13F-HR 1 sec13f2q04.txt GRACE & WHITE, INC. 13F HR 6/30/04 UNTIED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 205049 FORM 13F FORM 13F COVER PAGE REPORT FOR THE QUARTER ENDED JUNE 30, 2004 INSTITUTIONAL INVESTMENT MANAGER FILING THE REPORT: GRACE & WHITE, INC. 515 MADISON AVE. SUITE 1700 NEW YORK, N.Y.10022 13F FILE NUMBER SEC13F2Q04.TXT The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing the Report on Behalf of Reporting Manager: MARC E. RAVITZ CFA VICE PRESIDENT 212-935-5990 S/MARC E. RAVITZ NY, NY 7/15/2004 13F HOLDINGS REPORT I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCANGE ACT OF 1934. GRACE & WHITE, INC. FORM 13F SUMMARY PAGE AS OF DATE: 06/30/04 REPORT SUMMARY: NUMBER OF OTHER INCLUDED MANAGERS: 0 FORM 13F INFORMATION TABLE ENTRY TOTAL: 185 FORM 13F INFORMATION TABLE VALUE TOTAL: $408,936,000 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME GRACE & WHITE, INC. FORM 13F INFORMATION TABLE AS OF DATE: 06/30/04 VALUE SHARES/ SH/ PUT/ INVSTMT VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN SOLE NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- -------------- ADVANCED MARKETING SVCS INC COM 00753T105 19280 1493412 SH SOLE 228000 1265412 ADVANCED MARKETING SVCS INC COM 00753T105 52 4050 SH OTHER 0 4050 AIOI INSURANCE CO LTD SHS FOREIGN COMMON S J00607101 929 210183 SH SOLE 69283 140900 ALCOA INC COM COM 013817101 230 6966 SH SOLE 6966 0 ALICO LAND DEV CO COM 016230104 1369 34100 SH SOLE 11000 23100 ALLIANT CORP COM COM 018802108 6399 245353 SH SOLE 76814 168539 ALLIANT CORP COM COM 018802108 42 1600 SH OTHER 0 1600 ALLSTATE CORP COM 020002101 817 17543 SH SOLE 14090 3453 ALTERNATIVE RES CORP COM COM 02145R102 50 75000 SH SOLE 74000 1000 AMERICAN PWR CONVERSION CORPCO COM 029066107 3118 158700 SH SOLE 21700 137000 AMERICAN WOODMARK CORP COM COM 030506109 7242 121000 SH SOLE 21200 99800 AMR CORP DEL COM COM 001765106 136 11200 SH SOLE 11200 0 ANDERSEN GROUP INC SB DB CV 10 CONVERTIBLE BOND 033501AD9 231 260000 PRN SOLE 145000 115000 ANHEUSER BUSCH COS INC COM COM 035229103 216 4000 SH SOLE 0 4000 APPLIED INDL TECHNLGIES INC CO COM 03820C105 9214 305900 SH SOLE 51100 254800 APPLIEDTHEORY CORP COM COM 03828R104 0 225300 SH SOLE 0 225300 APPLIEDTHEORY CORP COM COM 03828R104 0 900 SH OTHER 0 900 ARACRUZ CELULOSE ADR SP REP CL COM 038496204 3838 117500 SH SOLE 40500 77000 ASIA FINANCIAL HOLDINGS LTD SH COM G0532X107 864 4404586 SH SOLE 1472586 2932000 ATMOS ENERGY CORP COM COM 049560105 1480 57800 SH SOLE 10700 47100 ATWOOD OCEANICS INC COM 050095108 2213 53000 SH SOLE 2600 50400 BANG & OLUFSEN HLG ORD B COM K07774126 1034 18800 SH SOLE 5000 13800 BANKNORTH GROUP INC COM COM 06646R107 417 12845 