- 384,950 Seagate Technology COM G7945J104 2,361 92,600 7,300 -- 85,300 Selective Ins Group Com COM 816300107 10,393 452,050 150 -- 451,900 Sempra Energy COM 816851109 987 15,950 50 -- 15,900 Sherwin-Williams COM 824348106 2,557 44,050 2,350 -- 41,700 Sierra Pacific Resources COM 826428104 7,197 423,850 -- -- 423,850 Smithfield Foods Inc Com COM 832248108 1,702 58,850 5,400 -- 53,450 Southern Copper Corp. COM 84265V105 1,016 9,660 460 -- 9,200 Southern Union Co COM 844030106 23,277 792,801 -- 1 792,800 Sovereign Bancorp. Inc. COM 845905108 75,400 6,614,015 1,239,274 657,935 4,716,806 St. Mary Land & Exploration COM 792228108 12,269 317,765 131,165 8,300 178,300 Stancorp Financial Group COM 852891100 20,105 399,060 105,460 7,100 286,500 Staples Inc COM 855030102 326,943 14,171,753 2,499,985 1,361,119 10,310,649 Stec Inc COM 784774101 32,243 3,689,150 824,086 54,973 2,810,091 Sterling Construction Co COM 859241101 14,162 649,050 -- -- 649,050 Sterling Financial Corp./Spoka COM 859319105 10,851 646,265 167,085 9,400 469,780 Stewart W P and Co. LTD COM G84922106 486 95,200 95,200 -- -- Suburban Propane Partners COM 864482104 16,567 409,050 -- -- 409,050 Sunoco Inc. COM 86764P109 2,535 35,000 2,100 -- 32,900 Suntrust Banks Inc COM 867914103 1,680 26,884 200 -- 26,684 Superior Energy Services Inc. COM 868157108 30,051 873,065 142,915 8,800 721,350 Superior Essex Inc COM 86815v105 9,635 401,450 -- -- 401,450 Supervalu Inc. COM 868536103 1,574 41,950 3,800 -- 38,150 Sybase Inc. COM 871130100 21,947 841,200 219,400 15,300 606,500 Syneron Medical Ltd. COM M87245102 2,966 221,850 202,500 11,550 7,800 TJX Companies Inc COM 872540109 1,643 57,200 5,650 -- 51,550 Teco Energy Inc. COM 872375100 5,777 335,650 -- -- 335,650 Telefonos M SA RP L ADR COM 879403780 236 6,400 1,000 -- 5,400 Terex Corp New Com COM 880779103 990 15,100 -- -- 15,100 Tesoro Petroleum Corp COM 881609101 972 20,370 70 -- 20,300 Texas Inds. Inc. COM 882491103 9,663 137,850 -- -- 137,850 The Men's Wearhouse Inc. COM 587118100 24,012 890,000 214,350 6,250 669,400 Thomas & Betts Corp COM 884315102 7,476 152,450 -- -- 152,450 Tortoise Energy Infrastructure COM 89147L100 10,824 324,957 -- -- 324,957 Tower Group Inc. COM 891777104 14,676 439,400 -- -- 439,400 Trane Inc. COM 892893108 999 21,390 90 -- 21,300 Transocean Sedco Forex Inc COM G90078109 959 6,700 -- -- 6,700 Travelers Cos Inc/THE COM 89417e109 29,865 555,110 31,550 10,800 512,760 Triumph Group Inc New Com COM 896818101 8,696 105,600 -- -- 105,600 Tyco Electronics Ltd. COM G9144P105 3,645 98,159 26,997 4,868 66,294 Tyco International Ltd COM G9143X208 8,156 205,699 41,352 8,441 155,906 U S Bancorp COM 902973304 208,782 6,577,900 1,568,596 450,064 4,559,240 UCBH Holdings Inc COM 90262t308 21,093 1,489,625 305,475 16,450 1,167,700 URS Corp New Com COM 903236107 28,138 517,900 -- -- 517,900 UST Inc. COM 902911106 375,267 6,847,932 1,301,098 491,366 5,055,468 United Fire and Casualty Co. COM 910331107 19,648 675,430 156,330 8,850 510,250 United Technologies Corp COM 913017109 240,625 3,143,783 574,797 296,936 2,272,050 UnitedHealth Group Inc. COM 91324p102 674,236 11,584,823 2,265,031 1,050,907 8,268,885 Universal Corp/Va COM 913456109 5,537 108,100 99,250 5,100 3,750 Uranium Resources Inc COM 916901507 29,974 2,401,765 337,315 21,688 2,042,762 VF Corp COM 918204108 954 13,900 -- -- 13,900 Valero Energy Corp. COM 91913Y100 989 14,120 120 -- 14,000 Vector Group Ltd COM 92240M108 48,639 2,424,669 908,866 16,310 1,499,493 Vectren Corp. COM 92240g101 5,798 199,850 180,400 12,250 7,200 Ventas Inc. COM 92276F100 9,104 201,200 3,550 -- 197,650 Verizon Communications COM 92343V104 314,655 7,201,980 1,154,780 683,274 5,363,926 Vermilion Energy Trust (Canadi COM 923728109 3,184 91,800 91,800 -- -- WAJAX Income Fund (Canadian) COM 930787106 2,459 75,800 -- -- 75,800 WEIS MARKETS INC COM 948849104 24,816 621,330 138,230 7,600 475,500 WR Berkley Corp COM 084423102 987 33,110 110 -- 33,000 