13F-HR 1 sec13f4q10.txt GRACE & WHITE, INC. 12/31/10 13F UNTIED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 205049 FORM 13F FORM 13F COVER PAGE REPORT FOR THE QUARTER ENDED DECEMBER 31, 2010 INSTITUTIONAL INVESTMENT MANAGER FILING THE REPORT: GRACE & WHITE, INC. 515 MADISON AVE. SUITE 1700 NEW YORK, N.Y.10022 13F FILE NUMBER SEC13F4Q10 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 EXECUTIVE VICE PRESIDENT 212-935-5990 S/MARC E. RAVITZ NY, NY 1/24/10 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: 12/31/10 REPORT SUMMARY: NUMBER OF OTHER INCLUDED MANAGERS: 0 FORM 13F INFORMATION TABLE ENTRY TOTAL: 179 FORM 13F INFORMATION TABLE VALUE TOTAL: $454,058,000 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME GRACE & WHITE, INC. FORM 13F INFORMATION TABLE AS OF DATE: 12/31/10 VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ABERDEEN ASSET MGMT PLC UK ORD COM G00434111 33 10250 SH SOLE 0 0 10250 AEGON N V PFD PER 6.875% PREFERRED STOCKS N00927306 212 9300 SH SOLE 4100 0 5200 ALAMO GROUP INC COM COM 011311107 1943 69834 SH SOLE 5000 0 64834 ALLIANCE BANKSHARES CORP COM COM 018535104 1384 355755 SH SOLE 31800 0 323955 ALLIANT CORP COM COM 018802108 11842 322048 SH SOLE 100069 0 221979 ALLIANT CORP COM COM 018802108 59 1600 SH OTHER 0 0 1600 ALLSTATE CORP COM 020002101 500 15690 SH SOLE 14090 0 1600 ALTERRA CAPITAL HOLDINGS LTD COM G0229R108 9415 435084 SH SOLE 80570 0 354514 AMERICAN WOODMARK CORP COM COM 030506109 4835 197008 SH SOLE 22115 0 174893 AMR CORP DEL COM COM 001765106 87 11200 SH SOLE 11200 0 0 APPLIED INDL TECHNLGIES INC CO COM 03820C105 11713 360612 SH SOLE 56325 0 304287 ARGO GROUP INTL HLDGS LTD COM COM G0464B107 4270 114009 SH SOLE 5810 0 108199 ASIA FINANCIAL HOLDINGS LTD SH COM G0532X107 4982 10756915 SH SOLE 1690586 0 9066329 ASTRO-MED INC NEW COM COM 04638F108 958 122136 SH SOLE 62300 0 59836 ATMOS ENERGY CORP COM COM 049560105 4588 147050 SH SOLE 29300 0 117750 BANG & OLUFSEN HLG ORD B COM K07774126 1309 125412 SH SOLE 47556 0 77856 BASSETT FURNITURE INDS INC COM COM 070203104 2559 609168 SH SOLE 164666 0 444502 BASSETT FURNITURE INDS INC COM COM 070203104 10 2300 SH OTHER 0 0 2300 BCSB BANCORP INC COM COM 055367106 198 17534 SH SOLE 9397 0 8137 BERKLEY W R CORP COM COM 084423102 784 28622 SH SOLE 0 0 28622 BOEING CO COM 097023105 3286 50350 SH SOLE 50000 0 350 BP AMOCO ADS COM 055622104 353 7986 SH SOLE 0 0 7986 BRISTOL MYERS SQUIBB CO COM 110122108 1751 66126 SH SOLE 28400 0 37726 BROADWAY FINL CORP DEL COM COM 111444105 128 52690 SH SOLE 2700 0 49990 BRONCO DRILLING CO INC COM COM 112211107 1721 215135 SH SOLE 14100 0 201035 BRUNSWICK BANCORP INC COM COM 117030106 155 25816 SH SOLE 25816 0 0 CALLAWAY GOLF CO