SH SOLE 12544 301 BASSETT FURNITURE INDS INC COM COM 070203104 13918 639600 SH SOLE 183700 455900 BASSETT FURNITURE INDS INC COM COM 070203104 22 1000 SH OTHER 0 1000 BERKLEY W R CORP COM COM 084423102 868 20200 SH SOLE 0 20200 BERKSHIRE HATHAWAY INC DEL CL COM 084670207 647 219 SH SOLE 0 219 BOEING CO COM 097023105 1533 30000 SH SOLE 30000 0 BP AMOCO ADS COM 055622104 1513 28250 SH SOLE 2350 25900 BP PLC-ORDINARY FOREIGN COMMON S 0 120 13624 SH SOLE 0 13624 BRISTOL MYERS SQUIBB CO COM 110122108 2414 98528 SH SOLE 51200 47328 BRUNSWICK BANCORP INC COM COM 117030106 291 18440 SH SOLE 18440 0 CALLAWAY GOLF CO COM COM 131193104 4953 436800 SH SOLE 46100 390700 CAPITAL SOUTHWEST CORP COM COM 140501107 2413 30612 SH SOLE 4000 26612 CAPITOL FED FINL COM COM 14057C106 299 10000 SH SOLE 10000 0 CASTLE A M & CO COM 148411101 6207 577410 SH SOLE 93190 484220 CFS BANCORP INC COM COM 12525D102 4577 345408 SH SOLE 63308 282100 CFS BANCORP INC COM COM 12525D102 27 2000 SH OTHER 0 2000 CHUBB CORP COM 171232101 820 12020 SH SOLE 9700 2320 CIMAREX ENERGY CO COM COM 171798101 495 16362 SH SOLE 4038 12324 CITIGROUP INC COM COM 172967101 591 12700 SH SOLE 8800 3900 COGNITRONICS CORP COM COM 192432102 552 134614 SH SOLE 30900 103714 COLONIAL INTERMKT INCOME TR CO COM 195762109 489 60500 SH SOLE 3000 57500 CONSOLIDATED TOMOKA LD CO COM COM 210226106 2371 62800 SH SOLE 10500 52300 CORN PRODS INTL INC COM COM 219023108 1052 22600 SH SOLE 700 21900 CROSS A T CO CL A COM 227478104 969 203200 SH SOLE 29800 173400 CYBEX INTL INC COM COM 23252E106 2850 761900 SH SOLE 149300 612600 CYBEX INTL INC COM COM 23252E106 4 1000 SH OTHER 0 1000 DAWSON GEOPHYSICAL CO COM COM 239359102 3997 183600 SH SOLE 18100 165500 DEL GLBL TECHNOLOGIES CORP COM COM 245073101 477 159100 SH SOLE 27300 131800 DU PONT E I DE NEMOURS CO COM 263534109 256 5767 SH SOLE 0 5767 ELECTRONICS FOR IMAGING INC CO COM 286082102 3872 137000 SH SOLE 14200 122800 EMC INS GROUP INC COM 268664109 1841 77874 SH SOLE 1400 76474 EMC INS GROUP INC COM 268664109 35 1500 SH OTHER 0 1500 ESPRIT EXPL LTD COM COM 29666K109 2766 1063900 SH SOLE 63000 1000900 EVEREST RE GROUP COM G3223R108 2861 35600 SH SOLE 14100 21500 EXXON MOBIL CORPORATION COM 30231G102 4973 111970 SH SOLE 71840 40130 FAB INDS INC COM COM 302747100 399 117091 SH SOLE 10500 106591 FAIRFAX FINL HLDGS LTD CONINGE WARRANT AND RIGH 303901110 0 168700 SH SOLE 33500 135200 FIRSTBANK CORP DEL COM COM 33762X106 1407 52377 SH SOLE 18235 34142 FLEMING COS INC COM 339130106 0 79700 SH SOLE 10000 69700 FOREST CITY ENTERPRISES CLASS COM 345550107 1797 33897 SH SOLE 2142 31755 FOREST CITY ENTERPRISES CLASS COM 345550305 3647 69012 SH SOLE 19095 49917 FORT