13F-HR 1 sec1q09.txt GRACE & WHITE, INC 13F 3/31/09 UNTIED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 205049 FORM 13F FORM 13F COVER PAGE REPORT FOR THE QUARTER ENDED MARCH 31,2009 INSTITUTIONAL INVESTMENT MANAGER FILING THE REPORT: GRACE & WHITE, INC. 515 MADISON AVE. SUITE 1700 NEW YORK, N.Y.10022 13F FILE NUMBER SEC13F1Q09.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 EXECUTIVE VICE PRESIDENT 212-935-5990 S/MARC E. RAVITZ NY, NY 4/24/09 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: 03/31/09 REPORT SUMMARY: NUMBER OF OTHER INCLUDED MANAGERS: 0 FORM 13F INFORMATION TABLE ENTRY TOTAL: 180 FORM 13F INFORMATION TABLE VALUE TOTAL: $309,870,000 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME GRACE & WHITE, INC. FORM 13F INFORMATION TABLE AS OF DATE: 03/31/09 VALUE SHARES/ SH/ PUT/ INVSTMT VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN SOLE NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- -------- -------- AIOI INSURANCE CO LTD SHS FOREIGN COMMON S J00607101 811 210793 SH SOLE 69283 141510 ALAMO GROUP INC COM COM 011311107 1196 112200 SH SOLE 9500 102700 ALLIANCE BANKSHARES CORP COM COM 018535104 626 347801 SH SOLE 31800 316001 ALLIANT CORP COM COM 018802108 7532 305048 SH SOLE 90424 214624 ALLIANT CORP COM COM 018802108 40 1600 SH OTHER 0 1600 ALLSTATE CORP COM 020002101 300 15690 SH SOLE 14090 1600 AMERICAN EXPRESS CO COM 025816109 337 24728 SH SOLE 24728 0 AMERICAN WOODMARK CORP COM COM 030506109 4000 227806 SH SOLE 22715 205091 AMR CORP DEL COM COM 001765106 36 11200 SH SOLE 11200 0 APPLIED INDL TECHNLGIES INC CO COM 03820C105 7050 417900 SH SOLE 56325 361575 ARACRUZ CELULOSE ADR SP REP CL COM 038496204 1695 256835 SH SOLE 78350 178485 ARGO GROUP INTL HLDGS LTD COM COM G0464B107 1495 49620 SH SOLE 4740 44880 ASIA FINANCIAL HOLDINGS LTD SH COM G0532X107 3515 14114915 SH SOLE 1834586 12280329 ASTRO-MED INC NEW COM COM 04638F108 64 11791 SH SOLE 9500 2291 ATMOS ENERGY CORP COM COM 049560105 2870 124150 SH SOLE 26900 97250 BANG & OLUFSEN HLG ORD B COM K07774126 938 74135 SH SOLE 16545 57590 BASSETT FURNITURE INDS INC COM COM 070203104 1597 823086 SH SOLE 198466 624620 BASSETT FURNITURE INDS INC COM COM 070203104 4 2300 SH OTHER 0 2300 BCSB BANCORP INC COM COM 055367106 153 17535 SH SOLE 9398 8137 BERKLEY W R CORP COM COM 084423102 645 28622 SH SOLE 0 28622 BOEING CO COM 097023105 1067 30000 SH SOLE 30000 0 BP AMOCO ADS COM 055622104 374 9333 SH SOLE 0 9333 BRISTOL MYERS SQUIBB CO COM 110122108 2874 131126 SH SOLE 51200 79926 BROADWAY FINL CORP DEL COM COM 111444105 294 69206 SH SOLE 2700 66506 BRONCO DRILLING CO INC COM COM 112211107 823 156544 SH SOLE 