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	9,546,417	1,493,962	SH		SOLE		447,287	0	1,046,675
AEGON NV SHS	COM	N00927298	399,752	62,265	SH		SOLE		0	0	62,265
AKER BP ASA SHS	COM	R0139K100	1,943,566	90,436	SH		SOLE		31,436	0	59,000
ALAMO GROUP INC COM	COM	011311107	12,159,135	67,502	SH		SOLE		13,200	0	54,302
ALLIANT CORP COM	COM	018802108	4,148,162	68,350	SH		SOLE		30,972	0	37,378
ALPHABET CLASS A	COM	02079K305	1,550,698	9,350	SH		SOLE		300	0	9,050
AMAZON COM INC COM	COM	023135106	469,552	2,520	SH		SOLE		0	0	2,520
AMERICAN WOODMARK CORP COM	COM	030506109	9,592,175	102,645	SH		SOLE		19,408	0	83,237
APOGEE ENTERPRISES INC COM	COM	037598109	2,485,533	35,500	SH		SOLE		11,500	0	24,000
APPLE COMPUTER INC COM	COM	037833100	3,327,939	14,283	SH		SOLE		3,770	0	10,513
APPLIED INDL TECHNLGIES INC CO	COM	03820C105	33,874,704	151,816	SH		SOLE		37,610	0	114,206
ASIA FINANCIAL HOLDINGS LTD SH	COM	G0532X107	7,011,175	13,790,666	SH		SOLE		2,378,611	0	11,412,055
ASTRONOVA INC NEW COM	COM	04638F108	1,922,209	142,809	SH		SOLE		69,981	0	72,828
BANG & OLUFSEN HLG ORD B	COM	K07774126	1,203,230	887,986	SH		SOLE		210,737	0	677,249
BERKLEY W R CORP COM	COM	084423102	1,410,818	24,869	SH		SOLE		0	0	24,869
BERKSHIRE HATHAWAY INC DEL CL	COM	084670702	460,260	1,000	SH		SOLE		375	0	625
BERKSHIRE HILLS BANCORP INC CO	COM	084680107	5,359,339	199,010	SH		SOLE		43,115	0	155,895
BLACKROCK N Y MUN INCOME TRUSH	COM	09248L106	181,500	16,500	SH		SOLE		16,500	0	0
BLUE RIDGE REAL ESTATE CO COM	COM	096005301	324,277	38,376	SH		SOLE		32,400	0	5,976
BOULDER GROWTH & INCOME FD ICO	COM	101507101	577,648	36,560	SH		SOLE		10,560	0	26,000
BRASILAGRO COMPANHIA BRASILESP	COM	10554B104	2,760,389	588,569	SH		SOLE		185,440	0	403,129
BRIGHTHOUSE FINL INC COM	COM	10922N103	8,928,323	198,275	SH		SOLE		41,055	0	157,220
BRISTOL MYERS SQUIBB CO	COM	110122108	325,600	6,293	SH		SOLE		6,293	0	0
BROADWAY FINL CORP DEL CL A NE	COM	111444709	1,269,066	197,060	SH		SOLE		38,600	0	158,460
BROADWIND ENERGY INC COM NEW	COM	11161T207	3,893,629	1,715,255	SH		SOLE		490,435	0	1,224,820
BROWN FORMAN CORP CL A	COM	115637100	4,642,364	96,555	SH		SOLE		0	0	96,555
BROWN FORMAN CORP CL B	COM	115637209	21,485,542	436,698	SH		SOLE		14,500	0	422,198
CAPITAL SOUTHWEST CORP COM	COM	140501107	4,466,138	176,597	SH		SOLE		20,150	0	156,447
CHINA MOBILE LTD	COM	6073556HK	354,516	37,500	SH		SOLE		0	0	37,500
CHORD ENERGY CORPORATION COM N	COM	674215207	644,412	4,948	SH		SOLE		3,691	0	1,257
CHS INC RED PFD SER3 C	PREFERRED STOCKS	12542R704	630,196	24,229	SH		SOLE		4,950	0	19,279
CHUBU NIPPON BROADCAST CO LTSH	COM	J06594105	1,044,020	242,172	SH		SOLE		17,350	0	224,822
