Grace & White 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
AEGON LTD AMER REG 1 CERT	COM	0076CA104	9,772,740	1,615,329	SH		SOLE		488,840	0	1,126,489
AEGON NV SHS	COM	N00927298	0	62,265	SH		SOLE		0	0	62,265
ALAMO GROUP INC COM	COM	011311107	15,641,062	68,502	SH		SOLE		13,200	0	55,302
ALLIANT CORP COM	COM	018802108	3,444,840	68,350	SH		SOLE		32,336	0	36,014
ALPHABET CLASS A	COM	02079K305	1,577,219	10,450	SH		SOLE		300	0	10,150
ALPHABET CLASS C	COM	02079K107	328,882	2,160	SH		SOLE		600	0	1,560
AMAZON COM INC COM	COM	023135106	454,558	2,520	SH		SOLE		0	0	2,520
AMERICAN WOODMARK CORP COM	COM	030506109	10,551,800	103,795	SH		SOLE		19,408	0	84,387
APOGEE ENTERPRISES INC COM	COM	037598109	2,486,400	42,000	SH		SOLE		15,600	0	26,400
APPLE COMPUTER INC COM	COM	037833100	3,016,162	17,589	SH		SOLE		3,770	0	13,819
APPLIED INDL TECHNLGIES INC CO	COM	03820C105	30,524,636	154,516	SH		SOLE		37,610	0	116,906
ASIA FINANCIAL HOLDINGS LTD SH	COM	G0532X107	5,962,823	13,806,666	SH		SOLE		2,474,611	0	11,332,055
ASTRONOVA INC NEW COM	COM	04638F108	2,544,856	142,809	SH		SOLE		69,981	0	72,828
BANG & OLUFSEN HLG ORD B	COM	K07774126	1,215,867	896,386	SH		SOLE		210,737	0	685,649
BERKLEY W R CORP COM	COM	084423102	1,466,335	16,580	SH		SOLE		0	0	16,580
BERKSHIRE HATHAWAY INC DEL CL	COM	084670702	420,520	1,000	SH		SOLE		375	0	625
BERKSHIRE HILLS BANCORP INC CO	COM	084680107	4,569,079	199,349	SH		SOLE		45,615	0	153,734
BLACKROCK MUN BD FD INC NATL M	MUTUAL FUNDS	09253C744	103,302	10,178	SH		SOLE		0	0	10,178
BLACKROCK N Y MUN INCOME TRUSH	COM	09248L106	174,900	16,500	SH		SOLE		16,500	0	0
BLUE RIDGE REAL ESTATE CO COM	COM	096005301	326,196	38,376	SH		SOLE		32,400	0	5,976
BOULDER GROWTH & INCOME FD ICO	COM	101507101	550,594	36,560	SH		SOLE		10,560	0	26,000
BRASILAGRO COMPANHIA BRASILESP	COM	10554B104	2,925,188	588,569	SH		SOLE		193,640	0	394,929
BRIGHTHOUSE FINL INC COM	COM	10922N103	10,322,174	200,275	SH		SOLE		41,055	0	159,220
BRISTOL MYERS SQUIBB CO	COM	110122108	437,799	8,073	SH		SOLE		6,293	0	1,780
BROADWAY FINL CORP DEL CL A NE	COM	111444709	1,085,801	197,060	SH		SOLE		38,600	0	158,460
BROADWIND ENERGY INC COM NEW	COM	11161T207	3,823,684	1,606,590	SH		SOLE		482,358	0	1,124,232
BROWN FORMAN CORP CL A	COM	115637100	5,112,587	96,555	SH		SOLE		0	0	96,555
BROWN FORMAN CORP CL B	COM	115637209	18,985,733	367,798	SH		SOLE		0	0	367,798
CAPITAL SOUTHWEST CORP COM	COM	140501107	4,407,861	176,597	SH		SOLE		20,150	0	156,447
CHINA MOBILE LTD	COM	6073556HK	320,554	37,500	SH		SOLE		0	0	37,500
CHS INC RED PFD SER3 C	PREFERRED STOCKS	12542R704	608,632	24,229	SH		SOLE		7,350	0	16,879
CHUBU NIPPON BROADCAST CO LTSH	COM	J06594105	1,292,909	268,372	SH		SOLE		17,350	0	251,022