6700 149844 BRUNSWICK BANCORP INC COM COM 117030106 155 25816 SH SOLE 25816 0 CALLAWAY GOLF CO COM COM 131193104 8414 1171809 SH SOLE 227500 944309 CALLAWAY GOLF CO COM COM 131193104 20 2800 SH OTHER 0 2800 CAPITAL SOUTHWEST CORP COM COM 140501107 2335 30572 SH SOLE 4000 26572 CASTLE A M & CO COM 148411101 4037 452566 SH SOLE 56600 395966 CFS BANCORP INC COM COM 12525D102 1713 439240 SH SOLE 138163 301077 CFS BANCORP INC COM COM 12525D102 20 5000 SH OTHER 0 5000 CHUBB CORP COM 171232101 821 19400 SH SOLE 19400 0 CHUBU NIPPON BROADCAST CO LTSH COM J06594105 3039 398137 SH SOLE 15700 382437 CIGNA CORP COM COM 125509109 452 25700 SH SOLE 25700 0 CIMAREX ENERGY CO COM COM 171798101 4256 231565 SH SOLE 32920 198645 CITIGROUP INC COM COM 172967101 35 13699 SH SOLE 0 13699 CLIFTON SVGS BANCORP INC COM COM 18712Q103 2721 272057 SH SOLE 72259 199798 COLDWATER CREEK INC COM COM 193068103 25 10000 SH SOLE 0 10000 COLONIAL BANKSHARES INC COM COM 195572102 1892 343956 SH SOLE 51165 292791 CONOCOPHILLIPS COM COM 20825C104 664 16956 SH SOLE 0 16956 CONSOLIDATED TOMOKA LD CO COM COM 210226106 1782 60000 SH SOLE 7500 52500 CORN PRODS INTL INC COM COM 219023108 2762 130300 SH SOLE 15800 114500 CORTS TR 111 PROVIDENT FING CO COM 22081P209 488 33200 SH SOLE 8800 24400 CORTS TR II PROVIDENT FING TCO PREFERRED STOCKS 22081B200 1028 65200 SH SOLE 9400 55800 CROSS A T CO CL A COM 227478104 143 58300 SH SOLE 24600 33700 CURRENCYSHARES EURO TRUST COM 23130C108 1342 10100 SH SOLE 1400 8700 CYBEX INTL INC COM COM 23252E106 1296 1194285 SH SOLE 121512 1072773 DAWSON GEOPHYSICAL CO COM COM 239359102 1880 139272 SH SOLE 9600 129672 DEL GLBL TECHNOLOGIES CORP COM COM 245073101 516 974178 SH SOLE 117113 857065 DELPHI FINL GROUP INC CL A COM 247131105 3693 274362 SH SOLE 29500 244862 DISCOVER FINL SVCS COM COM 254709108 94 14932 SH SOLE 0 14932 EDGE PETE CORP DEL COM COM 279862106 7 35100 SH SOLE 35100 0 EKORNES ASA ORD COM R20126109 967 100500 SH SOLE 34800 65700 ELECTRONICS FOR IMAGING INC CO COM 286082102 139 14200 SH SOLE 0 14200 EMBER RES INC COM COM 29081X207 324 647920 SH SOLE 70925 576995 EMC INS GROUP INC COM 268664109 1288 61138 SH SOLE 16502 44636 EMC INS GROUP INC COM 268664109 32 1500 SH OTHER 0 1500 ENERPLUS RES FD UNIT TR G NEW COM 29274D604 2636 161050 SH SOLE 59500 101550 ENERPLUS RES FD UNIT TR G NEW COM 29274D604 25 1500 SH OTHER 0 1500 EVEREST RE GROUP COM G3223R108 7682 108500 SH SOLE 28600 79900 EXXON MOBIL CORPORATION COM 30231G102 7358 108044 SH SOLE 71840 36204 FAIRBORNE ENERGY LTD COM 303623102 2189 916390 SH SOLE 30075 886315 FAIRFAX FINL HLDGS LTD CONINGE WARRANT AND RIGH 303901110 0 61500 SH SOLE 20500 