13F-HR 1 drz4q04.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: December 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 January 20, 2005 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 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: 225 Form13F Information Table Value Total: $4,210,376 (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 21ST CENTY HLDG CO COM 90136Q100 808 55320 SH SOLE 55320 0 0 AAMES INVT CORP MD COM 00253g108 2186 204300 SH SOLE 204300 0 0 ABBOTT LABS COM 002824100 64168 1375519 SH SOLE 1375519 0 0 ABM INDS INC COM 000957100 6362 322600 SH SOLE 322600 0 0 ADVANCED ENERGY INDS COM 007973100 1388 152000 SH SOLE 152000 0 0 ALBANY INTL CORP CL A 012348108 13501 384000 SH SOLE 384000 0 0 ALCOA INC COM 013817101 61077 1943874 SH SOLE 1943874 0 0 ALLTEL CORP COM 020039103 49425 841133 SH SOLE 841133 0 0 ALPHARMA INC CL A 020813101 16026 945500 SH SOLE 945500 0 0 AMCOL INTL CORP COM 02341W103 10395 517400 SH SOLE 517400 0 0 AMERICAN AXLE & MFG HLDGS IN COM 024061103 18874 615600 SH SOLE 615600 0 0 AMERICAN MTG ACCEP CO SH BEN INT 027568104 1204 70000 SH SOLE 70000 0 0 AMERICAN PAC CORP COM 028740108 548 64401 SH SOLE 64401 0 0 AMERICAN SOFTWARE INC CL A 029683109 1969 326600 SH SOLE 326600 0 0 AMERICAN STS WTR CO COM 029899101 1994 76700 SH SOLE 76700 0 0 AMERIVEST PPTYS INC DEL COM 03071L101 1427 222900 SH SOLE 222900 0 0 ANALYSTS INTL CORP COM 032681108 680 170000 SH SOLE 170000 0 0 ASE TEST LTD ORD Y02516105 338 50000 SH SOLE 50000 0 0 ASHFORD HOSPITALITY TR INC COM SHS 044103109 18238 1677800 SH SOLE 1677800 0 0 ASTORIA FINL CORP COM 046265104 26992 675300 SH SOLE 675300 0 0 ASTRO-MED INC NEW COM 04638f108 1428 165607 SH SOLE 165607 0 0 ATLAS PIPELINE PARTNERS LP UNIT L P INT 049392103 432 10300 SH SOLE 10300 0 0 AUGUST TECHNOLOGY CORP COM 05106U105 202 19200 SH SOLE 19200 0 0 AVERY DENNISON CORP COM 053611109 52969 883260 SH SOLE 883260 0 0 BAIRNCO CORP COM 057097107 1070 96300 SH SOLE 96300 0 0 BANK NEW YORK INC COM 064057102 54138 1619933 SH SOLE 1619933 0 0 BELLSOUTH CORP COM 079860102 46527 1674224 SH SOLE 1674224 0 0 BEMIS INC COM 081437105 55626 1912203 SH SOLE 1912203 0 0 BIMINI MTG MGMT INC CL A 09031E400 1399 87100 SH SOLE 87100 0 0 BIOMED REALTY TRUST INC COM 09063H107 7722 347700 SH SOLE 347700 0 0 BLOCKBUSTER INC CL A 093679108 954 100000 SH SOLE 100000 0 0 BOB EVANS FARMS INC COM 096761101 9140 349663 SH SOLE 349663 0 0 BOSTON ACOUSTICS INC COM 100534106 957 69124 SH SOLE 69124 0 0 BOWATER INC COM 102183100 54933 1249328 SH SOLE 1249328 0 0 CADMUS COMMUNICATIONS CORP COM 127587103 1961 153201 SH SOLE 153201 0 0 CALLAWAY GOLF CO COM 131193104 39585 2932200 SH SOLE 2932200 0 0 CAMPBELL SOUP CO COM 134429109 59647 1995538 SH SOLE 1995538 0 0 CAPITAL LEASE FDG INC COM 140288101 11661 932900 SH SOLE 932900 0 0 CAPITOL FED FINL COM 14057c106 3726 103500 SH SOLE 103500 0 0 CARMIKE CINEMAS INC COM 143436400 17904 490518 SH SOLE 490518 0 0 CBRL GROUP INC