United States
Security and Exchange Commission
Washington, D.C. 20549
Schedule 13G
Under the Securities Act of 1934
(Amendment No. )*
Gray Television Inc.
| (Name of Issuer) |
Common Stock
| (Title of Class of Securities) |
389375106
| (CUSIP Number) |
September 30, 2008
| 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)
| * | 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 the disclosures provided in a prior cover page. |
The information required in 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 (“Act”) 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. 389375106 | 13G |
| 1 | NAME OF REPORTING PERSON S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSON
DePrince, Race & Zollo, Inc. 59-3299598 |
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| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) x (b) ¨ |
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| 3 | SEC USE ONLY
|
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| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION
Incorporated in the State of Florida |
|
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
5 SOLE VOTING POWER
803,048 | |
| 6 SHARED VOTING POWER
none | ||
| 7 SOLE DISPOSITIVE POWER
803,048 | ||
| 8 SHARED DISPOSITIVE POWER
none |
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
803,048 |
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| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
No |
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| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
1.66% |
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| 12 | TYPE OF REPORTING PERSON*
IA |
SCHEDULE 13 G
| Item 1. | (a) |
Name of Issuer: | ||||||||||
| Gray Television Inc | ||||||||||||
| (b) |
Address of Issuer’s Principal Executive Offices | |||||||||||
| 4370 Peachtree Road NE Albany, GA 30319 |
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| Item 2. | (a) |
Name of Person Filing: | ||||||||||
| DePrince, Race & Zollo, Inc. | ||||||||||||
| (b) |
Address of Principal Business Office or, if none, Residence: | |||||||||||
| 250 Park Ave South, Suite 250 Winter Park, FL 32789 |
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| (c) |
Citizenship: | |||||||||||
| USA | ||||||||||||
| (d) |
Title of Class of Securities: | |||||||||||
| common stock | ||||||||||||
| (e) |
CUSIP Number: | |||||||||||
| 389375106 | ||||||||||||
| Item 3. | If this statement is filed pursuant to §§240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a: | |||||||||||
| (a) | ¨ | Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). | ||||||||||
| (b) | ¨ | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). | ||||||||||
| (c) | ¨ | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). | ||||||||||
| (d) | ¨ | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). | ||||||||||
| (e) | x | An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); | ||||||||||
| (f) | ¨ | An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); | ||||||||||
| (g) | ¨ | A parent holding company or control person in accordance with §240.13d-1(b)(ii)(G); | ||||||||||
| (h) | ¨ | A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); | ||||||||||
| (i) | ¨ | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); | ||||||||||
| (j) | ¨ | Group, in accordance with §240.13d-1(b)(1)(ii)(J). | ||||||||||
| Item 4. | Ownership | |||||||||
| (a) | Amount beneficially owned: | |||||||||
| 803,048 shares | ||||||||||
| (b) | Percent of class: | |||||||||
| 1.66% | ||||||||||
| (c) | Number of shares as to which the person has: | |||||||||
| (i) | Sole power to vote or to direct the vote: | |||||||||
| 803,048 shares | ||||||||||
| (ii) | Shared power to vote or to direct the vote: | |||||||||
| (iii) | Sole power to dispose or to direct the disposition of: | |||||||||
| 803,048 shares | ||||||||||
| (iv) | Shared power to dispose or to direct the disposition of: | |||||||||
| Item 5. | Ownership of Five Percent or Less of a Class | |||||||||
| N/A | ||||||||||
| Item 6. | Ownership of More than Five Percent on Behalf of Another Person. | |||||||||
| N/A | ||||||||||
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company | |||||||||
| N/A | ||||||||||
| Item 8. | Identification and Classification of Members of the Group | |||||||||
| N/A | ||||||||||
| Item 9. | Notice of Dissolution of Group | |||||||||
| N/A | ||||||||||
| Item 10. | Certification | |||||||||
| By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired in the ordinary course of business and were not acquired for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities and were not acquired in connection with or as a participant in any transaction having such purposes or effect. | ||||||||||
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.
| Date: 10/06/2008 |
| /s/ Angela R. Petrucelly |
| Signature |
| Angela R. Petrucelly, COO |