13F-HR 1 drz1q04.txt FORM 13F HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2004 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: DePrince Race & Zollo, Inc. Address: 201 S. Orange Avenue, Suite 850 Orlando, FL 32801 13F File Number: 28-05268 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: Victor A. Zollo, Jr. Title: Principal Phone: 407-420-9903 Signature, Place, and Date of Signing: /s/ Victor A. Zollo, Jr. Orlando, FL May 10, 2004 Report Type (Check only one.): [ ] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ X] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: Form 13F File Number Name 28-01190 Frank Russell Company FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form13F Information Table Entry Total: 186 Form13F Information Table Value Total: $3,281,808 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. NONE FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ABBOTT LABS COM 002824100 47588 1157868 SH SOLE 1157868 0 0 ABM INDS INC COM 000957100 12488 695700 SH SOLE 695700 0 0 ACETO CORP COM 004446100 1719 109400 SH SOLE 109400 0 0 ADVANTA CORP CL B 007942204 4572 277100 SH SOLE 277100 0 0 AGILYSYS INC COM 00847J105 3637 308500 SH SOLE 308500 0 0 ALLTEL CORP COM 020039103 38884 779400 SH SOLE 779400 0 0 ALPHARMA INC CL A 020813101 13284 677400 SH SOLE 677400 0 0 AMERICAN CAPITAL STRATEGIES COM 024937104 19598 589600 SH SOLE 589600 0 0 AMERICAN FINL RLTY TR COM 02607P305 12279 724400 SH SOLE 724400 0 0 AMERIVEST PPTYS INC DEL COM 03071L101 1029 152400 SH SOLE 152400 0 0 ANHEUSER BUSCH COS INC COM 035229103 39994 784200 SH SOLE 784200 0 0 ARKANSAS BEST CORP DEL COM 040790107 13421 503600 SH SOLE 503600 0 0 ARVINMERITOR INC COM 043353101 18733 944700 SH SOLE 944700 0 0 ASHFORD HOSPITALITY TR INC COM SHS 044103109 15277 1499200 SH SOLE 1499200 0 0 ASTORIA FINL CORP COM 046265104 40669 1069400 SH SOLE 1069400 0 0 BAIRNCO CORP COM 057097107 1213 171600 SH SOLE 171600 0 0 BANK MUTUAL CORP NEW COM 063750103 12058 1077554 SH SOLE 1077554 0 0 BANK NEW YORK INC COM 064057102 39341 1248921 SH SOLE 1248921 0 0 BAXTER INTL INC COM 071813109 36129 1169600 SH SOLE 1169600 0 0 BELLSOUTH CORP COM 079860102 42356 1529650 SH SOLE 1529650 0 0 BEMIS INC COM 081437105 30748 1182600 SH SOLE 1182600 0 0 BOISE CASCADE CORP COM 097383103 51060 1473579 SH SOLE 1473579 0 0 BOSTON ACOUSTICS INC COM 100534106 960 87300 SH SOLE 87300 0 0 BOWATER INC COM 102183100 36025 825700 SH SOLE 825700 0 0 BRIDGE STR FINL INC COM 10805u109 297 19553 SH SOLE 19553 0 0 BURLINGTON NORTHN SANTA FE C COM 12189T104 39422 1251500 