COM 12489V106 11471 274100 SH SOLE 274100 0 0 CFS BANCORP INC COM 12525d102 2261 158440 SH SOLE 158440 0 0 CHEVRONTEXACO CORP COM 166764100 19074 363243 SH SOLE 363243 0 0 CHURCHILL DOWNS INC COM 171484108 2596 58079 SH SOLE 58079 0 0 CITIZENS COMMUNICATIONS CO COM 17453B101 34027 2467484 SH SOLE 2467484 0 0 CITIZENS SOUTH BKG CP DEL COM 176682102 1607 112600 SH SOLE 112600 0 0 CLAIRES STORES INC COM 179584107 24261 1141700 SH SOLE 1141700 0 0 CNS INC COM 126136100 1602 125828 SH SOLE 125828 0 0 COGNEX CORP COM 192422103 5564 199412 SH SOLE 199412 0 0 COHU INC COM 192576106 31975 1722817 SH SOLE 1722817 0 0 COLE KENNETH PRODTNS INC CL A 193294105 27632 895400 SH SOLE 895400 0 0 COLGATE PALMOLIVE CO COM 194162103 67898 1327174 SH SOLE 1327174 0 0 COMERICA INC COM 200340107 40186 658573 SH SOLE 658573 0 0 COMMERCE BANCSHARES INC COM 200525103 41843 833521 SH SOLE 833521 0 0 COMPUTER PROGRAMS & SYS INC COM 205306103 7849 339062 SH SOLE 339062 0 0 CONAGRA FOODS INC COM 205887102 49564 1683000 SH SOLE 1683000 0 0 CRANE CO COM 224399105 15219 527700 SH SOLE 527700 0 0 CRAWFORD & CO CL B 224633107 1252 166900 SH SOLE 166900 0 0 CREDENCE SYS CORP COM 225302108 1007 110000 SH SOLE 110000 0 0 CROMPTON CORP COM 227116100 7928 671900 SH SOLE 671900 0 0 D & E COMMUNICATIONS INC COM 232860106 134 11099 SH SOLE 11099 0 0 DOMINION RES INC VA NEW COM 25746u109 55186 814670 SH SOLE 814670 0 0 DONNELLEY R R & SONS CO COM 257867101 28283 801458 SH SOLE 801458 0 0 DOVER DOWNS GAMING & ENTMT I COM 260095104 686 52383 SH SOLE 52383 0 0 DOW CHEM CO COM 260543103 46433 937843 SH SOLE 937843 0 0 DOW JONES & CO INC COM 260561105 54799 1272627 SH SOLE 1272627 0 0 DU PONT E I DE NEMOURS & CO COM 263534109 66504 1355836 SH SOLE 1355836 0 0 EDUCATIONAL DEV CORP COM 281479105 763 73966 SH SOLE 73966 0 0 EDWARDS AG INC COM 281760108 63138 1461187 SH SOLE 1461187 0 0 EMC INS GROUP INC COM 268664109 2500 115510 SH SOLE 115510 0 0 EMERSON ELEC CO COM 291011104 55225 787805 SH SOLE 787805 0 0 EXTRA SPACE STORAGE INC COM 30225T102 1830 137300 SH SOLE 137300 0 0 FEDERAL SIGNAL CORP COM 313855108 22970 1300700 SH SOLE 1300700 0 0 FEDERAL TR CORP COM 314012105 1579 154800 SH SOLE 154800 0 0 FERRO CORP COM 315405100 15108 651500 SH SOLE 651500 0 0 FIRST ALBANY COS INC COM 318465101 3308 341029 SH SOLE 341029 0 0 FIRST FINL SVC CORP COM 32022D108 385 15000 SH SOLE 15000 0 0 FIRST NIAGARA FINL GP INC COM 33582V108 4142 296900 SH SOLE 296900 0 0 FIRSTBANK NW CORP COM 33762X106 2776 97700 SH SOLE 97700 0 0 FLORIDA PUB UTILS CO COM 341135101 312 16300 SH SOLE 16300 0 0 FREQUENCY ELECTRS INC COM 358010106 17946 1208500 SH SOLE 1208500 0 0 FRISCHS RESTAURANTS INC COM 358748101 767 32200 SH SOLE 32200 0 0 FRONTIER OIL CORP COM 35914p105 2362 88600 SH SOLE 88600 0 0 FRONTLINE LTD ORD G3682E127 1331 30000 SH SOLE 30000 0 0 FURNITURE BRANDS INTL INC COM 360921100 14702 586900 SH SOLE 586900 0 0 G B & T BANCSHARES INC COM 361462104 2069 85800 SH SOLE 85800 0 0 