COM COM 131193104 8712 1079566 SH SOLE 237500 0 842066 CALLAWAY GOLF CO COM COM 131193104 23 2800 SH OTHER 0 0 2800 CAPITAL SOUTHWEST CORP COM COM 140501107 3385 32615 SH SOLE 4300 0 28315 CARROLLTON BANCORP COM COM 145282109 114 24770 SH SOLE 5800 0 18970 CASTLE A M & CO COM 148411101 6105 331639 SH SOLE 36800 0 294839 CFS BANCORP INC COM COM 12525D102 1809 345864 SH SOLE 106651 0 239213 CFS BANCORP INC COM COM 12525D102 26 5000 SH OTHER 0 0 5000 CHUBB CORP COM 171232101 1157 19400 SH SOLE 19400 0 0 CHUBU NIPPON BROADCAST CO LTSH COM J06594105 2441 453437 SH SOLE 31000 0 422437 CIMAREX ENERGY CO COM COM 171798101 5193 58656 SH SOLE 4200 0 54456 CITIGROUP INC COM COM 172967101 62 13199 SH SOLE 0 0 13199 CLIFTON SVGS BANCORP INC COM COM 18712Q103 2946 272570 SH SOLE 74906 0 197664 COCA COLA CO COM COM 191216100 1186 18033 SH SOLE 14500 0 3533 COLONIAL FINANCIAL SERVICES COM 19566B101 3940 322962 SH SOLE 48086 0 274876 CONOCOPHILLIPS COM COM 20825C104 990 14544 SH SOLE 0 0 14544 CONSOLIDATED TOMOKA LD CO COM COM 210226106 1068 36959 SH SOLE 7000 0 29959 CORN PRODS INTL INC COM COM 219023108 3648 79300 SH SOLE 10400 0 68900 CORTS TR 111 PROVIDENT FING CO COM 22081P209 759 29900 SH SOLE 8800 0 21100 CORTS TR II PROVIDENT FING TCO PREFERRED STOCKS 22081B200 1953 75100 SH SOLE 9400 0 65700 CORTS TR PROVIDENT FING TR ICR PREFERRED STOCKS 22080X203 687 26153 SH SOLE 5200 0 20953 CURRENCYSHARES EURO TRUST COM 23130C108 998 7500 SH SOLE 1600 0 5900 CYBEX INTL INC COM COM 23252E106 923 1397838 SH SOLE 183912 0 1213926 DAWSON GEOPHYSICAL CO COM COM 239359102 3725 116776 SH SOLE 12800 0 103976 DEL GLBL TECHNOLOGIES CORP COM COM 245073101 1802 2434946 SH SOLE 286982 0 2147964 DELPHI FINL GROUP INC CL A COM 247131105 4560 158112 SH SOLE 28100 0 130012 DU PONT E I DE NEMOURS CO COM 263534109 222 4450 SH SOLE 0 0 4450 EKORNES ASA ORD COM R20126109 2320 85500 SH SOLE 28200 0 57300 EMBER RES INC COM COM 29081X207 634 1265885 SH SOLE 170194 0 1095691 EMC INS GROUP INC COM 268664109 1819 80334 SH SOLE 28405 0 51929 EMC INS GROUP INC COM 268664109 34 1500 SH OTHER 0 0 1500 ENERPLUS RES FD UNIT TR G NEW COM 29274D604 8566 277750 SH SOLE 79200 0 198550 ENERPLUS RES FD UNIT TR G NEW COM 29274D604 46 1500 SH OTHER 0 0 1500 EVEREST RE GROUP COM G3223R108 9625 113475 SH SOLE 29775 0 83700 EXXON MOBIL CORPORATION COM 30231G102 11778 161080 SH SOLE 124846 0 36234 FAIRBORNE ENERGY LTD COM 303623102 5736 1356740 SH SOLE 90575 0 1266165 FAIRFAX FINL HLDGS LTD CONINGE WARRANT AND RIGH 303901110 0 61500 SH SOLE 20500 0 41000 FARMER BROS CO COM COM 307675108 195 10930 SH SOLE 1500 0 9430 FIBRIA CELULOSE S.A. SP ADR COM 31573A109 2752 172028 SH SOLE 63260 0 108768 FOREST CITY ENTERPRISES CLASS