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, 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: Michael D. Appleton
Title: Chief Compliance Officer
Phone: (201) 793-2005
Signature, Place, and Date of Signing:
/s/ Michael D. Appleton Jersey City, New Jersey November 12, 2009
----------------------- ----------------------- -----------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[ X ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and
all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported
by other reporting manager(s).)
Dreman Value Management, LLC
FORM 13F
for 9/30/2009
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TOTAL TOTAL:
MARKET
VALUE TOTAL SHARES SOLE SHARED NONE
Name of Issuer Title of class CUSIP (x1000)
------------------------------------------------------------------------------------------------------------------------------------
3M Company COM 88579Y101 584 7,916 7,916 - -
AES Corporation COM 00130H105 405 27,340 - - 27,340
AFLAC Inc COM 001055102 553 12,942 1,582 - 11,360
AT&T Inc COM 00206R102 439 16,260 16,260 - -
Aetna Inc COM 00817Y108 16,954 609,198 403,769 173,646 31,783
Alaska Comm Systems Group COM 01167P101 21,209 2,292,889 437,394 20,900 1,834,595
Alexandria Real Estate EQTS COM 015271109 25,550 470,098 97,325 6,923 365,850
Allete, Inc. COM 018522300 22,632 674,164 129,975 8,489 535,700
Alliance Data Systems Corp. COM 018581108 3,651 59,775 2,775 - 57,000
Alliant Techsystems Inc COM 018804104 2,573 33,050 1,750 - 31,300
Allied World Assurance Hold COM G0219G203 26,277 548,237 91,225 7,292 449,720
Allstate COM 020002101 20,224 660,488 369,306 166,130 125,052
Altria Group Inc COM 02209S103 44,491 2,498,096 1,683,383 715,249 99,464
Amdocs Limited COM g02602103 3,454 128,500 6,800 - 121,700
Amedisys Inc. COM 023436108 25,083 574,911 119,453 8,322 447,136
Ameren Corp. COM 023608102 6,348 251,120 23,030 - 228,090
American Electric Power, Inc. COM 025537101 3,317 107,024 17,224 - 89,800
American Express COM 025816109 20,167 594,891 391,354 182,723 20,814
Ameriprise Financial Inc. COM 03076c106 7,848 216,030 6,550 - 209,480
Amsurg Corp. COM 03232P405 22,994 1,083,082 241,810 15,641 825,631
Anadarko Petroleum COM 032511107 54,437 867,803 584,383 247,371 36,049
Anixter International Inc. COM 035290105 27,376 682,517 124,215 7,952 550,350
Annaly Mtg Mgmt Inc. COM 035710409 2,301 126,849 4,949 - 121,900
Anworth Mortgage Asset Group COM 037347101 23,909 3,034,108 647,100 45,383 2,341,625
Apache Corp Com COM 037411105 42,693 464,910 311,093 132,344 21,473
Arch Capital Group Ltd COM g0450a105 2,938 43,500 2,300 - 41,200
Arch Coal Inc. COM 039380100 31,566 1,426,400 257,275 16,800 1,152,325
Argo Group International Holdi COM G0464B107 24,029 713,459 141,077 9,175 563,207
Arris Group Inc. COM 04269Q100 4,007 308,000 16,300 - 291,700
Arrow Electronics Inc. COM 042735100 3,275 116,350 900 - 115,450