GATX CORP COM 361448103 26734 904400 SH SOLE 904400 0 0 GENERAL MLS INC COM 370334104 63201 1271403 SH SOLE 1271403 0 0 GLATFELTER COM 377316104 12872 842400 SH SOLE 842400 0 0 GOODYS FAMILY CLOTHING INC COM 382588101 3709 405770 SH SOLE 405770 0 0 GULF ISLAND FABRICATION INC COM 402307102 2001 91643 SH SOLE 91643 0 0 HAGGAR CORP COM 405173105 583 24802 SH SOLE 24802 0 0 HANCOCK FABRICS INC COM 409900107 3008 290100 SH SOLE 290100 0 0 HEINZ H J CO COM 423074103 64720 1659923 SH SOLE 1659923 0 0 HELIX TECHNOLOGY CORP COM 423319102 72084 4145161 SH SOLE 4145161 0 0 HELMERICH & PAYNE INC COM 423452101 24839 729700 SH SOLE 729700 0 0 HICKORY TECH CORP COM 429060106 277 25940 SH SOLE 25940 0 0 HIGHLAND HOSPITALITY CORP COM 430141101 7740 688600 SH SOLE 688600 0 0 HILLENBRAND INDS INC COM 431573104 26687 480500 SH SOLE 480500 0 0 HOME FEDERAL BANCORP INC COM 43709A101 1324 105500 SH SOLE 105500 0 0 HONEYWELL INTL INC COM 438516106 54809 1547829 SH SOLE 1547829 0 0 HOOPER HOLMES INC COM 439104100 1650 278700 SH SOLE 278700 0 0 HUDSON CITY BANCORP COM 443683107 736 20000 SH SOLE 20000 0 0 HUNTINGTON BANCSHARES INC COM 446150104 55352 2237353 SH SOLE 2237353 0 0 INDEPENDENCE CMNTY BK CORP COM 453414104 31347 736200 SH SOLE 736200 0 0 INTL PAPER CO COM 460146103 58942 1403391 SH SOLE 1403391 0 0 IOWA TELECOMM SERVICES INC COM 462594201 1661 77000 SH SOLE 77000 0 0 IPC HLDGS LTD ORD G4933P101 8976 206288 SH SOLE 206288 0 0 JEFFERSON PILOT CORP COM 475070108 47076 906000 SH SOLE 906000 0 0 KAMAN CORP CL A 483548103 2741 216674 SH SOLE 216674 0 0 KAYDON CORP COM 486587108 3074 93100 SH SOLE 93100 0 0 KELLWOOD CO COM 488044108 16515 478700 SH SOLE 478700 0 0 KELLY SVCS INC CL A 488152208 7358 243800 SH SOLE 243800 0 0 KEYCORP NEW COM 493267108 36035 1062989 SH SOLE 1062989 0 0 KIMBERLY CLARK CORP COM 494368103 61299 931456 SH SOLE 931456 0 0 KITE RLTY GROUP TR COM 49803T102 3056 200000 SH SOLE 200000 0 0 KNBT BANCORP INC COM 482921103 2248 133000 SH SOLE 133000 0 0 KNIGHT RIDDER INC COM 499040103 49560 740364 SH SOLE 740364 0 0 KRAFT FOODS INC CL A 50075n104 34175 959694 SH SOLE 959694 0 0 LA Z BOY INC COM 505336107 17529 1140500 SH SOLE 1140500 0 0 LIBERTY CORP S C COM 530370105 4961 112850 SH SOLE 112850 0 0 LITHIA MTRS INC CL A 536797103 15054 561300 SH SOLE 561300 0 0 LSI INDS INC COM 50216C108 4688 409400 SH SOLE 409400 0 0 LUMINENT MTG CAP INC COM 550278303 25778 2166200 SH SOLE 2166200 0 0 MAINE & MARITIMES CORP COM 560377103 540 20500 SH SOLE 20500 0 0 MARITRANS INC COM 570363101 4203 231300 SH SOLE 231300 0 0 MATTEL INC COM 577081102 37778 1938329 SH SOLE 1938329 0 0 MAY DEPT STORES CO COM 577778103 46427 1579158 SH SOLE 1579158 0 0 MCG CAPITAL CORP COM 58047P107 3167 184900 SH SOLE 184900 0 0 MET PRO CORP COM 590876306 3195 240200 SH SOLE 240200 0 0 MFA MTG INVTS INC COM 55272X102 13150 1490900 SH SOLE 1490900 0 0 MGP INGREDIENTS INC COM 55302G103 2402 278001 SH SOLE 278001 0 0 MIDDLESEX WATER CO COM 596680108 638 