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

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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	8,799,436	1,493,962	SH		SOLE		447,287	0	1,046,675
AEGON NV SHS	COM	N00927298	0	62,265	SH		SOLE		0	0	62,265
AKER BP ASA SHS	COM	R0139K100	1,890,598	96,736	SH		SOLE		36,836	0	59,900
ALAMO GROUP INC COM	COM	011311107	12,549,297	67,502	SH		SOLE		13,200	0	54,302
ALERUS FINL CORP COM	COM	01446U103	4,929,923	256,233	SH		SOLE		39,706	0	216,527
ALLIANT CORP COM	COM	018802108	4,042,219	68,350	SH		SOLE		30,972	0	37,378
ALPHABET CLASS A	COM	02079K305	1,769,955	9,350	SH		SOLE		300	0	9,050
ALPHABET CLASS C	COM	02079K107	201,866	1,060	SH		SOLE		600	0	460
AMAZON COM INC COM	COM	023135106	552,863	2,520	SH		SOLE		0	0	2,520
AMERICAN WOODMARK CORP COM	COM	030506109	8,163,357	102,645	SH		SOLE		19,408	0	83,237
APOGEE ENTERPRISES INC COM	COM	037598109	2,170,864	30,400	SH		SOLE		7,600	0	22,800
APPLE COMPUTER INC COM	COM	037833100	3,075,909	12,283	SH		SOLE		3,770	0	8,513
APPLIED INDL TECHNLGIES INC CO	COM	03820C105	35,445,392	148,016	SH		SOLE		35,710	0	112,306
ASIA FINANCIAL HOLDINGS LTD SH	COM	G0532X107	7,012,829	13,790,666	SH		SOLE		2,378,611	0	11,412,055
ASTRONOVA INC NEW COM	COM	04638F108	1,715,136	142,809	SH		SOLE		69,981	0	72,828
BANG & OLUFSEN HLG ORD B	COM	K07774126	1,143,485	873,736	SH		SOLE		196,487	0	677,249
BERKLEY W R CORP COM	COM	084423102	1,455,334	24,869	SH		SOLE		0	0	24,869
BERKSHIRE HATHAWAY INC DEL CL	COM	084670702	453,280	1,000	SH		SOLE		375	0	625
BERKSHIRE HILLS BANCORP INC CO	COM	084680107	5,657,854	199,010	SH		SOLE		43,115	0	155,895
BLACKROCK N Y MUN INCOME TRUSH	COM	09248L106	168,135	16,500	SH		SOLE		16,500	0	0
BLUE RIDGE REAL ESTATE CO COM	COM	096005301	307,008	38,376	SH		SOLE		32,400	0	5,976
BOULDER GROWTH & INCOME FD ICO	COM	101507101	585,691	36,560	SH		SOLE		10,560	0	26,000
BRASILAGRO COMPANHIA BRASILESP	COM	10554B104	2,949,576	817,057	SH		SOLE		254,644	0	562,413
BRIGHTHOUSE FINL INC COM	COM	10922N103	9,525,131	198,275	SH		SOLE		41,055	0	157,220
BRISTOL MYERS SQUIBB CO	COM	110122108	355,932	6,293	SH		SOLE		6,293	0	0
BROADWAY FINL CORP DEL CL A NE	COM	111444709	1,349,861	197,060	SH		SOLE		38,600	0	158,460
BROADWIND ENERGY INC COM NEW	COM	11161T207	3,723,526	1,980,599	SH		SOLE		537,331	0	1,443,268
BROWN FORMAN CORP CL A	COM	115637100	4,114,730	109,173	SH		SOLE		0	0	109,173
BROWN FORMAN CORP CL B	COM	115637209	16,585,790	436,698	SH		SOLE		14,500	0	422,198
CAPITAL SOUTHWEST CORP COM	COM	140501107	3,853,347	176,597	SH		SOLE		20,150	0	156,447
CHINA MOBILE LTD	COM	6073556HK	369,801	37,500	SH		SOLE		0	0	37,500
CHORD ENERGY CORPORATION COM N	COM	674215207	578,520	4,948	SH		SOLE		3,691	0	1,257
