SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULES 13d-1(b), (c) AND (d)
AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(b)
(Amendment No. __)1
UST, INC.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
902911106
(CUSIP NUMBER)
December 31, 2003
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
/X/ Rule 13d-1(b)
/ / Rule 13d-1(c)
/ / Rule 13d-1(d)
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1 The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
CUSIP No. 902911106
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1. NAME OF REPORTING PERSONS: DREMAN VALUE MANAGEMENT LLC. I.R.S.
IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY): 22-3499132
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)
(b)
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION State of Delaware
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NUMBER OF 5. SOLE VOTING POWER 1,301,485
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
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6. SHARED VOTING POWER 7,396,123
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7. SOLE DISPOSITIVE POWER 8,697,608
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8. SHARED DISPOSITIVE POWER
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,697,608
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.2%
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12. TYPE OF REPORTING PERSON* IA
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*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP No. 902911106
Item 1(a). Name of Issuer:
UST, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
100 West Putnam Avenue
Greenwich, CT 06830
Item 2(a). Name of Persons Filing:
Dreman Value Management LLC
Item 2(b). Address of Principal Business Office or, if None, Residence:
520 East Cooper Avenue, Suite 230-4
Aspen, CO 81611
Item 2(c). Citizenship:
State of Delaware
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
902911106
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CUSIP No. 902911106
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under
Section 15 of the Exchange Act;
(b) [ ] Bank as defined in Section 3(a)(6) of
the Exchange Act;
(c) [ ] Insurance Company as defined in Section
3(a)(19) of the Exchange Act;
(d) [ ] Investment Company registered under
Section 8 of the Investment Company Exchange
Act;
(e) [X] Investment Adviser in accordance with
Rule 13d-1(b)(1)(ii)(E);
(f) [ ] Employee Benefit Plan or Endowment Fund
in accordance with Rule 13d-1(b)(1)(ii)(F);
(g) [ ] Parent Holding Company or Control Person
in accordance with Rule 13d-1(b)(1)(ii)(G);
(h) [ ] Saving Association as defined in Section
3(b) of The Federal Deposit Insurance Act;
(i) [ ] Church Plan that is excluded from the
definition of an Investment Company under
Section 3(c)(14) of the Investment Company
Act;
(j) [ ] Group, in accordance with Rule
13d-1(b)(1)(ii)(J).
Item 4. Ownership.
Provide the following information regarding the aggregate
number and percentage of the class of securities of the issuer
identified in Item 1.
(a) Amount beneficially owned: 8,697,608
(b) Percent of class: 5.2%
(c) Number of shares as to which the person has:
(i) Sole power to vote or direct the vote:
1,301,485
(ii) Shared power to vote or direct the vote:
7,396,123
(iii) Sole power to dispose or to direct the
disposition of: 8,697,608
(iv) Shared power to dispose or to direct the
disposition of:
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CUSIP No. 902911106
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following: [ ]
Item 6. Ownership of More than Five Percent on Behalf of Another
Person.
If any other person is known to have the right to receive or
the power to direct the receipt of dividends from, or the
proceeds from the sale of, such securities, a statement to
that effect should be included in response to this item and,
if such interest relates to more than five percent of the
class, such person should be identifies. A listing of the
shareholders of an investment company registered under the
Investment Company Act of 1940 or the beneficiaries of
employee benefit plan, pension fund or endowment fund is not
required.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent
Holding Company.
If a parent company or Control person has filed this schedule,
pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item
3(g) and attach an exhibit stating the identity and the Item3
classification of the relevant subsidiary. If a parent holding
company or control person has filed this schedule pursuant to
Rule 13-1(c) or Rule 13d-1(d), attach an exhibit stating the
identification of the relevant subsidiary.
Item 8. Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to
ss.240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and
attach and exhibit stating the identity and Item 3
classification of each member of the group. If a group has
filed this schedule pursuant to ss.240.13d-1(d), attach an
exhibit stating the identity of each member of the group.
Item 9. Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an
exhibit stating the date of the dissolution and that all
further filings with respect to transactions in the security
reported on will be filed, if required, by members of the
group, in their individual capacity. See Item 5.
Item 10. Certification.
(a) The following certification shall be included in the statement if the
statement is filed pursuant to ss.240.13d-1(b):
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired and
are held in the ordinary course of business and were not
acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in
connection with or as a participant in any transaction having
that purpose or effect.
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CUSIP No. 902911106
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
February 4, 2004
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Date
/S/ Lloyd Jagai
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Signature
Lloyd K. Jagai, Chief Operating Officer
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Name/Title