Wachovia Corp COM 929903102 563,684 14,822,074 2,945,284 1,204,535 10,672,255 Waddell & Reed Financial - A COM 930059100 31,383 869,575 240,725 16,500 612,350 Walter Industries Inc. COM 93317Q105 19,857 552,650 143,650 9,250 399,750 Washington Mutual Inc. COM 939322103 380,574 27,962,797 7,319,069 1,865,014 18,778,714 Watts Water Technologies A COM 942749102 14,235 477,700 -- -- 477,700 Wells Fargo & Co (New) COM 949746101 985 32,620 220 -- 32,400 Wesco Intl Inc Com COM 95082P105 13,688 345,300 600 -- 344,700 Western Digital Corp COM 958102105 992 32,830 130 -- 32,700 Whirlpool Corp COM 963320106 2,015 24,690 1,240 -- 23,450 Williams Coal Seam Gas Trust COM 969450105 481 57,500 57,500 -- -- Windstream Corp. COM 97381W104 9,846 756,250 39,750 -- 716,500 Wolverine World Wide Inc COM 978097103 9,144 372,900 -- -- 372,900 Worthington Industries Inc COM 981811102 4,170 233,200 -- -- 233,200 Wyeth COM 983024100 472,918 10,701,940 1,994,977 1,142,048 7,564,915 Yamana Gold Inc. COM 98462Y100 2,322 179,450 19,550 -- 159,900 ABN AMRO CAP VII (ABNA) - 6.08 PRD 00372Q201 3,716 200,000 200,000 -- -- Aegon NV 6.875% Preferred PRD ep0215871 1,769 80,000 80,000 -- -- Alabama Power 5.3% Pfd. PRD 010392561 1,688 80,000 80,000 -- -- Arch Capital Group Ltd. Pfd. S PRD g0450a154 775 33,400 33,400 -- -- Arch Capital Group Ltd. Pfd. S PRD g0450A147 8,497 340,000 340,000 -- -- Aspen Insurance (AHL) 7.4010% PRD g05384139 437 20,000 20,000 -- -- Axis Capital 7.5000% PRD 05461t206 5,183 50,000 50,000 -- -- Axis Capital Holdings 7.25 % P PRD G0692U208 4,554 218,100 218,100 -- -- CIT Group Inc. 6.35% Series A PRD 125581207 1,084 60,000 60,000 -- -- Chevy Chase PFD 8% PRD 166779207 4,818 189,300 189,300 -- -- DB Cap Funding VIII 6.375% Per PRD 25153u204 6,363 300,000 300,000 -- -- Dairy Farmers (Dairy) 7.875% S PRD 23385H208 13,808 140,000 140,000 -- -- Endurance Specialty Holding Pf PRD 29267H208 8,582 412,000 412,000 -- -- Fannie Mae 5.1% Series Preferr PRD 313586604 9,369 200,000 200,000 -- -- Fannie Mae 6.75% Preferred PRD 313586778 28,500 1,200,000 1,200,000 -- -- Fannie Mae 8.25%Pfd. Series PRD 313586752 113,080 4,400,000 4,400,000 -- -- Fannie Mae Floating Preferred PRD 313586786 6,370 280,000 280,000 -- -- Fannie Mae Floating Quarterly PRD 313586794 3,688 80,000 80,000 -- -- Federal Home Loan Mortgage PRD 313400772 4,100 100,000 100,000 -- -- Franklin Bank 7.50% Series A PRD 352451405 621 48,700 48,700 -- -- Freddie Mac 6.4200% Series PRD 313400699 1,075 25,000 25,000 -- -- Goldman Sachs GP 6.2% Series P PRD 38144X500 1,831 80,000 80,000 -- -- HSBC Holdings PLC 6.2000% Seri PRD 404280604 2,037 100,000 100,000 -- -- Hilltop Holdings Inc 8.25% Pfd PRD 432748200 4,370 200,000 200,000 -- -- LTC Properties 8% Series F PRD 502175607 1,812 80,000 80,000 -- -- Lehman Brothers Holding 6.5% S PRD 524908720 3,039 140,500 140,500 -- -- Merrill Lynch 6.7% Series A PRD 59022Y840 4,400 200,000 200,000 -- -- Metlife Inc 6.5% Series B Pfd. PRD 59156r603 1,092 50,000 50,000 -- -- Morgan Stanley 6.18% Series A PRD 61747S504 2,115 100,000 100,000 -- -- Odyssey RE HLDGS 0.00% Series PRD 67612W405 3,567 152,100 152,100 -- -- Odyssey Re Holdings Pfd. 8.125 PRD 67612w306 5,513 245,000 245,000 -- -- Omega Healthcare 8.375% Pfd Se PRD 681936407 9,720 400,000 400,000 -- -- PPL Electric Uti PFD 6.25% PRD 69351u863 2,955 120,000 120,000 -- -- Red Lion Hotels 9.50% 2/19/44 PRD 75670L104 1,931 81,250 81,250 -- -- S Finance Pfd. (SANTAN) 6.8% S PRD 80281R706 2,205 100,000 100,000 -- -- Scottish Re Grp Ltd. 7.2500% S PRD G73537402 4,215 577,400 577,400 -- -- Southern Union 7.55% Yield PRD 844030601 9,503 385,500 385,500 -- -- Fannie Mae 5.375% Convertible Preferred PRD 313586810 42,697 505 505 -- -- Universal Corp. 6.75% Conv. Perp. Pfd PRD 913456307 31,625 25,000 25,000 -- --

Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Total: 419 Form 13F Information Table Value Total: 17,229,404 (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