CIMC ENRIC HOLDINGS LTD SHS	COM	G2198S109	1,739,715	1,710,500	SH		SOLE		313,000	0	1,397,500
CISCO SYS INC COM	COM	17275R102	346,375	6,940	SH		SOLE		0	0	6,940
COMMERCIAL INTL BK EGYPT S ASP	COM	201712304	255,047	151,112	SH		SOLE		0	0	151,112
CONOCOPHILLIPS COM	COM	20825C104	347,474	2,730	SH		SOLE		2,730	0	0
COSTCO WHSL CORP NEW COM	COM	22160K105	219,789	300	SH		SOLE		0	0	300
COTERRA ENERGY INC. COM	COM	127097103	4,182,878	150,032	SH		SOLE		15,484	0	134,548
CSW INDUSTRIALS INC COM	COM	126402106	1,549,064	6,603	SH		SOLE		1,500	0	5,103
CTO REALTY GROWTH INC COM	COM	22948Q101	10,194,391	601,439	SH		SOLE		128,991	0	472,448
CULP INC COM	COM	230215105	701,578	146,162	SH		SOLE		20,394	0	125,768
DANAHER CORP SHS BEN INT	COM	235851102	199,776	800	SH		SOLE		0	0	800
DANIELI & CO.	COM	T73148115	372,948	10,500	SH		SOLE		10,500	0	0
DAWSON GEOPHYSICAL CO NEW COM	COM	239360100	1,412,183	994,495	SH		SOLE		327,039	0	667,456
DEVON ENERGY CORP NEW COM	COM	25179M103	3,371,393	67,186	SH		SOLE		14,911	0	52,275
DISNEY WALT CO COM DISNEY	COM	254687106	428,260	3,500	SH		SOLE		0	0	3,500
ENERPLUS CORPORATION	COM	292766102	2,799,271	142,384	SH		SOLE		58,968	0	83,416
EVEREST RE GROUP	COM	G3223R108	18,794,536	47,282	SH		SOLE		12,132	0	35,150
EVERSOURCE ENERGY COM	COM	30040W108	264,064	4,418	SH		SOLE		2,100	0	2,318
EXCO TECHNOLOGIES LTD COM	COM	30150P109	2,458,624	448,550	SH		SOLE		140,900	0	307,650
EXXON MOBIL CORPORATION	COM	30231G102	750,562	6,457	SH		SOLE		2,000	0	4,457
FAIRFAX INDIA HLDGS CORP COM S	COM	303897102	889,231	59,560	SH		SOLE		20,670	0	38,890
FIRST FINANCIAL NORTHWEST INCO	COM	32022K102	255,191	12,412	SH		SOLE		12,412	0	0
FIRST NATL CORP COM	COM	32106V107	170,372	10,478	SH		SOLE		10,478	0	0
FIRST SOLAR INC COM	COM	336433107	14,783,504	87,580	SH		SOLE		18,700	0	68,880
FREQUENCY ELECTRS INC COM	COM	358010106	501,419	46,044	SH		SOLE		13,000	0	33,044
FUEL TECH INC COM	COM	359523107	2,250,506	1,859,922	SH		SOLE		511,279	0	1,348,643
GASFRAC ENERGY SVCS INC COM	COM	367257201	0	31,000	SH		SOLE		0	0	31,000
GENESIS LAND DEV CORP COM	COM	37183V102	2,082,662	1,036,506	SH		SOLE		16,979	0	1,019,527
GEOSPACE TECHNOLOGIES CORP COM	COM	37364X109	783,090	59,370	SH		SOLE		8,269	0	51,101
GORMAN RUPP CO	COM	383082104	13,671,288	345,671	SH		SOLE		74,081	0	271,590
GRAHAM CORP COM	COM	384556106	2,952,487	108,229	SH		SOLE		11,198	0	97,031
GRUPO ROTOPLAS SAB DE CV	COM	BTF8HD3MX	6,404,708	3,517,369	SH		SOLE		569,249	0	2,948,120
HAIN CELESTIAL GROUP INC COM	COM	405217100	98,250	12,500	SH		SOLE		12,500	0	0
HANOVER INS GROUP INC COM	COM	410867105	377,872	2,775	SH		SOLE		725	0	2,050
HELIOS FAIRFAX PARTNERS CORPCO	COM	42328X104	92,267	34,300	SH		SOLE		34,300	0	0
HELMERICH & PAYNE INC	COM	423452101	3,391,550	80,636	SH		SOLE		18,700	0	61,936