CHS INC RED PFD SER3 C	PREFERRED STOCKS	12542R704	600,395	24,229	SH		SOLE		4,950	0	19,279
CHUBU NIPPON BROADCAST CO LTSH	COM	J06594105	906,123	242,172	SH		SOLE		17,350	0	224,822
CIMC ENRIC HOLDINGS LTD SHS	COM	G2198S109	2,816,196	3,098,500	SH		SOLE		457,000	0	2,641,500
CISCO SYS INC COM	COM	17275R102	304,288	5,140	SH		SOLE		0	0	5,140
COMMERCIAL INTL BK EGYPT S ASP	COM	201712304	233,377	151,112	SH		SOLE		0	0	151,112
CONOCOPHILLIPS COM	COM	20825C104	270,734	2,730	SH		SOLE		2,730	0	0
COSTCO WHSL CORP NEW COM	COM	22160K105	274,881	300	SH		SOLE		0	0	300
COTERRA ENERGY INC. COM	COM	127097103	3,831,805	150,032	SH		SOLE		15,484	0	134,548
CSW INDUSTRIALS INC COM	COM	126402106	2,329,538	6,603	SH		SOLE		1,500	0	5,103
CTO REALTY GROWTH INC COM	COM	22948Q101	11,464,735	581,671	SH		SOLE		123,291	0	458,380
CULP INC COM	COM	230215105	709,789	120,918	SH		SOLE		3,500	0	117,418
DANIELI & CO.	COM	T73148115	2,817,971	112,263	SH		SOLE		27,634	0	84,629
DAWSON GEOPHYSICAL CO NEW COM	COM	239360100	1,324,657	988,550	SH		SOLE		311,992	0	676,558
DEVON ENERGY CORP NEW COM	COM	25179M103	3,280,724	100,236	SH		SOLE		26,311	0	73,925
DISNEY WALT CO COM DISNEY	COM	254687106	389,725	3,500	SH		SOLE		0	0	3,500
DUNEDIN ENT	COM	G59752108	159,368	27,143	SH		SOLE		0	0	27,143
EVEREST RE GROUP	COM	G3223R108	17,119,657	47,232	SH		SOLE		12,132	0	35,100
EVERSOURCE ENERGY COM	COM	30040W108	253,726	4,418	SH		SOLE		2,100	0	2,318
EXCO TECHNOLOGIES LTD COM	COM	30150P109	2,340,938	448,550	SH		SOLE		132,400	0	316,150
EXXON MOBIL CORPORATION	COM	30231G102	697,269	6,482	SH		SOLE		2,000	0	4,482
FAIRFAX INDIA HLDGS CORP COM S	COM	303897102	953,556	59,560	SH		SOLE		20,670	0	38,890
FIDELITY CONCORD STR TR 500 ID	MUTUAL FUNDS	315911750	353,277	1,730	SH		SOLE		55	0	1,676
FIRST NATL CORP COM	COM	32106V107	241,099	10,478	SH		SOLE		10,478	0	0
FIRST SOLAR INC COM	COM	336433107	12,638,170	71,710	SH		SOLE		15,300	0	56,410
FUEL TECH INC COM	COM	359523107	1,961,533	1,868,127	SH		SOLE		453,203	0	1,414,924
GASFRAC ENERGY SVCS INC COM	COM	367257201	0	31,000	SH		SOLE		0	0	31,000
GENESIS LAND DEV CORP COM	COM	37183V102	2,355,367	1,036,506	SH		SOLE		16,979	0	1,019,527
GEOSPACE TECHNOLOGIES CORP COM	COM	37364X109	2,165,282	216,096	SH		SOLE		25,813	0	190,283
GORMAN RUPP CO	COM	383082104	13,198,701	348,067	SH		SOLE		74,081	0	273,986
GRAHAM CORP COM	COM	384556106	2,572,412	57,846	SH		SOLE		8,400	0	49,446
GRUPO ROTOPLAS SAB DE CV	COM	BTF8HD3MX	3,575,534	4,676,774	SH		SOLE		696,249	0	3,980,525
HAIN CELESTIAL GROUP INC COM	COM	405217100	86,100	14,000	SH		SOLE		14,000	0	0
HANOVER INS GROUP INC COM	COM	410867105	274,522	1,775	SH		SOLE		725	0	1,050
HELIOS FAIRFAX PARTNERS CORPCO	COM	42328X104	69,972	34,300	SH		SOLE		34,300	0	0
HELMERICH & PAYNE INC	COM	423452101	2,577,162	80,486	SH		SOLE		18,700	0	61,786