CIMC ENRIC HOLDINGS LTD SHS	COM	G2198S109	2,739,818	3,098,500	SH		SOLE		457,000	0	2,641,500
CISCO SYS INC COM	COM	17275R102	273,551	5,140	SH		SOLE		0	0	5,140
COMMERCIAL INTL BK EGYPT S ASP	COM	201712304	264,370	151,112	SH		SOLE		0	0	151,112
CONOCOPHILLIPS COM	COM	20825C104	287,414	2,730	SH		SOLE		2,730	0	0
COSTCO WHSL CORP NEW COM	COM	22160K105	265,956	300	SH		SOLE		0	0	300
COTERRA ENERGY INC. COM	COM	127097103	3,593,254	150,032	SH		SOLE		15,484	0	134,548
CSW INDUSTRIALS INC COM	COM	126402106	2,419,273	6,603	SH		SOLE		1,500	0	5,103
CTO REALTY GROWTH INC COM	COM	22948Q101	11,063,382	581,671	SH		SOLE		123,291	0	458,380
CULP INC COM	COM	230215105	792,013	120,918	SH		SOLE		3,500	0	117,418
DANAHER CORP SHS BEN INT	COM	235851102	222,416	800	SH		SOLE		0	0	800
DANIELI & CO.	COM	T73148115	327,166	10,500	SH		SOLE		10,500	0	0
DAWSON GEOPHYSICAL CO NEW COM	COM	239360100	1,547,285	979,294	SH		SOLE		311,716	0	667,578
DEVON ENERGY CORP NEW COM	COM	25179M103	2,530,516	64,686	SH		SOLE		14,911	0	49,775
DISNEY WALT CO COM DISNEY	COM	254687106	336,665	3,500	SH		SOLE		0	0	3,500
DUNEDIN ENT	COM	G59752108	699,179	101,798	SH		SOLE		0	0	101,798
EVEREST RE GROUP	COM	G3223R108	18,506,857	47,232	SH		SOLE		12,132	0	35,100
EVERSOURCE ENERGY COM	COM	30040W108	300,645	4,418	SH		SOLE		2,100	0	2,318
EXCO TECHNOLOGIES LTD COM	COM	30150P109	2,653,375	448,550	SH		SOLE		132,400	0	316,150
EXXON MOBIL CORPORATION	COM	30231G102	759,820	6,482	SH		SOLE		2,000	0	4,482
FAIRFAX INDIA HLDGS CORP COM S	COM	303897102	897,569	59,560	SH		SOLE		20,670	0	38,890
FIRST NATL CORP COM	COM	32106V107	183,365	10,478	SH		SOLE		10,478	0	0
FIRST SOLAR INC COM	COM	336433107	17,887,342	71,710	SH		SOLE		15,300	0	56,410
FREQUENCY ELECTRS INC COM	COM	358010106	225,896	18,700	SH		SOLE		0	0	18,700
FUEL TECH INC COM	COM	359523107	1,961,533	1,868,127	SH		SOLE		520,369	0	1,347,758
GASFRAC ENERGY SVCS INC COM	COM	367257201	0	31,000	SH		SOLE		0	0	31,000
GENESIS LAND DEV CORP COM	COM	37183V102	3,192,314	1,036,506	SH		SOLE		16,979	0	1,019,527
GEOSPACE TECHNOLOGIES CORP COM	COM	37364X109	2,234,433	216,096	SH		SOLE		25,813	0	190,283
GORMAN RUPP CO	COM	383082104	13,557,210	348,067	SH		SOLE		74,081	0	273,986
GRAHAM CORP COM	COM	384556106	2,270,766	76,741	SH		SOLE		11,198	0	65,543
GRUPO ROTOPLAS SAB DE CV	COM	BTF8HD3MX	4,158,682	3,466,348	SH		SOLE		569,249	0	2,897,099
HANOVER INS GROUP INC COM	COM	410867105	262,895	1,775	SH		SOLE		725	0	1,050
HELIOS FAIRFAX PARTNERS CORPCO	COM	42328X104	82,320	34,300	SH		SOLE		34,300	0	0
HELMERICH & PAYNE INC	COM	423452101	2,448,384	80,486	SH		SOLE		18,700	0	61,786
HMN FINL INC COM	COM	40424G108	5,719,277	204,992	SH		SOLE		31,766	0	173,226