HMN FINL INC COM	COM	40424G108	4,325,331	204,992	SH		SOLE		31,766	0	173,226
HNI CORP COM	COM	404251100	2,415,087	53,514	SH		SOLE		16,062	0	37,452
HOLMEN AB-B	COM	W4R00P201	6,757,194	165,992	SH		SOLE		37,424	0	128,568
INGREDION INC COM	COM	457187102	17,394,992	148,866	SH		SOLE		38,875	0	109,991
IRISH RESIDENTL PPTYS REIT POR	COM	G49456109	2,566,118	2,307,681	SH		SOLE		568,000	0	1,739,681
JZ CAPITAL PRTNRS LTD GUERNSSH	COM	G5216J134	354,586	141,112	SH		SOLE		22,288	0	118,824
KEARNY FINL CORP MD COM	COM	48716P108	673,147	104,526	SH		SOLE		20,069	0	84,457
KEWEENAW LD ASSN LTD COM	COM	493026108	782,501	33,948	SH		SOLE		13,032	0	20,916
KID BRANDS, INC. COM	COM	49375T100	0	23,000	SH		SOLE		0	0	23,000
KIMBALL ELECTRONICS INC COM	COM	49428J109	4,013,412	185,377	SH		SOLE		21,756	0	163,621
KIMCO RLTY CORP COM	COM	49446R109	6,833,654	348,478	SH		SOLE		88,350	0	260,128
LUBYS CAFETERIAS INC COM	COM	549282101	82,993	106,401	SH		SOLE		17,000	0	89,401
MANULIFE FINL CORP COM	COM	56501R106	10,945,745	438,005	SH		SOLE		94,250	0	343,755
MCDONALDS CORP	COM	580135101	1,268,775	4,500	SH		SOLE		0	0	4,500
MERCK & COMPANY	COM	58933Y105	958,881	7,267	SH		SOLE		0	0	7,267
MICROSOFT CORP COM	COM	594918104	3,849,588	9,150	SH		SOLE		1,050	0	8,100
MID PENN BANCORP INC COM	COM	59540G107	422,271	21,103	SH		SOLE		7,626	0	13,477
MS&AD INS GP HLDG (8725-JP)	COM	J4687C105	2,654,404	148,161	SH		SOLE		148,161	0	0
MURPHY OIL CORP COM	COM	626717102	5,883,966	128,752	SH		SOLE		57,700	0	71,052
NORTHERN FDS NRTN SMCAP COR	MUTUAL FUNDS	665162665	239,090	8,354	SH		SOLE		8,354	0	0
NORTHWEST NAT HLDG CO COM	COM	66765N105	3,705,586	99,559	SH		SOLE		16,900	0	82,659
NOVO-NORDISK A S ADR	COM	670100205	4,237,200	33,000	SH		SOLE		0	0	33,000
NUCOR CORP	COM	670346105	21,378,543	108,027	SH		SOLE		37,115	0	70,912
NUTRIEN LTD COM	COM	67077M108	4,801,004	88,400	SH		SOLE		35,850	0	52,550
OCEANFIRST FINL CORP COM	COM	675234108	334,830	20,404	SH		SOLE		3,561	0	16,843
ORION ENERGY SYSTEMS INC COM	COM	686275108	2,305,111	2,648,944	SH		SOLE		419,203	0	2,229,741
ORION MARINE GROUP INC COM	COM	68628V308	9,458,429	1,153,467	SH		SOLE		314,687	0	838,780
PATTERSON-UTI ENERGY INC COM	COM	703481101	434,616	36,400	SH		SOLE		0	0	36,400
PEPSICO INC	COM	713448108	4,496,007	25,690	SH		SOLE		14,340	0	11,350
PHOENIX COS INC NEW QUIBS 2032	PREFERRED STOCKS	71902E208	4,461,344	262,432	SH		SOLE		91,886	0	170,546
RAYONIER ADVANCED MATLS INC CO	COM	75508B104	704,405	147,365	SH		SOLE		88,600	0	58,765
REGENCY CTRS CORP COM	COM	758849103	3,278,179	54,131	SH		SOLE		11,403	0	42,728
RHINEBECK BANCORP INC COM	COM	762093102	107,011	12,664	SH		SOLE		12,664	0	0
SANDY SPRING BANCORP INC COM	COM	800363103	1,897,167	81,845	SH		SOLE		31,797	0	50,048
