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)

December 31, 2007

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)

CUSIP No. 389375106 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             2,511,725
	6    SHARED VOTING POWER             none
	7    SOLE DISPOSITIVE POWER             2,511,725
	8    SHARED DISPOSITIVE POWER             none

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON             2,511,725
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*             No
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9             5.23%
12	TYPE OF REPORTING PERSON*             IA

SCHEDULE 13 G

Item 1.	(a)	Gray Television Inc
	(b)	4370 Peachtree Road NE
		Albany, GA 30319
Item 2.	(a)	DePrince, Race & Zollo, Inc.
	(b)	250 Park Ave South, Suite 250
		Winter Park, FL 32789
	(c)	USA
	(d)	common stock
	(e)	389375106
Item 3.	(e)	x

SCHEDULE 13 G

Item 4.	Ownership
	(a)	2,511,725 shares
	(b)	5.23%
	(c)	(i) 2,511,725 shares
		(iii) 2,511,725 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
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: 01/29/2008

/s/ Angela R. Petrucelly    

Signature

Angela R. Petrucelly, COO