Aspen Insurance Holdings, Ltd. COM G05384105 22,683 856,948 183,675 12,923 660,350
Assurant Inc. COM 04621x108 267 8,340 - - 8,340
Atwood Oceanics Inc. COM 050095108 32,725 927,847 175,760 12,112 739,975
Axis Capital Holdings Ltd COM G0692U109 2,522 83,575 625 - 82,950
BHP BILLITON LTD ADR COM 088606108 30,158 456,871 305,787 132,502 18,582
BOK Financial Corp. COM 05561Q201 3,414 73,700 3,900 - 69,800
BP Amoco Plc - Spons Adr COM 055622104 231 4,334 4,334 - -
BRINKS CO COM 109696104 27,895 1,036,605 192,000 13,055 831,550
BURGER KING HOLDINGS INC COM 121208201 5,866 333,475 10,175 - 323,300
Baker Hughes Inc. COM 057224107 2,420 56,735 2,235 - 54,500
Bank Of America Corp COM 060505104 42,033 2,484,211 1,860,577 522,327 101,307
Bank of Hawaii Corp. COM 062540109 26,322 633,662 122,825 8,187 502,650
Barnes Group Inc. COM 067806109 29,534 1,728,143 333,180 24,038 1,370,925
Best Buy Inc. COM 086516101 1,456 38,800 300 - 38,500
Big Lots Inc. Com COM 089302103 3,259 130,249 6,545 - 123,704
Biogen Idec Inc. COM 09062x103 2,407 47,648 9,148 - 38,500
Biovail Corp. COM 09067J109 2,943 190,725 1,475 - 189,250
Boeing Co COM 097023105 274 5,060 - - 5,060
Brinker International Inc. COM 109641100 26,776 1,702,200 329,075 22,200 1,350,925
CBS Corp New Cl B COM 124857202 3,992 331,320 15,500 - 315,820
CENTURYTEL INC COM 156700106 236 7,014 - - 7,014
CF Industries Holdings Inc. COM 125269100 2,850 33,050 1,750 - 31,300
CONSTELLATION BRANDS INC COM 21036P108 3,433 226,595 10,725 - 215,870
CRANE CO DELAWARE COM 224399105 3,074 119,100 6,300 - 112,800
CSX Corp COM 126408103 303 7,250 - - 7,250
Caci Intl Inc Cl A COM 127190304 21,993 465,270 101,675 6,870 356,725
Cameco Corp COM 13321L108 2,441 87,800 675 - 87,125
Cardinal Health Inc. COM 14149Y108 9,607 358,481 189,926 82,065 86,490
Carefusion Corp COM 14170T101 2,779 127,459 86,229 35,989 5,241
Carnival Corp. COM 143658300 13,930 418,580 285,295 116,793 16,492
Cash American International In COM 14754D100 24,025 796,580 157,702 11,881 626,997
Central Euro Distribution CP COM 153435102 25,326 773,075 161,275 11,200 600,600
Check Point Software COM m22465104 2,657 93,725 725 - 93,000
Chesapeake Energy Corp COM 165167107 36,298 1,278,097 803,114 322,114 152,869
Chevron Corporation COM 166764100 26,959 382,777 251,803 114,920 16,054
Chubb Corp COM 171232101 348 6,910 1,400 - 5,510
Cigna Corp COM 125509109 345 12,269 2,319 - 9,950
Cimarex Energy Co. COM 171798101 2,944 67,950 525 - 67,425
Citigroup, Inc COM 172967101 7,016 1,449,649 943,515 447,231 58,903
Coach Inc. COM 189754104 385 11,700 - - 11,700
Coeur D. Alene Mines COM 192108504 4,262 207,900 11,000 - 196,900
Comerica Inc COM 200340107 3,378 113,855 14,405 - 99,450
Commscope Inc. COM 203372107 27,983 934,947 180,345 12,202 742,400
ConocoPhillips COM 20825C104 45,079 998,202 665,734 292,862 39,606
Contango Oil & Gas COM 21075n204 23,429 458,855 91,567 7,019 360,269
Convergys Corp. COM 212485106 259 26,050 - - 26,050