SENSTAR TECHNOLOGIES CORP COM	COM	81728N100	1,228,793	990,962	SH		SOLE		160,427	0	830,535
SHORE CAPITAL GROUP	COM	BGCZJ74GB	164,897	88,056	SH		SOLE		88,056	0	0
SIGNET JEWELERS LIMITED SHS	COM	G81276100	19,604,914	195,912	SH		SOLE		62,200	0	133,712
SPINNOVA OYJ	COM	00BKP8KY2	597,840	318,254	SH		SOLE		167,331	0	150,923
STARBUCKS CORP COM	COM	855244109	342,713	3,750	SH		SOLE		0	0	3,750
STEPAN CHEMICAL CO	COM	858586100	11,043,136	122,647	SH		SOLE		26,550	0	96,097
SUMMIT HOTEL PPTYS INC SER F	PREFERRED STOCKS	866082704	584,928	29,889	SH		SOLE		0	0	29,889
SUMMIT HOTEL PPTYS INC SER E	PREFERRED STOCKS	866082605	839,894	40,831	SH		SOLE		14,400	0	26,431
SUMMIT HOTEL PPTYS INC COM	COM	866082100	6,589,474	1,012,208	SH		SOLE		279,484	0	732,724
SUZANO PAPEL E CELULOSE S A SP	COM	86959K105	1,092,358	85,474	SH		SOLE		34,524	0	50,950
SWATCH GROUP AG NAMEN AKT	COM	H83949133	5,484,731	119,656	SH		SOLE		22,063	0	97,593
SWK HLDGS CORP COM NEW	COM	78501P203	293,527	16,850	SH		SOLE		16,850	0	0
TABOOLA.COM LTD ORD SHS	COM	M8744T106	59,265	13,348	SH		SOLE		13,348	0	0
TITAN INTL INC ILL COM	COM	88830M102	2,982,027	239,328	SH		SOLE		66,345	0	172,983
TOKIO MARINE HOLDINGS INC	COM	889094108	484,224	15,510	SH		SOLE		15,510	0	0
TOPGOLF CALLAWAY BRANDS COM	COM	131193104	10,730,315	663,594	SH		SOLE		112,295	0	551,299
TOURMALINE OIL CORP COM	COM	89156V106	19,098,787	408,243	SH		SOLE		91,745	0	316,498
TUESDAY MORNING CORP COM NEW	COM	89904V200	0	16,188	SH		SOLE		7,821	0	8,367
TWIN DISC INC COM	COM	901476101	3,509,914	212,336	SH		SOLE		46,304	0	166,032
UNITED PARCEL SVC INC CL B	COM	911312106	7,979,945	53,690	SH		SOLE		0	0	53,690
UNUM GROUP	COM	91529Y106	26,999,351	503,156	SH		SOLE		99,693	0	403,463
VESTAS WIND SYS AS SHS	COM	K9773J128	0	37,500	SH		SOLE		0	0	37,500
VESTAS WIND SYS AS UNSP ADR	COM	925458101	3,111,131	337,250	SH		SOLE		139,750	0	197,500
VIRGINIA NATL BANKSHARES CORCO	COM	928031103	1,031,798	34,279	SH		SOLE		6,708	0	27,571
VISA INC COM CL A	COM	92826C839	267,917	960	SH		SOLE		0	0	960
WAL MART STORES INC	COM	931142103	1,525,310	25,350	SH		SOLE		0	0	25,350
WATSCO INC	COM	942622200	18,412,721	42,625	SH		SOLE		19,475	0	23,150
WEST PHARMACEUTICAL SVCS INCCO	COM	955306105	17,098,629	43,210	SH		SOLE		12,166	0	31,044
WESTERN ASSET CLYM INFL OPP CO	MUTUAL FUNDS	95766R104	1,652,826	191,521	SH		SOLE		68,428	0	123,093
WESTERN ASSET CLYM INFL SEC CO	MUTUAL FUNDS	95766Q106	314,114	38,589	SH		SOLE		19,171	0	19,418
WESTPORT FUEL SYSTEMS INC COM	COM	960908507	4,007,480	594,582	SH		SOLE		116,281	0	478,301
WESTROCK CO COM	COM	96145D105	309,063	6,250	SH		SOLE		2,116	0	4,134
WILLIAMS SONOMA INC COM	COM	969904101	9,054,368	28,515	SH		SOLE		6,950	0	21,565
ZIMMER HLDGS INC COM	COM	98956P102	989,850	7,500	SH		SOLE		0	0	7,500