HNI CORP COM	COM	404251100	1,831,906	34,025	SH		SOLE		9,794	0	24,231
HOLMEN AB-B	COM	W4R00P201	7,064,087	162,892	SH		SOLE		37,424	0	125,468
INGREDION INC COM	COM	457187102	20,142,565	146,566	SH		SOLE		38,275	0	108,291
IRISH RESIDENTL PPTYS REIT POR	COM	G49456109	2,312,781	2,307,681	SH		SOLE		568,000	0	1,739,681
JZ CAPITAL PRTNRS LTD GUERNSSH	COM	G5216J134	305,108	120,454	SH		SOLE		19,466	0	100,988
KEARNY FINL CORP MD COM	COM	48716P108	715,298	104,119	SH		SOLE		20,069	0	84,050
KEWEENAW LD ASSN LTD COM	COM	493026108	1,087,234	33,448	SH		SOLE		13,032	0	20,416
KID BRANDS, INC. COM	COM	49375T100	0	23,000	SH		SOLE		0	0	23,000
KIMBALL ELECTRONICS INC COM	COM	49428J109	4,752,942	256,777	SH		SOLE		21,756	0	235,021
KIMCO RLTY CORP COM	COM	49446R109	7,903,949	340,394	SH		SOLE		83,450	0	256,944
LUBYS CAFETERIAS INC COM	COM	549282101	72,353	106,401	SH		SOLE		17,000	0	89,401
MANULIFE FINL CORP COM	COM	56501R106	12,753,928	431,605	SH		SOLE		89,550	0	342,055
MCDONALDS CORP	COM	580135101	609,020	2,000	SH		SOLE		0	0	2,000
MERCK & COMPANY	COM	58933Y105	825,241	7,267	SH		SOLE		0	0	7,267
MICROSOFT CORP COM	COM	594918104	3,431,643	7,975	SH		SOLE		1,050	0	6,925
MID PENN BANCORP INC COM	COM	59540G107	629,502	21,103	SH		SOLE		7,626	0	13,477
MS&AD INS GP HLDG (8725-JP)	COM	J4687C105	2,519,777	113,161	SH		SOLE		113,161	0	0
MURPHY OIL CORP COM	COM	626717102	4,789,460	141,952	SH		SOLE		58,700	0	83,252
NORTHERN FDS NRTN SMCAP COR	MUTUAL FUNDS	665162665	252,456	8,354	SH		SOLE		8,354	0	0
NORTHWEST NAT HLDG CO COM	COM	66765N105	4,057,875	99,409	SH		SOLE		15,400	0	84,009
NOVO-NORDISK A S ADR	COM	670100205	3,453,030	29,000	SH		SOLE		0	0	29,000
NUCOR CORP	COM	670346105	16,422,991	109,239	SH		SOLE		38,215	0	71,024
NUTRIEN LTD COM	COM	67077M108	4,791,582	99,700	SH		SOLE		36,150	0	63,550
ORION ENERGY SYSTEMS INC COM	COM	686275108	2,309,693	2,695,406	SH		SOLE		425,403	0	2,270,003
ORION MARINE GROUP INC COM	COM	68628V308	5,728,439	992,797	SH		SOLE		275,278	0	717,519
PATTERSON-UTI ENERGY INC COM	COM	703481101	2,140,225	279,768	SH		SOLE		33,400	0	246,368
PEPSICO INC	COM	713448108	4,317,570	25,390	SH		SOLE		14,040	0	11,350
PHOENIX COS INC NEW QUIBS 2032	PREFERRED STOCKS	71902E208	4,750,019	262,432	SH		SOLE		90,286	0	172,146
RAYONIER ADVANCED MATLS INC CO	COM	75508B104	1,261,444	147,365	SH		SOLE		88,600	0	58,765
REGENCY CTRS CORP COM	COM	758849103	1,820,637	25,206	SH		SOLE		7,005	0	18,201
RHINEBECK BANCORP INC COM	COM	762093102	117,142	12,664	SH		SOLE		12,664	0	0
RUFFER INV	COM	0GB00B018	946,906	254,151	SH		SOLE		0	0	254,151
RYERSON HLDG CORP COM	COM	783754104	1,184,645	59,500	SH		SOLE		16,800	0	42,700
SANDY SPRING BANCORP INC COM	COM	800363103	2,567,478	81,845	SH		SOLE		29,297	0	52,548