41000 FARMER BROS CO COM COM 307675108 551 30946 SH SOLE 6700 24246 FOREST CITY ENTERPRISES CLASS COM 345550107 2587 718495 SH SOLE 128915 589580 FOREST CITY ENTERPRISES CLASS COM 345550305 155 41974 SH SOLE 4284 37690 FOREST CITY ENTERPRISES INC SR COM 345550404 564 79470 SH SOLE 8670 70800 FREQUENCY ELECTRS INC COM COM 358010106 485 146208 SH SOLE 58000 88208 FRIEDMAN INDS INC COM 358435105 346 70410 SH SOLE 12600 57810 FUEL SYS SOLUTIONS INC COM COM 35952W103 3470 257430 SH SOLE 12100 245330 GENERAL DYNAMICS CORP COM COM 369550108 1165 28000 SH SOLE 28000 0 GENERAL ELEC CO COM 369604103 354 35053 SH SOLE 0 35053 GETTY RLTY CORP NEW COM COM 374297109 637 34704 SH SOLE 0 34704 GLOBAL TECH ADVANCED INNOVATIO COM G39320117 327 44317 SH SOLE 12925 31392 GORMAN RUPP CO COM 383082104 7147 360966 SH SOLE 131349 229617 GORMAN RUPP CO COM 383082104 54 2733 SH OTHER 0 2733 GREAT WOLF RESORTS INC COM COM 391523107 1983 851123 SH SOLE 95100 756023 H & Q LIFE SCIENCES INVS SH BE COM 404053100 451 57832 SH SOLE 28371 29461 HAMPDEN BANCORP INC COM COM 40867E107 978 103146 SH SOLE 13469 89677 HARMAN INTL INDS INC COM COM 413086109 690 51000 SH SOLE 0 51000 HELMERICH & PAYNE INC COM 423452101 5635 247494 SH SOLE 59000 188494 HMN FINL INC COM COM 40424G108 632 203737 SH SOLE 25100 178637 HOLMEN AB SHS B COM W4200N112 1499 90600 SH SOLE 20900 69700 HOLMEN AB-B SHS FOREIGN COMMON S 614052 301 10000 SH SOLE 10000 0 HUGOTON RTY TR TEX UNIT BEN IN COM 444717102 367 38400 SH SOLE 6000 32400 I B M COM 459200101 233 2400 SH SOLE 0 2400 INFOCUS CORP COM COM 45665B106 481 803749 SH SOLE 86043 717706 JOHNSON & JOHNSON COM COM 478160104 3057 58127 SH SOLE 51488 6639 JONES APPAREL GROUP INC COM COM 480074103 1863 441500 SH SOLE 57000 384500 KIMBALL INTL INC CL B COM 494274103 4522 689289 SH SOLE 121800 567489 KIMCO RLTY CORP COM COM 49446R109 4600 603666 SH SOLE 135000 468666 KNIGHTSBRIDGE TANKERS LTD SHS COM G5299G106 237 16300 SH SOLE 400 15900 LASALLE RE HLDGS LTD PFD A PREFERRED STOCKS G5383Q119 9 40700 SH SOLE 13000 27700 LECHTERS CV 5% 9/27/08 CONVERTIBLE BOND XS0033749 0 425000 PRN SOLE 35000 390000 LIBERTY GLOBAL INC COM SER A COM 530555101 217 14916 SH SOLE 553 14363 LIBERTY GLOBAL INC COM SER C COM 530555309 485 34328 SH SOLE 1445 32883 LIFEHOUSE RETIREMENT PPTYS ICO COM 532198108 0 14000 SH SOLE 0 14000 LUBYS CAFETERIAS INC COM COM 549282101 380 77300 SH SOLE 16200 61100 LUFKIN INDS INC COM COM 549764108 1858 49053 SH SOLE 8203 40850 LYDALL INC COM COM 550819106 2962 997329 SH SOLE 58900 938429 MAGAL SECURITY SYS LTD ORD COM M6786D104 2577 616471 SH SOLE 31560 584911 MANULIFE FINL CORP COM COM 56501R106 256 22900 