Cooper Cos. Inc Com COM 216648402 2,210 74,325 575 - 73,750
Corn Prods Intl Inc Com COM 219023108 24,439 856,890 156,725 10,240 689,925
Coventry Health Care Com COM 222862104 317 15,880 - - 15,880
Curtiss-Wright Corp. COM 231561101 23,006 674,078 139,405 9,598 525,075
DIANA SHIPPING INC COM Y2066G104 22,916 1,762,752 363,650 25,327 1,373,775
DST Systems Inc. COM 233326107 24,402 544,688 112,850 7,988 423,850
Del Monte Foods Co COM 24522p103 31,275 2,700,802 510,355 35,847 2,154,600
Devon Energy COM 25179M103 50,035 743,124 501,649 208,853 32,622
Diamond Offshore Drilling COM 25271c102 348 3,645 755 - 2,890
Donnelley (R R) & Sons Co COM 257867101 975 45,875 20,965 - 24,910
Du Pont (E I) De Nemours COM 263534109 305 9,475 9,475 - -
Eaton Corp. COM 278058102 27,454 485,130 295,455 130,416 59,259
Edison International COM 281020107 280 8,349 2,079 - 6,270
El Paso Corporation COM 28336L109 363 35,157 6,537 - 28,620
Emcor Group Inc Com COM 29084Q100 30,225 1,193,728 242,730 18,298 932,700
Emerson Electric Co. COM 291011104 16,510 411,922 273,914 122,322 15,686
Endurance Specialty Holdings COM G30397106 27,902 765,070 148,975 10,095 606,000
Energizer Holdings Inc. COM 29266r108 2,788 42,025 325 - 41,700
Ensco International, Inc COM 26874q100 3,146 73,965 500 - 73,465
Eog Resources Inc. COM 26875p101 242 2,900 - - 2,900
Esterline Technologies Com COM 297425100 30,285 772,367 152,850 10,867 608,650
Expedia Inc. COM 30212p105 591 24,660 - - 24,660
FISERV Inc. WISC PV 1CT COM 337738108 2,492 51,700 400 - 51,300
FLUOR CORP NEW DEL COM COM 343412102 4,968 97,700 3,225 - 94,475
Federal Express COM 31428X106 19,797 263,192 173,940 78,479 10,773
Federated Investors Inc. - Cla COM 314211103 2,488 94,350 725 - 93,625
Fifth Third Bancorp COM 316773100 1,157 114,215 114,215 - -
Financial Fed Corp Com COM 317492106 25,360 1,027,559 218,205 15,654 793,700
Financial Select Sector SPDR COM 81369y605 1,462 97,833 90,633 - 7,200
Firstmerit Corp. COM 337915102 22,533 1,184,079 257,239 17,293 909,547
Flowserve Corp COM 34354P105 316 3,210 - - 3,210
Forest Laboratories Inc. COM 345838106 2,670 90,692 3,022 - 87,670
Forest Oil Corp Com Par $0.01 COM 346091705 31,657 1,617,614 313,100 18,989 1,285,525
Fortune Brands Inc. COM 349631101 2,917 67,875 525 - 67,350
Foster Wheeler AG COM h27178104 477 14,945 14,945 - -
GAMMON GOLD INC COM 36467T106 25,879 3,040,982 633,500 44,457 2,363,025
GATX CORPORATION COM 361448103 23,492 840,486 176,925 12,386 651,175
Gardner Denver Inc Com COM 365558105 29,805 854,487 174,800 13,112 666,575
Garmin Ltd (Kayman Is) COM g37260109 6,758 179,065 15,140 - 163,925
General Cable Corp/De COM 369300108 27,070 691,439 124,365 8,149 558,925
General Dynamics Corp. COM 369550108 368 5,695 1,165 - 4,530
General Electric Co COM 369604103 32,678 1,990,122 1,331,380 574,511 84,231
Genesee & Wyoming Inc-Cl A COM 371559105 25,843 852,343 158,925 10,243 683,175