33680 SH SOLE 33680 0 0 MIND C T I LTD ORD M70240102 1319 226700 SH SOLE 226700 0 0 MYERS INDS INC COM 628464109 993 77600 SH SOLE 77600 0 0 MYKROLIS CORP COM 62852P103 4394 310100 SH SOLE 310100 0 0 NAM TAI ELECTRS INC COM PAR $0.02 629865205 14703 763800 SH SOLE 763800 0 0 NATIONWIDE FINL SVCS INC CL A 638612101 47340 1238300 SH SOLE 1238300 0 0 NDCHEALTH CORP COM 639480102 12087 650200 SH SOLE 650200 0 0 NEW CENTURY FINANCIAL CORP M COM 6435ev108 24971 390723 SH SOLE 390723 0 0 NEW YORK MTG TR INC COM 649604105 15618 1394500 SH SOLE 1394500 0 0 NEWALLIANCE BANCSHARES INC COM 650203102 15894 1038800 SH SOLE 1038800 0 0 NEWELL RUBBERMAID INC COM 651229106 63263 2615259 SH SOLE 2615259 0 0 NISOURCE INC COM 65473P105 34954 1534400 SH SOLE 1534400 0 0 NN INC COM 629337106 31193 2361336 SH SOLE 2361336 0 0 NORTHERN TR CORP COM 665859104 55166 1135571 SH SOLE 1135571 0 0 NORTHSTAR RLTY FIN CORP COM 66704R100 1258 109900 SH SOLE 109900 0 0 NYMAGIC INC COM 629484106 471 18600 SH SOLE 18600 0 0 OAKLEY INC COM 673662102 15809 1239955 SH SOLE 1239955 0 0 OLIN CORP COM PAR $1 680665205 41426 1881300 SH SOLE 1881300 0 0 OSHKOSH B GOSH INC CL A 688222207 796 37200 SH SOLE 37200 0 0 PARK ELECTROCHEMICAL CORP COM 700416209 65663 3028750 SH SOLE 3028750 0 0 PENFORD CORP COM 707051108 2789 177306 SH SOLE 177306 0 0 PEPCO HOLDINGS INC COM 713291102 418 19600 SH SOLE 19600 0 0 PERKINELMER INC COM 714046109 36929 1642000 SH SOLE 1642000 0 0 PFIZER INC COM 717081103 57482 2137663 SH SOLE 2137663 0 0 PIER 1 IMPORTS INC COM 720279108 3930 199500 SH SOLE 199500 0 0 PNC FINL SVCS GROUP INC COM 693475105 51550 897457 SH SOLE 897457 0 0 PORTEC RAIL PRODS INC COM 736212101 847 81397 SH SOLE 81397 0 0 PPL CORP COM 69351T106 50900 955321 SH SOLE 955321 0 0 PROSPECT ENERGY CORP COM 74348T102 1821 151750 SH SOLE 151750 0 0 PROXYMED INC COM NEW 744290305 3497 356096 SH SOLE 356096 0 0 PSYCHEMEDICS CORP COM NEW 744375205 2370 183050 SH SOLE 183050 0 0 PUBLIC SVC ENTERPRISE GROUP COM 744573106 18806 363251 SH SOLE 363251 0 0 PUGET ENERGY INC NEW COM 745310102 27467 1112039 SH SOLE 1112039 0 0 PXRE GROUP LTD COM G73018106 23286 923700 SH SOLE 923700 0 0 QAD INC COM 74727D108 1626 182300 SH SOLE 182300 0 0 QUAKER CHEM CORP COM 747316107 11857 477350 SH SOLE 477350 0 0 QUIXOTE CORP COM 749056107 1412 69214 SH SOLE 69214 0 0 RADICA GAMES LTD ORD G7342H107 1559 195345 SH SOLE 195345 0 0 READERS DIGEST ASSN INC COM 755267101 17425 1252700 SH SOLE 1252700 0 0 REYNOLDS & REYNOLDS CO CL A 761695105 20659 779300 SH SOLE 779300 0 0 RICHARDSON ELECTRS LTD COM 763165107 29163 2751197 SH SOLE 2751197 0 0 ROBBINS & MYERS INC COM 770196103 5669 237900 SH SOLE 237900 0 0 ROCK-TENN CO CL A 772739207 7342 484300 SH SOLE 484300 0 0 ROHM & HAAS CO COM 775371107 46863 1059521 SH SOLE 1059521 0 0 ROYAL GOLD INC COM 780287108 1630 89388 SH SOLE 89388 0 0 RUSS BERRIE & CO COM 782233100 1788 78300 SH SOLE 78300 0 0 SARA LEE CORP COM 803111103 47276 1958389 SH SOLE 