SH SOLE 1251500 0 0 CADMUS COMMUNICATIONS CORP COM 127587103 1269 95000 SH SOLE 95000 0 0 CALLAWAY GOLF CO COM 131193104 8583 452200 SH SOLE 452200 0 0 CAPITAL AUTOMOTIVE REIT COM SH BEN INT 139733109 3542 100300 SH SOLE 100300 0 0 CARAUSTAR INDS INC COM 140909102 8895 763500 SH SOLE 763500 0 0 CARMIKE CINEMAS INC COM 143436400 11362 305593 SH SOLE 305593 0 0 CBRL GROUP INC COM 12489V106 13501 340600 SH SOLE 340600 0 0 CHEROKEE INC DEL NEW COM 16444H102 1718 73242 SH SOLE 73242 0 0 CHEVIOT FINL CORP COM 166774109 2008 152000 SH SOLE 152000 0 0 CHEVRONTEXACO CORP COM 166764100 28833 328465 SH SOLE 328465 0 0 CITIZENS SOUTH BKG CP DEL COM 176682102 2570 187300 SH SOLE 187300 0 0 CLOROX CO DEL COM 189054109 46435 949400 SH SOLE 949400 0 0 CNS INC COM 126136100 745 70000 SH SOLE 70000 0 0 COACHMEN INDS INC COM 189873102 219 13100 SH SOLE 13100 0 0 COCA COLA BOTTLING CO CONS COM 191098102 5774 113100 SH SOLE 113100 0 0 COHU INC COM 192576106 20674 1101422 SH SOLE 1101422 0 0 COLGATE PALMOLIVE CO COM 194162103 44108 800500 SH SOLE 800500 0 0 COLLINS INDS INC COM 194858106 372 71700 SH SOLE 71700 0 0 COMERICA INC COM 200340107 36916 679600 SH SOLE 679600 0 0 COMMERCE BANCSHARES INC COM 200525103 37366 783200 SH SOLE 783200 0 0 COMPASS MINERALS INTL INC COM 20451n101 6946 423800 SH SOLE 423800 0 0 COMPUTER PROGRAMS & SYS INC COM 205306103 7720 406300 SH SOLE 406300 0 0 COOPER TIRE & RUBR CO COM 216831107 14241 706750 SH SOLE 706750 0 0 CPI CORP COM 125902106 12795 672335 SH SOLE 672335 0 0 CUTTER & BUCK INC COM 232217109 382 37900 SH SOLE 37900 0 0 CYTEC INDS INC COM 232820100 9938 279400 SH SOLE 279400 0 0 DEB SHOPS INC COM 242728103 1663 64250 SH SOLE 64250 0 0 DELTA & PINE LD CO COM 247357106 10738 430400 SH SOLE 430400 0 0 DIME CMNTY BANCSHARES COM 253922108 458 22500 SH SOLE 22500 0 0 DOMINION RES INC VA NEW COM 25746u109 43763 680600 SH SOLE 680600 0 0 DONNELLEY R R & SONS CO COM 257867101 21924 724774 SH SOLE 724774 0 0 DOVER DOWNS GAMING & ENTMT I COM 260095104 1364 127400 SH SOLE 127400 0 0 DOW CHEM CO COM 260543103 39863 989645 SH SOLE 989645 0 0 DOW JONES & CO INC COM 260561105 41672 869800 SH SOLE 869800 0 0 DU PONT E I DE NEMOURS & CO COM 263534109 46729 1106800 SH SOLE 1106800 0 0 EASTERN CO COM 276317104 2209 138050 SH SOLE 138050 0 0 EATON VANCE CORP COM NON VTG 278265103 31444 824868 SH SOLE 824868 0 0 EDUCATIONAL DEV CORP COM 281479105 995 97160 SH SOLE 97160 0 0 EMERSON ELEC CO COM 291011104 39272 655400 SH SOLE 655400 0 0 FEDERAL SIGNAL CORP COM 313855108 11416 575100 SH SOLE 575100 0 0 FERRO CORP COM 315405100 22018 