United States

Security and Exchange Commission

Washington, D.C. 20549

 

Schedule 13G

 

Under the Securities Act of 1934

(Amendment No.         )*

 

 

 

 

AIR T Inc.

(Name of Issuer)

 

 

Common Stock

(Title of Class of Securities)

 

 

009207101

(CUSIP Number)

 

 

February 29, 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)

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CUSIP No. 009207101		13G

 

1		NAME OF REPORTING PERSON S.S. OR IRS IDENTIFICATION NO. OF ABOVE PERSON               DePrince, Race & Zollo, Inc.             59-3299598
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)  x (b)
3		SEC USE ONLY
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               8,833
		6    SHARED VOTING POWER               none
		7    SOLE DISPOSITIVE POWER               8,833
		8    SHARED DISPOSITIVE POWER               none

9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON               8,833
10		CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*                 No
11		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9               0.36%
12		TYPE OF REPORTING PERSON*               IA

 

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SCHEDULE 13 G

Item 1.

 

(a)	AIR T Inc.

 

(b)	3524 Airport Rd

Maiden, NC 28650

Item 2.

 

(a)	DePrince, Race & Zollo, Inc.

 

(b)	250 Park Ave South, Suite 250

Winter Park, FL 32789

 

(c)

USA

 

(d)	common stock

 

(e)

009207101

Item 3.

 

(e)

x

Item 4. Ownership

 

(a)	8,833 shares

 

(b)

0.36%

 

(c)	(i)     8,833 shares

 

(iii)

8,833 shares

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

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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.