HNI CORP COM	COM	404251100	1,683,819	33,429	SH		SOLE		9,794	0	23,635
HOLMEN AB-B	COM	W4R00P201	6,001,681	162,892	SH		SOLE		37,424	0	125,468
INGREDION INC COM	COM	457187102	20,026,122	145,581	SH		SOLE		38,275	0	107,306
IRISH RESIDENTL PPTYS REIT POR	COM	G49456109	2,670,596	2,835,750	SH		SOLE		568,000	0	2,267,750
JZ CAPITAL PRTNRS LTD GUERNSSH	COM	G5216J134	222,734	87,214	SH		SOLE		17,650	0	69,564
KEARNY FINL CORP MD COM	COM	48716P108	412,884	58,317	SH		SOLE		12,576	0	45,741
KEWEENAW LD ASSN LTD COM	COM	493026108	1,170,680	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	5,073,526	270,877	SH		SOLE		21,756	0	249,121
KIMCO RLTY CORP COM	COM	49446R109	7,640,218	326,087	SH		SOLE		83,450	0	242,637
LUBYS CAFETERIAS INC COM	COM	549282101	72,353	106,401	SH		SOLE		17,000	0	89,401
MANULIFE FINL CORP COM	COM	56501R106	13,230,022	430,805	SH		SOLE		89,550	0	341,255
MCDONALDS CORP	COM	580135101	579,780	2,000	SH		SOLE		0	0	2,000
MERCK & COMPANY	COM	58933Y105	722,921	7,267	SH		SOLE		0	0	7,267
MICROSOFT CORP COM	COM	594918104	3,361,463	7,975	SH		SOLE		1,050	0	6,925
MID PENN BANCORP INC COM	COM	59540G107	608,611	21,103	SH		SOLE		7,626	0	13,477
MS&AD INS GP HLDG (8725-JP)	COM	J4687C105	2,381,510	108,511	SH		SOLE		108,511	0	0
MURPHY OIL CORP COM	COM	626717102	4,570,834	151,052	SH		SOLE		63,300	0	87,752
NORTHERN FDS NRTN SMCAP COR	MUTUAL FUNDS	665162665	211,438	8,354	SH		SOLE		8,354	0	0
NORTHWEST NAT HLDG CO COM	COM	66765N105	3,932,620	99,409	SH		SOLE		15,400	0	84,009
NOVO-NORDISK A S ADR	COM	670100205	2,494,580	29,000	SH		SOLE		0	0	29,000
NUCOR CORP	COM	670346105	14,278,185	122,339	SH		SOLE		39,415	0	82,924
NUTRIEN LTD COM	COM	67077M108	4,886,700	109,200	SH		SOLE		36,150	0	73,050
ORION ENERGY SYSTEMS INC COM	COM	686275108	2,196,710	2,745,544	SH		SOLE		592,701	0	2,152,843
ORION MARINE GROUP INC COM	COM	68628V308	7,277,202	992,797	SH		SOLE		275,278	0	717,519
PATTERSON-UTI ENERGY INC COM	COM	703481101	2,310,884	279,768	SH		SOLE		33,400	0	246,368
PEPSICO INC	COM	713448108	3,761,964	24,740	SH		SOLE		13,390	0	11,350
PHOENIX COS INC NEW QUIBS 2032	PREFERRED STOCKS	71902E208	4,658,168	262,432	SH		SOLE		90,286	0	172,146
RAYONIER ADVANCED MATLS INC CO	COM	75508B104	1,174,511	142,365	SH		SOLE		83,600	0	58,765
REGENCY CTRS CORP COM	COM	758849103	1,863,487	25,206	SH		SOLE		7,005	0	18,201
RHINEBECK BANCORP INC COM	COM	762093102	122,461	12,664	SH		SOLE		12,664	0	0
RUFFER INV	COM	0GB00B018	918,624	273,800	SH		SOLE		0	0	273,800
RYERSON HLDG CORP COM	COM	783754104	1,101,345	59,500	SH		SOLE		16,800	0	42,700
SANDY SPRING BANCORP INC COM	COM	800363103	1,960,068	58,145	SH		SOLE		25,797	0	32,348
SENSTAR TECHNOLOGIES CORP COM	COM	81728N100	2,643,220	768,378	SH		SOLE		113,357	0	655,021
SHORE CAPITAL GROUP	COM	BGCZJ74GB	0	88,056	SH		SOLE		88,056	0	0