DEARBORN INC SECS COM 347200107 161 11500 SH SOLE 0 11500 FOSTER WHEELER LTD COM COM G36535105 56 40000 SH SOLE 40000 0 FREQUENCY ELECTRS INC COM COM 358010106 141 10000 SH SOLE 0 10000 FRIEDMAN INDS INC COM 358435105 361 77882 SH SOLE 22540 55342 GALYANS TRADING INC COM COM 36458R101 8742 524100 SH SOLE 41800 482300 GENERAL DYNAMICS CORP COM COM 369550108 1390 14000 SH SOLE 14000 0 GENERAL ELEC CO COM 369604103 2078 64143 SH SOLE 0 64143 GETTY RLTY CORP NEW COM COM 374297109 1123 44637 SH SOLE 1200 43437 GLATFELTER P H CO COM COM 377316104 142 10080 SH SOLE 0 10080 GORMAN RUPP CO COM 383082104 8290 305120 SH SOLE 106309 198811 GORMAN RUPP CO COM 383082104 38 1400 SH OTHER 0 1400 H & Q LIFE SCIENCES INVS SH BE COM 404053100 443 28359 SH SOLE 16700 11659 H & Q LIFE SCIENCES INVS SH BE COM 404053100 39 2495 SH OTHER 0 2495 HELMERICH & PAYNE INC COM 423452101 5554 212400 SH SOLE 51800 160600 HMN FINL INC COM COM 40424G108 593 22500 SH SOLE 22500 0 HOLMEN AB-B SHS FOREIGN COMMON S 614052 1771 61200 SH SOLE 25100 36100 HUGOTON RTY TR TEX UNIT BEN IN COM 444717102 1029 45000 SH SOLE 4000 41000 I B M COM 459200101 481 5456 SH SOLE 0 5456 INFOCUS CORP COM COM 45665B106 133 15700 SH SOLE 10700 5000 JOHNSON & JOHNSON COM COM 478160104 3131 56204 SH SOLE 51488 4716 KIMBALL INTL INC CL B COM 494274103 3266 221400 SH SOLE 29700 191700 KIMCO RLTY CORP COM COM 49446R109 4167 91583 SH SOLE 4300 87283 KNBT BANCORP INC COM COM 482921103 1583 94768 SH SOLE 25000 69768 KNIGHTSBRIDGE TANKERS LTD SHS COM G5299G106 1742 60200 SH SOLE 12900 47300 KROGER CO COM COM 501044101 429 23571 SH SOLE 0 23571 LA BARGE INC COM COM 502470107 517 68500 SH SOLE 0 68500 LASALLE RE HLDGS LTD PFD A PREFERRED STOCKS G5383Q119 7 56200 SH SOLE 15000 41200 LECHTERS CV 5% 9/27/08 CONVERTIBLE BOND XS0033749 0 425000 PRN SOLE 35000 390000 LECHTERS INC COM COM 523238103 0 80800 SH SOLE 15000 65800 LIBERTY HOMES INC CL A COM 530582204 156 39000 SH SOLE 13000 26000 LIBERTY HOMES INC CL B COM 530582303 254 62600 SH SOLE 1800 60800 LUBYS CAFETERIAS INC COM COM 549282101 967 139900 SH SOLE 22100 117800 LUCENT TECHNOLOGIES INC COM COM 549463107 55 14673 SH SOLE 14156 517 LUCENT TECHNOLOGIES INC COM COM 549463107 0 64 SH OTHER 0 64 LUFKIN INDS INC COM COM 549764108 8524 266550 SH SOLE 58900 207650 LYDALL INC COM COM 550819106 6515 666800 SH SOLE 37200 629600 MANULIFE FINL CORP COM COM 56501R106 1200 29633 SH SOLE 0 29633 MAX RE CAPITAL LTD SHS COM G6052F103 6004 308200 SH SOLE 66800 241400 MCLEODUSA INC CL A COM 582266706 19 40000 SH SOLE 40000 0 MCLEODUSA INC COM COM 582266102 66 2343000 SH SOLE 54000 2289000 MEADWESTVACO CORPORATION COM 583334107 11681 397465 SH SOLE 103809 293656 MEADWESTVACO