SH SOLE 0 22900 MAX RE CAPITAL LTD SHS COM G6052F103 8273 479850 SH SOLE 75270 404580 MCLEODUSA INC CL A COM 582266706 0 41973 SH SOLE 41740 233 MEADWESTVACO CORPORATION COM 583334107 5670 472908 SH SOLE 119804 353104 MEADWESTVACO CORPORATION COM 583334107 24 1970 SH OTHER 0 1970 MEDCO HEALTH SOLUTIONS INC COM COM 58405U102 353 8551 SH SOLE 8551 0 MERCER INS GROUP INC COM COM 587902107 1193 83444 SH SOLE 12400 71044 MERCK & CO INC COM 589331107 1159 43309 SH SOLE 41450 1859 MERIX CORP COM COM 590049102 395 1409434 SH SOLE 59339 1350095 METLIFE INC COM COM 59156R108 455 20000 SH SOLE 0 20000 MFS INTERMARKET INCOME TR I SH COM 59318R103 508 73400 SH SOLE 7800 65600 MGE ENERGY INC COM 55277P104 2696 85934 SH SOLE 9650 76284 MITSUI SUMITOMO INS GROUP HLSH COM J45745106 1766 76693 SH SOLE 33947 42746 MUELLER PAUL CO COM 624752101 662 35790 SH SOLE 4200 31590 NAUGATUCK VY FINL CORP COM COM 639067107 1222 205458 SH SOLE 41748 163710 NEW YORK & CO INC COM COM 649295102 1279 360190 SH SOLE 15000 345190 NIPPONKOA INSURANCE COMP LTDSH COM J5428G115 301 52458 SH SOLE 37000 15458 NORTH VALLEY BANCORP COM COM 66304M105 575 133207 SH SOLE 21000 112207 NUCOR CORP COM 670346105 13111 343477 SH SOLE 70320 273157 OCEANFIRST FINL CORP COM COM 675234108 258 25200 SH SOLE 5100 20100 ORION ENERGY SYSTEMS INC COM COM 686275108 161 36506 SH SOLE 0 36506 ORYX INTERNATIONAL GROWTH FUND COM G6775Y108 210 150000 SH SOLE 0 150000 OXFORD INDS INC COM COM 691497309 1624 263150 SH SOLE 61450 201700 OXFORD INDS INC COM COM 691497309 7 1200 SH OTHER 0 1200 PATTERSON-UTI ENERGY INC COM COM 703481101 3696 412508 SH SOLE 78302 334206 PENGROWTH ENERGY TR TR UNIT NE COM 706902509 2457 440240 SH SOLE 58574 381666 PENGROWTH ENERGY TR TR UNIT NE COM 706902509 9 1696 SH OTHER 0 1696 PENN WEST ENERGY TR TR UNIT COM 707885109 5558 585680 SH SOLE 143440 442240 PEPSICO INC COM 713448108 5193 100875 SH SOLE 33600 67275 PFIZER INC COM COM 717081103 216 15864 SH SOLE 13008 2856 PHOENIX COS INC NEW COM COM 71902E109 941 804621 SH SOLE 10000 794621 PHOENIX COS INC NEW QUIBS 2032 PREFERRED STOCKS 71902E208 406 58400 SH SOLE 58400 0 PLUM CREEK TIMBER CO INC COM COM 729251108 1111 38208 SH SOLE 15193 23015 PMA CAP CORP CL A COM 693419202 2036 488246 SH SOLE 78000 410246 PROCTER & GAMBLE COMPANY COM 742718109 206 4368 SH SOLE 0 4368 PROSPEX RES LTD COM COM 743627101 254 577980 SH SOLE 51300 526680 REEVES TELECOM LTD PARTNERSHPA COM 75865P100 117 233507 SH SOLE 183157 50350 ROCHE HLDG LTD DIV RIGHTS CERT WARRANT AND RIGH H69293217 3434 25000 SH SOLE 0 25000 ROYAL DUTCH SHELL PLC SPONS AD COM 780259206 1247 28147 SH SOLE 25316 2831 ROYCE OTC MICRO-CAP FD