COM 345550107 10011 599796 SH SOLE 125104 0 474692 FOREST CITY ENTERPRISES CLASS COM 345550305 615 36990 SH SOLE 0 0 36990 FOREST CITY ENTERPRISES INC SR COM 345550404 1828 79470 SH SOLE 8670 0 70800 FREQUENCY ELECTRS INC COM COM 358010106 2611 389131 SH SOLE 75200 0 313931 FRIEDMAN INDS INC COM 358435105 538 61510 SH SOLE 12600 0 48910 FUEL SYS SOLUTIONS INC COM COM 35952W103 4624 157401 SH SOLE 6400 0 151001 FUJI FIRE & MARINE INS CO LTSH COM J14238117 483 356000 SH SOLE 165000 0 191000 GENERAL DYNAMICS CORP COM COM 369550108 568 8000 SH SOLE 8000 0 0 GENERAL ELEC CO COM 369604103 648 35453 SH SOLE 0 0 35453 GETTY RLTY CORP NEW COM COM 374297109 401 12804 SH SOLE 0 0 12804 GIVAUDAN AG GDR COM H3238Q102 278 257 SH SOLE 0 0 257 GLOBAL TECH ADVANCED INNOVATIO COM G39320117 384 40646 SH SOLE 12425 0 28221 GORMAN RUPP CO COM 383082104 10396 321668 SH SOLE 117272 0 204396 GORMAN RUPP CO COM 383082104 88 2733 SH OTHER 0 0 2733 GREAT WOLF RESORTS INC COM COM 391523107 2393 916976 SH SOLE 113944 0 803032 H & Q HEALTHCARE FD SH BEN INT MUTUAL FUNDS 404052102 144 10738 SH SOLE 5685 0 5053 H & Q LIFE SCIENCES INVS SH BE COM 404053100 640 59455 SH SOLE 27756 0 31699 HAMPDEN BANCORP INC COM COM 40867E107 1149 101446 SH SOLE 13469 0 87977 HELMERICH & PAYNE INC COM 423452101 10148 209319 SH SOLE 55100 0 154219 HESS CORP COM COM 42809H107 847 11070 SH SOLE 11070 0 0 HMN FINL INC COM COM 40424G108 537 191022 SH SOLE 23100 0 167922 HOLMEN AB SHS B COM W4200N112 4481 136900 SH SOLE 30900 0 106000 HUGOTON RTY TR TEX UNIT BEN IN COM 444717102 568 27700 SH SOLE 0 0 27700 I B M COM 459200101 382 2600 SH SOLE 0 0 2600 JOHNSON & JOHNSON COM COM 478160104 3626 58627 SH SOLE 51488 0 7139 JONES GROUP INC COM COM 48020T101 6048 389200 SH SOLE 62500 0 326700 KEWEENAW LD ASSN LTD COM COM 493026108 304 1640 SH SOLE 0 0 1640 KID BRANDS, INC. COM COM 49375T100 2655 310522 SH SOLE 62950 0 247572 KIMBALL INTL INC CL B COM 494274103 4594 665779 SH SOLE 122258 0 543521 KIMCO RLTY CORP COM COM 49446R109 7782 431373 SH SOLE 96900 0 334473 LASALLE RE HLDGS LTD PFD A PREFERRED STOCKS G5383Q119 4 40700 SH SOLE 13000 0 27700 LECHTERS INC 20010927 CONVERTIBLE BOND U52323AA7 0 385000 PRN SOLE 35000 0 350000 LIBERTY GLOBAL INC COM SER A COM 530555101 291 8216 SH SOLE 553 0 7663 LIBERTY GLOBAL INC COM SER C COM 530555309 225 6644 SH SOLE 1445 0 5199 LIFEHOUSE RETIREMENT PPTYS ICO COM 532198108 0 14000 SH SOLE 0 0 14000 LUBYS CAFETERIAS INC COM COM 549282101 1181 188327 SH SOLE 60225 0 128102 LUFKIN INDS INC COM COM 549764108 505 8090 SH SOLE 0 0 8090 LYDALL INC COM COM 550819106 6526 810629 SH SOLE 52900 0 757729 MAGAL SECURITY SYS LTD ORD COM M6786D104 1619 520602 SH SOLE 53908 0 466694 MANULIFE FINL CORP