CORPORATION COM 583334107 29 970 SH OTHER 0 970 MEDCO HEALTH SOLUTIONS INC COM COM 58405U102 274 7303 SH SOLE 4998 2305 MERCHANTS GROUP INC COM COM 588539106 1089 42300 SH SOLE 17300 25000 MERCK & CO INC COM 589331107 2925 61584 SH SOLE 41450 20134 MERIX CORP COM COM 590049102 1306 115200 SH SOLE 15300 99900 METLIFE INC COM COM 59156R108 717 20000 SH SOLE 0 20000 MGE ENERGY INC COM 55277P104 3013 92343 SH SOLE 7550 84793 MIIX GROUP INC COM COM 59862V104 60 200000 SH SOLE 0 200000 MILLEA HOLDINGS INC COM COM 60032R106 5765 77166 SH SOLE 64062 13104 MITSUI SUMITOMO INSURANCE COSH COM J45174109 3069 326834 SH SOLE 125826 201008 MOSCOW CABLE CORPORATION COM 61945R100 2435 286117 SH SOLE 21262 264855 MTS SYS CORP COM COM 553777103 898 38300 SH SOLE 7800 30500 MUELLER PAUL CO COM 624752101 1314 41587 SH SOLE 2200 39387 NEWALLIANCE BANCSHARES INC COM COM 650203102 147 10538 SH SOLE 0 10538 NIPPONKOA INSURANCE COMP LTDSH COM J5428G115 336 52458 SH SOLE 37000 15458 NOCOPI TECHNOLOGIES INC COM PA COM 655212207 3 30000 SH SOLE 30000 0 NORFOLK SOUTHN CORP COM COM 655844108 246 9259 SH SOLE 0 9259 NUCOR CORP COM 670346105 11680 152168 SH SOLE 46280 105888 OCEANFIRST FINL CORP COM COM 675234108 632 26400 SH SOLE 2400 24000 OHIO CASUALTY CORP COM 677240103 1602 79600 SH SOLE 2500 77100 OMI CORP COM COM Y6476W104 922 77500 SH SOLE 10000 67500 OXFORD INDS INC COM COM 691497309 9060 208000 SH SOLE 63400 144600 OXFORD INDS INC COM COM 691497309 52 1200 SH OTHER 0 1200 PARTNERS TR FINL GROUP COM COM 70213A103 248 12644 SH SOLE 0 12644 PATTERSON-UTI ENERGY INC COM COM 703481101 1938 116000 SH SOLE 9600 106400 PECKHAM INDS INC NEW COM COM 705217206 5044 15286 SH SOLE 900 14386 PEPSICO INC COM 713448108 2392 44400 SH SOLE 33600 10800 PETROFUND ENERGY TRUST COM 71648W108 9906 887600 SH SOLE 210400 677200 PFIZER INC COM COM 717081103 554 16164 SH SOLE 13008 3156 PHOENIX TECHNOLOGIES LTD COM 719153108 2156 308500 SH SOLE 47000 261500 PLUM CREEK TIMBER CO INC COM COM 729251108 3392 104108 SH SOLE 16993 87115 PMA CAP CORP CL A COM 693419202 2712 301300 SH SOLE 77300 224000 PRICE T ROWE HIGH YIELD FD COM MUTUAL FUNDS 741481105 73 10676 SH SOLE 0 10676 PRINTRONIX INC COM COM 742578107 483 32775 SH SOLE 2575 30200 PROCTER & GAMBLE COMPANY COM 742718109 258 4748 SH SOLE 0 4748 PROCYTE CORP COM COM 742807100 61 60000 SH SOLE 30000 30000 PXRE GROUP LTD COM COM G73018106 8536 337798 SH SOLE 26500 311298 READ-RITE CORP COM NEW COM 755246204 0 20389 SH SOLE 0 20389 REGENT PACIFIC GROUP LTD ORD COM G7478U104 194 3588929 SH SOLE 0 3588929 ROCHE HLDG LTD DIV RIGHTS CERT WARRANT AND RIGH H69293217 2475 25000 SH SOLE 0 25000 ROYAL DUTCH PETRO-NY SHARES COM 780257804 