842000 SH SOLE 842000 0 0 FPL GROUP INC COM 302571104 36955 552800 SH SOLE 552800 0 0 FRANKLIN BK CORP DEL COM 352451108 5090 275000 SH SOLE 275000 0 0 FREQUENCY ELECTRS INC COM 358010106 16597 1005900 SH SOLE 1005900 0 0 FRIEDMAN BILLINGS RAMSEY GRO CL A 358434108 29082 1077520 SH SOLE 1077520 0 0 FRONTIER OIL CORP COM 35914p105 30099 1553100 SH SOLE 1553100 0 0 FURNITURE BRANDS INTL INC COM 360921100 10925 339300 SH SOLE 339300 0 0 GATX CORP COM 361448103 37875 1708400 SH SOLE 1708400 0 0 GENERAL MLS INC COM 370334104 42040 900600 SH SOLE 900600 0 0 GREAT LAKES CHEM CORP COM 390568103 17728 743300 SH SOLE 743300 0 0 HEINZ H J CO COM 423074103 45665 1224600 SH SOLE 1224600 0 0 HELIX TECHNOLOGY CORP COM 423319102 43474 1792751 SH SOLE 1792751 0 0 HELMERICH & PAYNE INC COM 423452101 10821 377700 SH SOLE 377700 0 0 HIGHLAND HOSPITALITY CORP COM 430141101 5887 502300 SH SOLE 502300 0 0 HONEYWELL INTL INC COM 438516106 40406 1193690 SH SOLE 1193690 0 0 HOOPER HOLMES INC COM 439104100 837 134100 SH SOLE 134100 0 0 IMATION CORP COM 45245A107 18009 478700 SH SOLE 478700 0 0 INDEPENDENCE CMNTY BK CORP COM 453414104 19030 467000 SH SOLE 467000 0 0 INTEGRA BK CORP COM 45814P105 4496 186800 SH SOLE 186800 0 0 INTERMET CORP COM 45881K104 15432 3483600 SH SOLE 3483600 0 0 INTL PAPER CO COM 460146103 39991 946300 SH SOLE 946300 0 0 KAMAN CORP CL A 483548103 1283 86200 SH SOLE 86200 0 0 KAYDON CORP COM 486587108 23497 853500 SH SOLE 853500 0 0 KEITHLEY INSTRS INC COM 487584104 3396 164000 SH SOLE 164000 0 0 KELLY SVCS INC CL A 488152208 12386 418300 SH SOLE 418300 0 0 KENNAMETAL INC COM 489170100 23594 571700 SH SOLE 571700 0 0 KERR MCGEE CORP COM 492386107 36019 699400 SH SOLE 699400 0 0 KEYCORP NEW COM 493267108 38583 1273800 SH SOLE 1273800 0 0 KIMBERLY CLARK CORP COM 494368103 38857 615800 SH SOLE 615800 0 0 KNBT BANCORP INC COM 482921103 13133 742400 SH SOLE 742400 0 0 KRAFT FOODS INC CL A 50075n104 40630 1269300 SH SOLE 1269300 0 0 LIBERTY CORP S C COM 530370105 6425 138850 SH SOLE 138850 0 0 LIMITED BRANDS INC COM 532716107 30981 1549033 SH SOLE 1549033 0 0 LOCKHEED MARTIN CORP COM 539830109 38024 833130 SH SOLE 833130 0 0 LONE STAR STEAKHOUSE SALOON COM 542307103 320 10970 SH SOLE 10970 0 0 LSI INDS INC COM 50216C108 9439 776233 SH SOLE 776233 0 0 LUFKIN INDS INC COM 549764108 956 30800 SH SOLE 30800 0 0 LUMINENT MTG CAP INC COM 550278303 20559 1452900 SH SOLE 1452900 0 0 LYONDELL CHEMICAL CO COM 552078107 19443 1310200 SH SOLE 1310200 0 0 MATTEL INC COM 577081102 22098 1198400 SH SOLE 1198400 0 0 MAY DEPT STORES CO COM 577778103 18359 