Genworth FINL INC. COM COM 37247d106 1,362 113,970 - - 113,970
Glaxosmitkhline Plc-Sp Adr COM 37733W105 463 11,714 11,714 - -
Goldman Sachs COM 38141G104 31,613 171,486 107,838 56,859 6,789
Goodrich B F Company COM 382388106 270 4,960 - - 4,960
HCC Ins Hldgs Inc COM 404132102 2,811 102,795 795 - 102,000
HUBBELL INC CL B PAR .01 COM 443510201 6,399 152,350 4,500 - 147,850
Hanesbrands Inc. COM 410345102 27,736 1,296,074 240,080 15,944 1,040,050
Hanover Insurance Group, Inc. COM 410867105 25,599 619,391 115,755 7,436 496,200
Harley Davidson COM 412822108 362 15,720 - - 15,720
Harris Corp. COM 413875105 202 5,380 - - 5,380
Hartford Finl Svcs Grp Inc COM 416515104 1,015 38,320 12,350 - 25,970
Harvest Energy Trust COM 41752x101 3,655 568,444 - - 568,444
Healthspring Inc COM 42224n101 28,461 2,323,387 431,745 30,692 1,860,950
Heinz HJ Co. COM 423074103 3,085 77,600 600 - 77,000
Helen of Troy Ltd COM G4388N106 19,563 1,006,821 219,885 14,436 772,500
Henry (Jack) & Associates COM 426281101 25,915 1,104,160 212,323 14,585 877,252
Hewlett-Packard Co COM 428236103 271 5,730 - - 5,730
Hospitality Properties Trust COM 44106M102 36,078 1,771,138 308,125 21,138 1,441,875
Host Marriott Corp. COM 44107P104 432 36,670 - - 36,670
Hudson City Bancorp. Inc. COM 443683107 2,174 165,350 1,275 - 164,075
Humana Inc COM 444859102 248 6,660 - - 6,660
IDACORP INC COM COM 451107106 29,507 1,024,897 188,365 13,046 823,486
IMS Health Inc COM 449934108 4,082 265,905 12,200 - 253,705
INTL SPEEDWAY CORP-CL A COM 460335201 28,667 1,039,797 199,320 13,777 826,700
ITT EDUCATIONAL SVCES COM 45068B109 3,260 29,525 1,475 - 28,050
Integrys Energy Group, Inc. COM 45822P105 29,096 810,687 118,430 6,882 685,375
Inverness Medical Innovations COM 46126P106 27,590 712,360 136,925 9,310 566,125
Investm Tech Grp Inc New COM 46145f105 20,419 731,350 120,200 11,400 599,750
Iowa Telecommunications COM 462594201 21,159 1,679,315 322,900 20,415 1,336,000
J.P. Morgan Chase & Co. COM 46625H100 31,626 721,726 474,280 220,636 26,810
JOY GLOBAL INC DEL COM COM 481165108 8,489 173,450 4,350 - 169,100
Jabil Circuit Inc COM 466313103 42,555 3,173,352 561,175 39,557 2,572,620
Jakks Pac Inc Com COM 47012E106 13,542 945,694 240,059 17,923 687,712
Jarden Corp. COM 471109108 26,871 957,303 197,400 13,753 746,150
KBW Bank Index ETF COM 78464a797 2,852 122,267 114,067 - 8,200
Kelly Svcs Inc Cl A COM 488152208 22,361 1,817,973 385,414 26,534 1,406,025
Kennametal Inc. COM 489170100 27,129 1,102,361 228,930 17,006 856,425
Keycorp COM 493267108 716 110,109 110,109 - -
Kinetic Concepts Inc. COM 49460W208 2,989 80,825 625 - 80,200
L-3 Communications Holdings COM 502424104 3,183 39,635 1,185 - 38,450
LORILLARD INC COM COM 544147101 2,883 38,800 300 - 38,500
LUBRIZOL CORP COM 549271104 4,916 68,800 2,600 - 66,200
Lexmark International Inc COM 529771107 27,790 1,290,159 259,875 18,464 1,011,820
Lifepoint Hospitals COM 53219l109 26,662 985,306 194,105 12,751 778,450