1357 26265 SH SOLE 25675 590 ROYCE FOCUS TR INC COM MUTUAL FUNDS 78080N108 381 43687 SH SOLE 29335 14352 ROYCE FOCUS TR INC COM MUTUAL FUNDS 78080N108 16 1830 SH OTHER 0 1830 ROYCE OTC MICRO-CAP FD INC COM COM 780915104 420 31354 SH SOLE 25226 6128 ROYCE OTC MICRO-CAP FD INC COM COM 780915104 38 2858 SH OTHER 0 2858 RUSS BERRIE & CO INC COM 782233100 7063 363529 SH SOLE 87279 276250 RUSS BERRIE & CO INC COM 782233100 19 1000 SH OTHER 0 1000 SABRE HLDGS CORP CL A COM 785905100 224 8093 SH SOLE 8093 0 SAFECO CORP COM 786429100 1058 24048 SH SOLE 15000 9048 SCHULMAN A INC COM COM 808194104 2067 96200 SH SOLE 9000 87200 SCOTTISH ANNUITY & LIFE HLDGOR COM G7885T104 930 40000 SH SOLE 1900 38100 SEARS ROEBUCK & CO COM 812387108 310 8200 SH SOLE 7600 600 SMITHTOWN BANCORP INC COM 832449102 2723 66944 SH SOLE 0 66944 SMUCKER J M CO COM NEW COM 832696405 305 6642 SH SOLE 0 6642 ST JOE CO COM COM 790148100 561 14143 SH SOLE 0 14143 STATE AUTO FINL CORP COM 855707105 1905 62000 SH SOLE 4800 57200 STEPAN CHEMICAL CO COM 858586100 6603 252500 SH SOLE 65900 186600 STRIDE RITE CORP COM COM 863314100 13297 1205500 SH SOLE 330600 874900 STRIDE RITE CORP COM COM 863314100 64 5800 SH OTHER 0 5800 SUNOCO INC COM COM 86764P109 8888 139712 SH SOLE 46805 92907 TEMPLETON EMERGING MKTS INCMCO MUTUAL FUNDS 880192109 1250 108550 SH SOLE 19100 89450 TOYS R US INC COM COM 892335100 8191 514200 SH SOLE 34200 480000 TOYS R US INC COM COM 892335100 16 1000 SH OTHER 0 1000 TRENWICK GROUP LTD COM G9032C109 6 278210 SH SOLE 35700 242510 U S LIME & MINERALS INC COM COM 911922102 3030 263462 SH SOLE 18400 245062 UNITED PARCEL SVC INC CL B COM 911312106 7140 94990 SH SOLE 0 94990 UNITEDGLOBALCOM CL A COM 913247508 1823 251164 SH SOLE 15638 235526 UNUMPROVIDENT CORP COM 91529Y106 5849 367878 SH SOLE 105400 262478 UNUMPROVIDENT CORP COM 91529Y106 23 1460 SH OTHER 0 1460 URSTADT BIDDLE PPTYS INC CL A COM 917286205 8571 578700 SH SOLE 120760 457940 URSTADT BIDDLE PPTYS INC CL A COM 917286205 30 2000 SH OTHER 0 2000 URSTADT BIDDLE PPTYS INC COM COM 917286106 5526 392200 SH SOLE 126960 265240 URSTADT BIDDLE PPTYS INC COM COM 917286106 28 2000 SH OTHER 0 2000 USA TRUCK INC COM COM 902925106 3175 262600 SH SOLE 29500 233100 VANGUARD FIXED INCOME SEC FDHI MUTUAL FUNDS 922031208 70 11345 SH SOLE 0 11345 VECTREN CORP COM COM 92240G101 4431 176600 SH SOLE 32456 144144 WACHOVIA CORP COM COM 929903102 285 6400 SH SOLE 0 6400 WAL MART STORES INC COM 931142103 266 5034 SH SOLE 0 5034 WEST PHARMACEUTICAL SVCS INCCO COM 955306105 1579 37328 SH SOLE 7783 29545 YUM BRANDS INC COM COM 988498101 305 8200 SH SOLE 8200 0 ZIMMER HLDGS INC COM COM 98956P102 775 8788 SH SOLE 5120 3668 LINE COUNT: 185