530925 SH SOLE 530925 0 0 MEADWESTVACO CORP COM 583334107 40478 1430830 SH SOLE 1430830 0 0 METHODE ELECTRS INC COM 591520200 3126 242300 SH SOLE 242300 0 0 METROCORP BANCSHARES INC COM 591650106 206 14000 SH SOLE 14000 0 0 MFA MTG INVTS INC COM 55272X102 22500 2227700 SH SOLE 2227700 0 0 MOCON INC COM 607494101 892 114300 SH SOLE 114300 0 0 MYERS INDS INC COM 628464109 865 70300 SH SOLE 70300 0 0 MYKROLIS CORP COM 62852P103 2240 157100 SH SOLE 157100 0 0 NATIONAL COMMERCE FINL CORP COM 63545P104 35236 1231600 SH SOLE 1231600 0 0 NATURES SUNSHINE PRODUCTS IN COM 639027101 2180 146900 SH SOLE 146900 0 0 NEW CENTURY FINANCIAL CORP COM 64352D101 12684 261200 SH SOLE 261200 0 0 NEWELL RUBBERMAID INC COM 651229106 44285 1908815 SH SOLE 1908815 0 0 NISOURCE INC COM 65473P105 29045 1366800 SH SOLE 1366800 0 0 NN INC COM 629337106 39622 3386483 SH SOLE 3386483 0 0 NYMAGIC INC COM 629484106 238 9400 SH SOLE 9400 0 0 OCWEN FINL CORP COM 675746101 723 74800 SH SOLE 74800 0 0 OLIN CORP COM PAR $1 680665205 11485 643400 SH SOLE 643400 0 0 OVERNITE CORP COM 690322102 4200 182589 SH SOLE 182589 0 0 PARK ELECTROCHEMICAL CORP COM 700416209 56944 2250750 SH SOLE 2250750 0 0 PENFORD CORP COM 707051108 1053 63200 SH SOLE 63200 0 0 PENN ENGR & MFG CORP COM NON VTG 707389300 280 16500 SH SOLE 16500 0 0 PEPCO HOLDINGS INC COM 713291102 20473 1001600 SH SOLE 1001600 0 0 PFIZER INC COM 717081103 42979 1226212 SH SOLE 1226212 0 0 PNC FINL SVCS GROUP INC COM 693475105 39182 707000 SH SOLE 707000 0 0 POLYONE CORP COM 73179P106 201 30200 SH SOLE 30200 0 0 POPE & TALBOT INC COM 732827100 10825 629740 SH SOLE 629740 0 0 PPL CORP COM 69351T106 40493 888000 SH SOLE 888000 0 0 PROVIDENT BANCORP INC DEL COM 74383A109 878 74100 SH SOLE 74100 0 0 PROXYMED PHARMACY INC COM NEW 744290305 1540 80906 SH SOLE 80906 0 0 PSYCHEMEDICS CORP COM NEW 744375205 1508 131150 SH SOLE 131150 0 0 PUGET ENERGY INC NEW COM 745310102 3968 177400 SH SOLE 177400 0 0 PXRE GROUP LTD COM G73018106 16809 601600 SH SOLE 601600 0 0 QUAKER CHEM CORP COM 747316107 12605 496250 SH SOLE 496250 0 0 QUIXOTE CORP COM 749056107 632 30104 SH SOLE 30104 0 0 RAINIER PAC FINL GROUP INC COM 75087U101 4480 277600 SH SOLE 277600 0 0 RAYONIER INC COM 754907103 12897 295067 SH SOLE 295067 0 0 RAYTHEON CO COM NEW 755111507 17014 542900 SH SOLE 542900 0 0 READERS DIGEST ASSN INC COM 755267101 10998 781100 SH SOLE 781100 0 0 RICHARDSON ELECTRS LTD COM 763165107 27292 2251803 SH SOLE 2251803 0 0 ROANOKE ELEC STL CORP COM 769841107 413 29300 SH SOLE 29300 0 0 ROCK-TENN CO CL A 772739207 4986 345800 SH SOLE 345800 