Lilly (Eli) & Co COM 532457108 618 18,702 12,272 - 6,430
Lincoln Electric Holdings COM 533900106 324 6,835 6,835 - -
Lincoln National Corp COM 534187109 472 18,220 - - 18,220
Lloyds TSB Group SPD ADR COM 539439109 69 10,345 10,345 - -
Loews Corp COM 540424108 291 8,490 - - 8,490
Lowes Cos. COM 548661107 23,901 1,141,420 766,183 329,433 45,804
MEREDITH CORP COM 589433101 347 11,590 - - 11,590
MFA Mortgage Investments, Inc. COM 55272x102 3,755 471,675 20,675 - 451,000
Marathon Oil Corp COM 565849106 519 16,258 16,258 - -
Mattel Inc COM 577081102 7,990 432,825 30,075 - 402,750
Mcdermott Intl. Inc COM 580037109 4,158 164,525 7,025 - 157,500
Mednax Inc COM 58502b106 23,850 434,276 91,700 6,276 336,300
Merck & Co COM 589331107 280 8,847 2,167 - 6,680
Metlife COM 59156r108 373 9,790 - - 9,790
Mettler-Toledo International COM 592688105 27,838 307,294 57,575 3,794 245,925
Microsemi Corp. COM 595137100 26,865 1,701,391 333,300 22,291 1,345,800
Microsoft COM 594918104 13,923 541,332 354,826 165,563 20,943
Mylan Inc. COM 628530107 1,864 116,400 900 - 115,500
NATL BK GREECE SA SPNADR COM 633643408 84 11,587 11,587 - -
NET 1 UEPS TECHNOLOGIES INC COM 64107N206 27,155 1,295,578 233,342 17,593 1,044,643
NV Energy Inc COM 67073Y106 25,781 2,224,460 433,150 29,110 1,762,200
Nash Finch Co Com COM 631158102 19,963 730,185 147,538 9,422 573,225
National Oilwell Varco Inc. COM 637071101 335 7,760 1,800 - 5,960
Newell Rubbermaid Inc COM 651229106 488 31,130 - - 31,130
Newfield Expl. CO Com. COM 651290108 6,821 160,275 4,425 - 155,850
Newmont Mining Corp COM 651639106 9,938 225,767 145,081 67,443 13,243
Noble Corp COM H5833N103 338 8,896 1,956 - 6,940
Norfolk Southern Corp. COM 655844108 2,536 58,820 400 - 58,420
Northrop Grumman Corp COM 666807102 20,369 393,606 233,675 103,072 56,859
Nucor Corp COM 670346105 2,430 51,700 400 - 51,300
OM Group Inc COM 670872100 12,782 420,586 69,150 7,261 344,175
Occidental Petroleum COM 674599105 20,842 265,848 176,214 75,684 13,950
Oil States International Inc COM 678026105 31,761 904,101 183,375 13,801 706,925
Oneok Inc New Com COM 682680103 3,739 102,100 5,400 - 96,700
Owens & Minor Inc New Com COM 690732102 21,452 474,069 94,175 7,294 372,600
Owens Ill Inc COM 690768403 4,235 114,760 5,300 - 109,460
PDL Biopharma Inc. COM 69329y104 2,772 351,800 18,900 - 332,900
PNC Financial Services Group COM 693475105 28,061 577,499 367,290 188,150 22,059
PPG Industries Inc. COM 693506107 2,822 48,475 375 - 48,100
PPL Corp. COM 69351t106 2,156 71,075 550 - 70,525
Pactiv Corp COM 695257105 366 14,040 - - 14,040
Pan American Silver Corp. COM 697900108 27,435 1,203,292 246,150 18,542 938,600
Park Electrochemical Corp. COM 700416209 21,465 870,795 194,629 12,987 663,179
Pengrowth Energy Trust COM 706902509 861 81,960 1,960 - 80,000
Pepco Holdings Inc. COM 713291102 224 15,070 - - 15,070
Pepsico Inc COM 713448108 219 3,740 3,740 - -