1958389 0 0 SAXON CAP INC NEW COM 80556T106 13711 571540 SH SOLE 571540 0 0 SBC COMMUNICATIONS INC COM 78387G103 46080 1788126 SH SOLE 1788126 0 0 SINCLAIR BROADCAST GROUP INC CL A 829226109 4934 535700 SH SOLE 535700 0 0 SMUCKER J M CO COM NEW 832696405 31598 671300 SH SOLE 671300 0 0 SONIC AUTOMOTIVE INC CL A 83545G102 4303 173500 SH SOLE 173500 0 0 SONUS NETWORKS INC COM 835916107 937 163500 SH SOLE 163500 0 0 SPAN AMER MED SYS INC COM 846396109 141 11323 SH SOLE 11323 0 0 SPARTAN MTRS INC COM 846819100 2569 215353 SH SOLE 215353 0 0 SPARTECH CORP COM NEW 847220209 13586 501500 SH SOLE 501500 0 0 SPECIALTY UNDERWRITERS ALLIA COM 84751T309 950 100000 SH SOLE 100000 0 0 SPECTRALINK CORP COM 847580107 11769 829978 SH SOLE 829978 0 0 STARTEK INC COM 85569C107 14085 495096 SH SOLE 495096 0 0 STEPAN CO COM 858586100 1776 72900 SH SOLE 72900 0 0 STERLING BANCSHARES INC COM 858907108 6357 445506 SH SOLE 445506 0 0 STEWART & STEVENSON SVCS INC COM 860342104 29722 1469200 SH SOLE 1469200 0 0 SUNTRUST BKS INC COM 867914103 53804 728259 SH SOLE 728259 0 0 SUPREME INDS INC CL A 868607102 428 66800 SH SOLE 66800 0 0 SUSSEX BANCORP COM 869245100 1008 65000 SH SOLE 65000 0 0 SYPRIS SOLUTIONS INC COM 871655106 162 10578 SH SOLE 10578 0 0 TALBOTS INC COM 874161102 24047 883100 SH SOLE 883100 0 0 TB WOODS CORP COM 872226105 701 112057 SH SOLE 112057 0 0 TECHNOLOGY INVT CAP CORP COM 878717305 8344 555898 SH SOLE 555898 0 0 TELEFLEX INC COM 879369106 19924 383589 SH SOLE 383589 0 0 TIDEWATER INC COM 886423102 15298 429600 SH SOLE 429600 0 0 TOP TANKERS INC COM Y8897Y107 8128 500172 SH SOLE 500172 0 0 TOPPS INC COM 890786106 3039 311714 SH SOLE 311714 0 0 TRANSTECHNOLOGY CORP DEL COM 893889105 9066 1240200 SH SOLE 1240200 0 0 TSAKOS ENERGY NAVIGATION LTD SHS G9108L108 41556 1161100 SH SOLE 1161100 0 0 TSR INC COM 872885108 998 117607 SH SOLE 117607 0 0 UAP HLDG CORP COM 903441103 28629 1657710 SH SOLE 1657710 0 0 UNILEVER N V N Y SHS NEW 904784709 45495 681979 SH SOLE 681979 0 0 UNITED GUARDIAN INC COM 910571108 1673 200400 SH SOLE 200400 0 0 UNOCAL CORP COM 915289102 13671 316156 SH SOLE 316156 0 0 UTAH MED PRODS INC COM 917488108 1661 73917 SH SOLE 73917 0 0 VERIZON COMMUNICATIONS COM 92343v104 57840 1427799 SH SOLE 1427799 0 0 WADDELL & REED FINL INC CL A 930059100 23388 978968 SH SOLE 978968 0 0 WARWICK VALLEY TEL CO COM 936750108 3268 145064 SH SOLE 145064 0 0 WASHINGTON MUT INC COM 939322103 56192 1329034 SH SOLE 1329034 0 0 WELLMAN INC COM 949702104 2903 271600 SH SOLE 271600 0 0 WINDROSE MED PPTYS TR COM 973491103 1369 95000 SH SOLE 95000 0 0 WIRELESS TELECOM GROUP INC COM 976524108 1193 420000 SH SOLE 420000 0 0 WOODHEAD INDS INC COM 979438108 2124 132496 SH SOLE 132496 0 0 WORLD WRESTLING ENTMT INC CL A 98156q108 15154 1249300 SH SOLE 1249300 0 0 WYETH COM 983024100 59603 1399458 SH SOLE 1399458 0 0 YORK WTR CO COM 987184108 481 24778 SH SOLE 24778 0 0 ZIONS BANCORPORATION COM 989701107 57498 845190 SH SOLE 845190 0 0