SIGNET JEWELERS LIMITED SHS	COM	G81276100	16,728,116	207,262	SH		SOLE		60,600	0	146,662
SIX CIRCLES TRUST CREDIT OPPTY	MUTUAL FUNDS	83002G884	118,817	13,380	SH		SOLE		0	0	13,380
SIX CIRCLES TRUST INTL UNCONST	MUTUAL FUNDS	83002G405	185,517	17,403	SH		SOLE		0	0	17,403
SIX CIRCLES TRUST TAX AWARE BD	MUTUAL FUNDS	83002G801	224,274	22,979	SH		SOLE		0	0	22,979
SIX CIRCLES TRUST US UNCONSTRA	MUTUAL FUNDS	83002G306	468,102	26,887	SH		SOLE		0	0	26,887
SPINNOVA OYJ	COM	00BKP8KY2	329,402	324,710	SH		SOLE		156,331	0	168,379
STEPAN CHEMICAL CO	COM	858586100	7,838,211	121,147	SH		SOLE		26,550	0	94,597
SUMMIT HOTEL PPTYS INC SER F	PREFERRED STOCKS	866082704	606,747	29,889	SH		SOLE		0	0	29,889
SUMMIT HOTEL PPTYS INC SER E	PREFERRED STOCKS	866082605	1,436,169	70,194	SH		SOLE		26,802	0	43,392
SUMMIT HOTEL PPTYS INC COM	COM	866082100	7,301,778	1,065,953	SH		SOLE		305,264	0	760,689
SUZANO PAPEL E CELULOSE S A SP	COM	86959K105	829,577	81,974	SH		SOLE		34,524	0	47,450
SWATCH GROUP AG NAMEN AKT	COM	H83949133	6,406,877	180,650	SH		SOLE		29,963	0	150,687
SWK HLDGS CORP COM NEW	COM	78501P203	296,915	18,721	SH		SOLE		18,721	0	0
TABOOLA.COM LTD ORD SHS	COM	M8744T106	48,720	13,348	SH		SOLE		13,348	0	0
TITAN INTL INC ILL COM	COM	88830M102	2,656,438	391,228	SH		SOLE		83,145	0	308,083
TOKIO MARINE HOLDINGS INC	COM	889094108	255,493	7,010	SH		SOLE		7,010	0	0
TOPGOLF CALLAWAY BRANDS COM	COM	131193104	4,569,364	581,344	SH		SOLE		86,095	0	495,249
TOURMALINE OIL CORP COM	COM	89156V106	18,783,835	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	2,516,098	214,136	SH		SOLE		46,304	0	167,832
UNITED PARCEL SVC INC CL B	COM	911312106	6,770,309	53,690	SH		SOLE		0	0	53,690
UNUM GROUP	COM	91529Y106	36,467,969	499,356	SH		SOLE		99,493	0	399,863
VANGUARD MUN BD FDS INTR TE AD	MUTUAL FUNDS	922907878	161,619	11,910	SH		SOLE		0	0	11,910
VESTAS WIND SYS AS SHS	COM	K9773J128	0	37,500	SH		SOLE		0	0	37,500
VESTAS WIND SYS AS UNSP ADR	COM	925458101	1,285,388	283,750	SH		SOLE		139,750	0	144,000
VIRGINIA NATL BANKSHARES CORCO	COM	928031103	1,309,458	34,279	SH		SOLE		6,708	0	27,571
WAL MART STORES INC	COM	931142103	1,897,350	21,000	SH		SOLE		0	0	21,000
WATSCO INC	COM	942622200	18,576,488	39,200	SH		SOLE		17,625	0	21,575
WEST PHARMACEUTICAL SVCS INCCO	COM	955306105	13,538,055	41,330	SH		SOLE		12,166	0	29,164
WESTERN ASSET CLYM INFL OPP CO	MUTUAL FUNDS	95766R104	1,030,607	124,620	SH		SOLE		52,700	0	71,920
WESTERN ASSET CLYM INFL SEC CO	MUTUAL FUNDS	95766Q106	373,552	46,694	SH		SOLE		23,737	0	22,957
WESTPORT FUEL SYSTEMS INC COM	COM	960908507	3,737,448	1,043,980	SH		SOLE		119,211	0	924,769
WILLIAMS SONOMA INC COM	COM	969904101	10,171,937	54,930	SH		SOLE		12,200	0	42,730
ZIMMER HLDGS INC COM	COM	98956P102	792,225	7,500	SH		SOLE		0	0	7,500