Perkinelmer Inc. COM 714046109 23,725 1,233,132 261,525 18,432 953,175
Pfizer COM 717081103 20,744 1,253,443 792,660 394,910 65,873
Phillip Morris International COM 718172109 21,282 436,643 289,152 129,796 17,695
Pitney Bowes Inc COM 724479100 6,272 252,380 7,775 - 244,605
Plantronics Inc New Com COM 727493108 27,023 1,007,939 207,825 14,689 785,425
Platinum Underwriters Holdings COM G7127P100 25,840 720,994 132,750 8,169 580,075
Precision Castparts Corp COM 740189105 323 3,170 - - 3,170
Principal Financial Group Inc. COM 74251V102 635 23,191 2,581 - 20,610
Procter & Gamble Co COM 742718109 514 8,880 8,880 - -
Progress Energy COM 743263105 2,145 54,925 425 - 54,500
Protective Life Corp Com COM 743674103 24,134 1,126,691 233,051 16,289 877,351
Prudential Financial, Inc. COM 744320102 432 8,660 - - 8,660
Qwest Communications Int'l Inc COM 749121109 63 16,656 16,656 - -
REGIS CORP MINN COM 758932107 26,887 1,734,641 277,240 17,276 1,440,125
RPM International Inc. COM 749685103 26,702 1,444,118 305,650 22,193 1,116,275
Radio Shack Corp COM 750438103 26,505 1,599,604 329,411 23,689 1,246,504
Ralcorp Holdings Inc COM 751028101 21,161 361,912 67,305 4,757 289,850
Raymond James Financial Corp COM 754730109 26,883 1,154,783 214,175 14,333 926,275
Regal Beloit COM 758750103 21,623 473,053 106,990 7,063 359,000
Reliance Steel & Aluminum COM 759509102 26,364 619,449 118,500 7,824 493,125
Renaissancere Holdings LTD COM G7496G103 2,274 41,534 321 - 41,213
Rockwell Collins Inc. COM 774341101 284 5,590 - - 5,590
Ruddick Corp. COM 781258108 25,145 944,607 181,905 11,827 750,875
Ryder System Inc. COM 783549108 22,926 586,938 121,138 8,575 457,225
SLM Corp. COM 78442p106 343 39,370 - - 39,370
SNAP ON INC COM COM 833034101 242 6,960 - - 6,960
SPIRIT AEROSYSTEMS HOLD-CL A COM 848574109 3,620 200,450 10,775 - 189,675
SYNAPTICS INC COM 87157D109 26,272 1,042,545 193,300 13,270 835,975
SYNOPSYS INC COM 871607107 3,419 152,500 8,200 - 144,300
Sanderson Farms Inc. COM 800013104 2,408 63,975 3,375 - 60,600
Sara Lee Corp COM 803111103 497 44,645 44,645 - -
Scotts Miracle-Gro Co (The) COM 810186106 24,672 574,445 121,550 8,420 444,475
Silver Wheaton Corp COM 828336107 3,665 291,090 34,890 - 256,200
Simon Property COM 828806109 415 5,982 1,076 - 4,906
St. Mary Land & Exploration COM 792228108 32,845 1,011,866 209,980 15,386 786,500
Staples Inc COM 855030102 31,791 1,369,131 930,281 385,456 53,394
State Street Corp COM 857477103 842 16,015 8,475 - 7,540
Suntrust Banks Inc COM 867914103 10,690 474,066 239,340 114,320 120,406
Superior Energy Services Inc. COM 868157108 28,617 1,270,752 247,835 16,042 1,006,875
Supervalu Inc. COM 868536103 2,391 158,765 21,915 - 136,850
Sybase Inc. COM 871130100 25,584 657,674 139,430 9,919 508,325
Symantec Corp. COM 871503108 2,782 168,895 5,570 - 163,325
TCF Financial Corp. Com COM 872275102 18,836 1,444,503 319,175 22,178 1,103,150
TJX Companies Inc COM 872540109 2,618 70,475 550 - 69,925