INC COM COM 780915104 60 11895 SH SOLE 8393 3502 RUSS BERRIE & CO INC COM 782233100 761 576503 SH SOLE 84800 491703 SAUER-DANFOSS INC COM COM 804137107 1143 468500 SH SOLE 93200 375300 SCHULMAN A INC COM COM 808194104 3828 282543 SH SOLE 58154 224389 SCHULMAN A INC COM COM 808194104 24 1800 SH OTHER 0 1800 SCOTTISH RE GROUP LIMITED SHS COM G73537410 24 338700 SH SOLE 10600 328100 SI FINL GROUP INC COM COM 78425W102 545 145279 SH SOLE 47790 97489 SIGNET JEWELERS LIMITED SHS COM G81276100 1121 97925 SH SOLE 24100 73825 SMITHTOWN BANCORP INC COM 832449102 1548 137192 SH SOLE 0 137192 ST JOE CO COM COM 790148100 1668 99643 SH SOLE 2900 96743 STATE AUTO FINL CORP COM 855707105 771 43800 SH SOLE 1900 41900 STEPAN CHEMICAL CO COM 858586100 3696 135383 SH SOLE 39800 95583 STERLING FINL CORP WASH COM COM 859319105 1844 891003 SH SOLE 226040 664963 SUNOCO INC COM COM 86764P109 6276 236994 SH SOLE 66284 170710 TEMPLETON EMERGING MKTS INCMCO MUTUAL FUNDS 880192109 986 107750 SH SOLE 20300 87450 THINKENGINE NETWORKS INC COM 88409U105 0 48488 SH SOLE 0 48488 TOKIO MARINE HOLDINGS INC COM 889094108 4139 170695 SH SOLE 160155 10540 TUESDAY MORNING CORP COM NEW COM 899035505 2342 1844357 SH SOLE 177093 1667264 UNITED PARCEL SVC INC CL B COM 911312106 4636 94190 SH SOLE 0 94190 UNITED TECHNOLOGIES CORP COM 913017109 666 15500 SH SOLE 15500 0 UNUMPROVIDENT CORP COM 91529Y106 8485 678774 SH SOLE 156530 522244 UNUMPROVIDENT CORP COM 91529Y106 18 1460 SH OTHER 0 1460 URSTADT BIDDLE PPTYS INC CL A COM 917286205 5726 426675 SH SOLE 100060 326615 URSTADT BIDDLE PPTYS INC COM COM 917286106 4246 316874 SH SOLE 131260 185614 URSTADT BIDDLE PPTYS INC COM COM 917286106 27 2000 SH OTHER 0 2000 USA TRUCK INC COM COM 902925106 5459 422174 SH SOLE 23000 399174 VECTREN CORP COM COM 92240G101 4734 224445 SH SOLE 53688 170757 VIRTUS INVT PARTNERS INC COM COM 92828Q109 578 88737 SH SOLE 4000 84737 VULCAN MATLS CO COM COM 929160109 447 10095 SH SOLE 0 10095 WAL MART STORES INC COM 931142103 274 5259 SH SOLE 0 5259 WASHINGTON REAL ESTATE INVT SH COM 939653101 2273 131400 SH SOLE 30100 101300 WASHINGTON REAL ESTATE INVT SH COM 939653101 16 900 SH OTHER 0 900 WATSCO INC COM 942622200 3396 99800 SH SOLE 30000 69800 WELLS FARGO & CO PFD FRAC ACAT PREFERRED STOCKS KEK746889 0 97400 SH SOLE 0 97400 WEST MARINE INC COM COM 954235107 1567 292899 SH SOLE 11338 281561 WEST PHARMACEUTICAL SVCS INCCO COM 955306105 1856 56556 SH SOLE 6666 49890 WILLIAMS SONOMA INC COM COM 969904101 2263 224500 SH SOLE 44000 180500 YUM BRANDS INC COM COM 988498101 451 16400 SH SOLE 16400 0 ZIMMER HLDGS INC COM COM 98956P102 472 12938 SH SOLE 5120 7818 LINE COUNT: 180