COM COM 56501R106 2726 158700 SH SOLE 41700 0 117000 MCLEODUSA INC CL A COM 582266706 0 41990 SH SOLE 41757 0 233 MEADWESTVACO CORPORATION COM 583334107 8795 336200 SH SOLE 96881 0 239319 MEADWESTVACO CORPORATION COM 583334107 52 1970 SH OTHER 0 0 1970 MEDCO HEALTH SOLUTIONS INC COM COM 58405U102 1787 29174 SH SOLE 29174 0 0 MERCER INS GROUP INC COM COM 587902107 1969 70344 SH SOLE 8500 0 61844 MERCK & COMPANY COM 58933Y105 3587 99534 SH SOLE 97800 0 1734 METLIFE INC COM COM 59156R108 889 20000 SH SOLE 0 0 20000 MFS GOVT MKTS INCOME TR SH BEN MUTUAL FUNDS 552939100 567 83326 SH SOLE 24874 0 58452 MFS INTERMARKET INCOME TR I SH COM 59318R103 608 72100 SH SOLE 6500 0 65600 MGE ENERGY INC COM 55277P104 1635 38243 SH SOLE 4718 0 33525 MICROSOFT CORP COM COM 594918104 290 10400 SH SOLE 0 0 10400 MS&AD INS GP HLDG (8725-JP) COM J4687C105 2616 104277 SH SOLE 47110 0 57167 MTS SYS CORP COM COM 553777103 255 6800 SH SOLE 600 0 6200 MUELLER PAUL CO COM 624752101 507 28190 SH SOLE 2600 0 25590 NAUGATUCK VY FINL CORP COM COM 639067107 2446 362353 SH SOLE 106573 0 255780 NEW YORK & CO INC COM COM 649295102 1519 343631 SH SOLE 48000 0 295631 NKSJ HOLDINGS INC SHS ISIN #JP COM J58699109 350 47890 SH SOLE 33918 0 13972 NORTH VALLEY BANCORP COM NEW COM 66304M204 227 25360 SH SOLE 4200 0 21160 NORTHEAST BANCORP COM NEW COM 663904209 163 10593 SH SOLE 6411 0 4182 NUCOR CORP COM 670346105 13188 300962 SH SOLE 68520 0 232442 OCEANFIRST FINL CORP COM COM 675234108 308 23900 SH SOLE 3150 0 20750 OLD REP INTL CORP COM COM 680223104 2449 179661 SH SOLE 38004 0 141657 ORION ENERGY SYSTEMS INC COM COM 686275108 122 36506 SH SOLE 0 0 36506 ORYX INTERNATIONAL GROWTH FUND COM G6775Y108 558 150000 SH SOLE 0 0 150000 OXFORD INDS INC COM COM 691497309 3361 131227 SH SOLE 46500 0 84727 OXFORD INDS INC COM COM 691497309 31 1200 SH OTHER 0 0 1200 PATTERSON-UTI ENERGY INC COM COM 703481101 5054 234536 SH SOLE 48700 0 185836 PENGROWTH ENERGY TR TR UNIT NE COM 706902509 7496 582895 SH SOLE 103811 0 479084 PENGROWTH ENERGY TR TR UNIT NE COM 706902509 22 1696 SH OTHER 0 0 1696 PENN MILLERS HLDG CORP COM COM 707561106 172 13002 SH SOLE 4502 0 8500 PENN WEST ENERGY TR TR UNIT COM 707885109 9283 388096 SH SOLE 108680 0 279416 PEOPLES UNITED FINANCIAL INCCO COM 712704105 1257 89707 SH SOLE 0 0 89707 PEPSICO INC COM 713448108 5669 86775 SH SOLE 33600 0 53175 PFIZER INC COM COM 717081103 278 15892 SH SOLE 13008 0 2884 PHOENIX COS INC NEW COM COM 71902E109 1874 737741 SH SOLE 51900 0 685841 PHOENIX COS INC NEW QUIBS 2032 PREFERRED STOCKS 71902E208 1852 96900 SH SOLE 48300 0 48600 PLUM CREEK TIMBER CO INC COM COM 729251108 206 5508 SH SOLE 3293 0 2215 PMA CAP CORP NT SR 8.50% 18 PREFERRED STOCKS 693419301 