Teco Energy Inc. COM 872375100 24,775 1,759,595 372,725 26,145 1,360,725
Teleflex Inc. COM 879369106 24,903 515,474 107,625 6,774 401,075
Terra Industries Inc. COM 880915103 2,930 84,500 650 - 83,850
Textainer Group Holdings Ltd COM g8766e109 4,158 259,700 13,975 - 245,725
The Mens Wearhouse Inc. COM 587118100 25,848 1,046,468 218,755 15,913 811,800
Tidewater Inc COM 886423102 3,028 64,300 3,400 - 60,900
Torchmark Corp COM 891027104 316 7,270 - - 7,270
Travelers Cos Inc/THE COM 89417e109 10,025 203,629 132,769 58,996 11,864
Tutor Perini Corp COM 901109108 27,188 1,276,422 231,213 16,749 1,028,460
U S Bancorp COM 902973304 18,021 824,382 541,200 252,360 30,822
United Technologies Corp COM 913017109 20,264 332,586 219,570 99,543 13,473
UnitedHealth Group Inc. COM 91324p102 36,643 1,463,387 961,282 434,533 67,572
Universal Corp/Va COM 913456109 23,275 556,544 118,950 6,369 431,225
Unum Group COM 91529y106 401 18,698 3,148 - 15,550
VF Corp COM 918204108 3,046 42,050 325 - 41,725
Valero Energy Corp. COM 91913Y100 9,644 497,355 331,885 137,162 28,308
Vector Group Ltd COM 92240M108 18,560 1,191,281 275,197 13,699 902,385
Vectren Corp. COM 92240g101 20,648 896,165 195,125 13,265 687,775
Ventas Inc. COM 92276F100 2,575 66,875 525 - 66,350
Verisign Inc COM 92343E102 3,573 150,825 8,125 - 142,700
Verizon Communications COM 92343V104 10,494 346,679 185,973 139,822 20,884
Viacom Inc B (Non Vtg) COM 92553P201 315 11,220 - - 11,220
Vornado Realty COM 929042109 291 4,518 - - 4,518
WHITING PETROLEUM CORP COM 966387102 27,264 473,499 103,975 7,199 362,325
Waddell & Reed Financial - A COM 930059100 27,348 961,263 197,620 14,725 748,918
Walt Disney Co Disney. Com COM 254687106 18,109 659,451 430,757 200,135 28,559
Washington Federal Inc. COM 938824109 26,443 1,568,367 333,000 23,292 1,212,075
Wellpoint Health Networks COM 94973v107 286 6,036 1,296 - 4,740
Wells Fargo & Co (New) COM 949746101 38,779 1,376,119 898,907 426,341 50,871
Western Un Co COM 959802109 3,031 160,194 19,094 - 141,100
Whirlpool Corp COM 963320106 3,465 49,535 325 - 49,210
Windstream Corp. COM 97381W104 6,258 617,740 24,040 - 593,700
Wolverine World Wide Inc COM 978097103 21,959 884,037 189,100 13,087 681,850
Wyeth COM 983024100 38,038 782,992 531,854 217,809 33,329
Wyndham Worldwide Corp. COM 98310w108 659 40,400 - - 40,400
Xerox Corp COM 984121103 253 32,740 - - 32,740
Xilinx Inc COM 983919101 2,499 106,725 825 - 105,900
Yamana Gold Inc. COM 98462Y100 3,107 290,142 35,967 - 254,175
Zimmer Holdings Inc COM 98956P102 17,530 327,978 182,390 83,608 61,980
CIT Group, Inc 8.75% Convertib 125581603 1,393 225,000 - - 225,000
Fannie Mae Convertible Preferr 313586745 3,680 1,540,000 40,000 - 1,500,000
</TABLE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: None
Form 13F Information Table Entry Total: 294
Form 13F Information Table Value Total: 3,854,387
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