Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
AO Partners I, LP
   2. Issuer Name and Ticker or Trading Symbol
AIR T INC [AIRT] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
3033 EXCELSIOR BOULEVARD, SUITE 560		 3. Date of Earliest Transaction (Month/Day/Year)
12/07/2012
(Street)

MINNEAPOLIS, MN 55416		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 12/07/2012   L   901 A $ 8.4 326,035 D (1)  
Common Stock 12/07/2012   L   199 A $ 8.35 326,234 D (1)  
Common Stock 12/10/2012   P   100 A $ 8.4 326,334 D (1)  
Common Stock 12/11/2012   P   400 A $ 8.38 326,734 D (1)  
Common Stock 12/11/2012   P   1 A $ 8.26 326,735 D (1)  
Common Stock 12/11/2012   P   200 A $ 8.4 326,935 D (1)  
Common Stock 12/12/2012   P   2,125 A $ 8.37 329,060 D (1)  
Common Stock 12/12/2012   P   1,000 A $ 8.4 330,060 D (1)  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option $ 8.62             08/30/2013 08/30/2022 Common Stock 2,500   2,500 D (2)  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
AO Partners I, LP
3033 EXCELSIOR BOULEVARD, SUITE 560
MINNEAPOLIS, MN 55416		   X   X    
AO Partners LLC
3033 EXCELSIOR BOULEVARD, SUITE 560
MINNEAPOLIS, MN 55416		     X    
Swenson Nicholas John
3033 EXCELSIOR BOULEVARD, SUITE 560
MINNEAPOLIS, MN 55416		     X    

Signatures

 /s/ AO Partners I, LP, By AO Partners, LLC, General Partner, By Nicholas J. Swenson, Managing Member   12/12/2012
**Signature of Reporting Person Date
 /s/ AO Partners, LLC, By Nicholas J. Swenson, Managing Member   12/12/2012
**Signature of Reporting Person Date
 /s/ Nicholas J. Swenson   12/12/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The reported securities are owned directly by AO Partners I, L.P., and indirectly by AO Partners, LLC, as General Partner of AO Partners I, L.P. and Nicholas J. Swenson, as Managing Member of AO Partners, LLC. AO Partners, LLC and Nicholas J. Swenson disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein.
(2) The reported securities are owned directly by Nicholas J. Swenson, as a Director of the Issuer.

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