399 41594 SH SOLE 9444 0 32150 PROCTER & GAMBLE COMPANY COM 742718109 281 4368 SH SOLE 0 0 4368 PROSPEX RES LTD COM COM 743627101 1199 912880 SH SOLE 130700 0 782180 REEVES TELECOM LTD PARTNERSHPA COM 75865P100 61 233507 SH SOLE 183157 0 50350 ROCHE HLDG LTD DIV RIGHTS CERT WARRANT AND RIGH H69293217 3675 25000 SH SOLE 0 0 25000 ROYAL DUTCH SHELL PLC SPONS AD COM 780259206 1880 28147 SH SOLE 25316 0 2831 ROYCE OTC MICRO-CAP FD INC COM COM 780915104 118 11994 SH SOLE 8463 0 3531 SCHULMAN A INC COM COM 808194104 3227 140976 SH SOLE 29787 0 111189 SCHULMAN A INC COM COM 808194104 41 1800 SH OTHER 0 0 1800 SCOTTISH RE GROUP LIMITED SHS COM G73537410 25 143400 SH SOLE 10600 0 132800 SI FINL GROUP INC COM COM 78425W102 1542 174649 SH SOLE 60684 0 113965 SIGNET JEWELERS LIMITED SHS COM G81276100 2092 48200 SH SOLE 8100 0 40100 STATE AUTO FINL CORP COM 855707105 1410 80943 SH SOLE 9047 0 71896 STEPAN CHEMICAL CO COM 858586100 4007 52533 SH SOLE 22700 0 29833 SUNOCO INC COM COM 86764P109 12440 308605 SH SOLE 86806 0 221799 TEMPLETON EMERGING MKTS INCMCO MUTUAL FUNDS 880192109 1120 68350 SH SOLE 14100 0 54250 TOKIO MARINE HOLDINGS INC COM 889094108 4704 157195 SH SOLE 146655 0 10540 TUESDAY MORNING CORP COM NEW COM 899035505 5875 1112749 SH SOLE 136634 0 976115 UNITED PARCEL SVC INC CL B COM 911312106 6321 87090 SH SOLE 0 0 87090 UNUMPROVIDENT CORP COM 91529Y106 13945 575748 SH SOLE 142965 0 432783 UNUMPROVIDENT CORP COM 91529Y106 35 1460 SH OTHER 0 0 1460 URSTADT BIDDLE PPTYS INC CL A COM 917286205 4824 248045 SH SOLE 69100 0 178945 URSTADT BIDDLE PPTYS INC COM COM 917286106 5719 344336 SH SOLE 134524 0 209812 URSTADT BIDDLE PPTYS INC COM COM 917286106 33 2000 SH OTHER 0 0 2000 URSTADT BIDDLE PPTYS INS SR PF PREFERRED STOCKS 917286403 1974 19250 SH SOLE 1150 0 18100 USA TRUCK INC COM COM 902925106 4879 368813 SH SOLE 28838 0 339975 VECTREN CORP COM COM 92240G101 7808 307645 SH SOLE 56422 0 251223 VIASYSTEMS GROUP INC COM COM 92553H803 2053 101953 SH SOLE 3158 0 98795 VIRTUS INVT PARTNERS INC COM COM 92828Q109 375 8273 SH SOLE 1292 0 6981 VULCAN MATLS CO COM COM 929160109 448 10095 SH SOLE 0 0 10095 WAL MART STORES INC COM 931142103 284 5259 SH SOLE 0 0 5259 WASHINGTON REAL ESTATE INVT SH COM 939653101 3189 102900 SH SOLE 26700 0 76200 WASHINGTON REAL ESTATE INVT SH COM 939653101 28 900 SH OTHER 0 0 900 WATSCO INC COM 942622200 5816 92200 SH SOLE 26800 0 65400 WELLS FARGO & CO PFD FRAC ACAT PREFERRED STOCKS KEK746889 0 97400 SH SOLE 0 0 97400 WEST MARINE INC COM COM 954235107 728 68799 SH SOLE 8338 0 60461 WEST PHARMACEUTICAL SVCS INCCO COM 955306105 2052 49806 SH SOLE 6666 0 43140 WILLIAMS SONOMA INC COM COM 969904101 4147 116200 SH SOLE 28700 0 87500 LINE COUNT: 179