0 0 ROHM & HAAS CO COM 775371107 45183 1134100 SH SOLE 1134100 0 0 RPC INC COM 749660106 3550 318700 SH SOLE 318700 0 0 RYERSON TULL INC NEW COM 78375P107 13319 1017500 SH SOLE 1017500 0 0 SARA LEE CORP COM 803111103 41230 1886100 SH SOLE 1886100 0 0 SBC COMMUNICATIONS INC COM 78387G103 43058 1754589 SH SOLE 1754589 0 0 SPARTAN MTRS INC COM 846819100 2282 216300 SH SOLE 216300 0 0 SPARTECH CORP COM NEW 847220209 11681 469100 SH SOLE 469100 0 0 STANLEY WKS COM 854616109 29168 683400 SH SOLE 683400 0 0 STERLING BANCSHARES INC COM 858907108 21195 1582906 SH SOLE 1582906 0 0 STEWART & STEVENSON SVCS INC COM 860342104 19146 1309600 SH SOLE 1309600 0 0 STRIDE RITE CORP COM 863314100 11719 1104500 SH SOLE 1104500 0 0 SUN HYDRAULICS CORP COM 866942105 1071 114800 SH SOLE 114800 0 0 SUNTRUST BKS INC COM 867914103 19178 275115 SH SOLE 275115 0 0 SYNERGY FINANCIAL GROUP INC COM 87162V102 1235 120000 SH SOLE 120000 0 0 SYPRIS SOLUTIONS INC COM 871655106 1027 60400 SH SOLE 60400 0 0 TALBOTS INC COM 874161102 25400 709900 SH SOLE 709900 0 0 TASTY BAKING CO COM 876553306 5827 591600 SH SOLE 591600 0 0 TB WOODS CORP COM 872226105 996 114500 SH SOLE 114500 0 0 TECHNOLOGY INVT CAP CORP COM 878717305 6577 450800 SH SOLE 450800 0 0 TECUMSEH PRODS CO CL A 878895200 16364 388700 SH SOLE 388700 0 0 TEEKAY SHIPPING MARSHALL ISL COM Y8564W103 30647 444800 SH SOLE 444800 0 0 TELEFLEX INC COM 879369106 30646 622500 SH SOLE 622500 0 0 TIDEWATER INC COM 886423102 12647 449600 SH SOLE 449600 0 0 TOPPS INC COM 890786106 1764 184700 SH SOLE 184700 0 0 TRANSTECHNOLOGY CORP DEL COM 893889105 17475 2284300 SH SOLE 2284300 0 0 TSAKOS ENERGY NAVIGATION LTD SHS G9108L108 21182 701400 SH SOLE 701400 0 0 TSR INC COM 872885108 1389 177200 SH SOLE 177200 0 0 TWIN DISC INC COM 901476101 1554 77500 SH SOLE 77500 0 0 UNITED GUARDIAN INC COM 910571108 1053 137600 SH SOLE 137600 0 0 UNOCAL CORP COM 915289102 20105 539300 SH SOLE 539300 0 0 USF CORP COM 91729Q101 13844 403500 SH SOLE 403500 0 0 VERIZON COMMUNICATIONS COM 92343v104 46491 1272339 SH SOLE 1272339 0 0 WADDELL & REED FINL INC CL A 930059100 18956 773100 SH SOLE 773100 0 0 WARWICK VALLEY TEL CO COM 936750108 420 16462 SH SOLE 16462 0 0 WASHINGTON MUT INC COM 939322103 29188 683400 SH SOLE 683400 0 0 WAUSAU-MOSINEE PAPER CORP COM 943315101 3131 222200 SH SOLE 222200 0 0 WELLS FINL CORP COM 949759104 844 26200 SH SOLE 26200 0 0 WIRELESS TELECOM GROUP INC COM 976524108 852 270400 SH SOLE 270400 0 0 WORTHINGTON INDS INC COM 981811102 15735 820800 SH SOLE 820800 0 0 WYETH COM 983024100 32582 867700 SH SOLE 867700 0 0