SENSTAR TECHNOLOGIES CORP COM	COM	81728N100	1,459,889	918,169	SH		SOLE		137,606	0	780,563
SHORE CAPITAL GROUP	COM	BGCZJ74GB	164,897	88,056	SH		SOLE		88,056	0	0
SIGNET JEWELERS LIMITED SHS	COM	G81276100	20,149,637	195,362	SH		SOLE		60,600	0	134,762
SPINNOVA OYJ	COM	00BKP8KY2	532,184	318,254	SH		SOLE		167,331	0	150,923
STARBUCKS CORP COM	COM	855244109	365,588	3,750	SH		SOLE		0	0	3,750
STEPAN CHEMICAL CO	COM	858586100	9,358,606	121,147	SH		SOLE		26,550	0	94,597
SUMMIT HOTEL PPTYS INC SER F	PREFERRED STOCKS	866082704	627,071	29,889	SH		SOLE		0	0	29,889
SUMMIT HOTEL PPTYS INC SER E	PREFERRED STOCKS	866082605	856,226	40,831	SH		SOLE		14,400	0	26,431
SUMMIT HOTEL PPTYS INC COM	COM	866082100	7,648,578	1,114,953	SH		SOLE		340,604	0	774,349
SUZANO PAPEL E CELULOSE S A SP	COM	86959K105	819,740	81,974	SH		SOLE		34,524	0	47,450
SWATCH GROUP AG NAMEN AKT	COM	H83949133	7,994,746	186,250	SH		SOLE		33,963	0	152,287
SWK HLDGS CORP COM NEW	COM	78501P203	291,337	16,850	SH		SOLE		16,850	0	0
TABOOLA.COM LTD ORD SHS	COM	M8744T106	44,849	13,348	SH		SOLE		13,348	0	0
TITAN INTL INC ILL COM	COM	88830M102	3,180,684	391,228	SH		SOLE		83,145	0	308,083
TOKIO MARINE HOLDINGS INC	COM	889094108	256,357	7,010	SH		SOLE		7,010	0	0
TOPGOLF CALLAWAY BRANDS COM	COM	131193104	7,241,244	659,494	SH		SOLE		112,295	0	547,199
TOURMALINE OIL CORP COM	COM	89156V106	18,895,726	406,343	SH		SOLE		86,645	0	319,698
TUESDAY MORNING CORP COM NEW	COM	89904V200	0	16,188	SH		SOLE		7,821	0	8,367
TWIN DISC INC COM	COM	901476101	2,674,559	214,136	SH		SOLE		46,304	0	167,832
UNITED PARCEL SVC INC CL B	COM	911312106	7,320,095	53,690	SH		SOLE		0	0	53,690
UNUM GROUP	COM	91529Y106	29,681,721	499,356	SH		SOLE		99,493	0	399,863
VESTAS WIND SYS AS SHS	COM	K9773J128	829,214	37,500	SH		SOLE		0	0	37,500
VESTAS WIND SYS AS UNSP ADR	COM	925458101	2,077,050	283,750	SH		SOLE		139,750	0	144,000
VIRGINIA NATL BANKSHARES CORCO	COM	928031103	1,427,720	34,279	SH		SOLE		6,708	0	27,571
WAL MART STORES INC	COM	931142103	1,816,875	22,500	SH		SOLE		0	0	22,500
WATSCO INC	COM	942622200	19,650,606	39,950	SH		SOLE		17,625	0	22,325
WEST PHARMACEUTICAL SVCS INCCO	COM	955306105	12,405,613	41,330	SH		SOLE		12,166	0	29,164
WESTERN ASSET CLYM INFL OPP CO	MUTUAL FUNDS	95766R104	1,610,807	182,218	SH		SOLE		62,525	0	119,693
WESTERN ASSET CLYM INFL SEC CO	MUTUAL FUNDS	95766Q106	329,936	38,589	SH		SOLE		19,171	0	19,418
WESTPORT FUEL SYSTEMS INC COM	COM	960908507	3,415,795	744,182	SH		SOLE		133,881	0	610,301
WILLIAMS SONOMA INC COM	COM	969904101	8,835,088	57,030	SH		SOLE		13,900	0	43,130
ZIMMER HLDGS INC COM	COM	98956P102	809,625	7,500	SH		SOLE		0	0	7,500