Grace & White

Grace & White as of Dec. 31, 2011

Portfolio Holdings for Grace & White

Grace & White holds 0 positions in its portfolio as reported in the December 2011 quarterly 13F filing

                {C}          {C}             {C}
           GRACE & WHITE, INC.
        FORM 13F INFORMATION TABLE
          AS OF DATE: 12/31/11

                                                            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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
{S}     {C}    {C}     {C}     {C}      {C}      {C}       {C}       {C}      {C}     {C}      {C}
ABERDEEN ASSET MGMT PLC UK ORD COM              G00434111       34    10250 SH       SOLE                        0        0    10250
AEGON N V NY REGISTRY SH       COM              007924103      663   165000 SH       SOLE                    18000        0   147000
AEGON N V PFD PER 6.875%       PREFERRED STOCKS N00927306      929    44416 SH       SOLE                    13216        0    31200
AEGON NV                       COM              5927375        261    65000 SH       SOLE                        0        0    65000
ALAMO GROUP INC COM            COM              011311107     2222    82494 SH       SOLE                     5800        0    76694
ALLIANCE BANKSHARES CORP COM   COM              018535104     1355   389236 SH       SOLE                    39603        0   349633
ALLIANT CORP COM               COM              018802108    13037   295548 SH       SOLE                    71269        0   224279
ALLIANT CORP COM               COM              018802108       71     1600 SH       OTHER                       0        0     1600
ALLSTATE CORP                  COM              020002101      430    15690 SH       SOLE                        0        0    15690
ALTERRA CAPITAL HOLDINGS LTD   COM              G0229R108     9218   390089 SH       SOLE                    45070        0   345019
AMERICAN WOODMARK CORP COM     COM              030506109     2819   206370 SH       SOLE                    22115        0   184255
AMR CORP DEL COM               COM              001765106        4    11200 SH       SOLE                        0        0    11200
APPLIED INDL TECHNLGIES INC CO COM              03820C105    11860   337221 SH       SOLE                    32025        0   305196
ARGO GROUP INTL HLDGS LTD COM  COM              G0464B107     4501   155431 SH       SOLE                    12110        0   143321
ASIA FINANCIAL HOLDINGS LTD SH COM              G0532X107     3660 10686915 SH       SOLE                  1632586        0  9054329
ASTRO-MED INC NEW COM          COM              04638F108      939   123436 SH       SOLE                    59600        0    63836
ATMOS ENERGY CORP COM          COM              049560105     4734   141940 SH       SOLE                    33600        0   108340
BANG & OLUFSEN HLG ORD B       COM              K07774126     1126   119412 SH       SOLE                    47556        0    71856
BASSETT FURNITURE INDS INC COM COM              070203104     2913   388982 SH       SOLE                    78531        0   310451
BASSETT FURNITURE INDS INC COM COM              070203104       17     2300 SH       OTHER                       0        0     2300
BCSB BANCORP INC COM           COM              055367106      177    16429 SH       SOLE                     8292        0     8137
BERKLEY W R CORP COM           COM              084423102      922    26822 SH       SOLE                        0        0    26822
BOEING CO                      COM              097023105     3748    51100 SH       SOLE                    20000        0    31100
BRISTOL MYERS SQUIBB CO        COM              110122108     1288    36563 SH       SOLE                    18093        0    18470
BROADWAY FINL CORP DEL COM     COM              111444105       78    49890 SH       SOLE                     2700        0    47190
BRUNSWICK BANCORP INC COM      COM              117030106      152    25816 SH       SOLE                    25816        0        0
CALLAWAY GOLF CO COM           COM              131193104     5725  1035302 SH       SOLE                   123100        0   912202
CALLAWAY GOLF CO COM           COM              131193104       15     2800 SH       OTHER                       0        0     2800
CAPITAL SOUTHWEST CORP COM     COM              140501107     2813    34489 SH       SOLE                      300        0    34189
CARROLLTON BANCORP COM         COM              145282109       70    25070 SH       SOLE                     5800        0    19270
CASTLE A M & CO                COM              148411101     4577   483841 SH       SOLE                    16900        0   466941
CFS BANCORP INC COM            COM              12525D102     1491   345864 SH       SOLE                    98651        0   247213
CFS BANCORP INC COM            COM              12525D102       22     5000 SH       OTHER                       0        0     5000
CHUBB CORP                     COM              171232101     1343    19400 SH       SOLE                        0        0    19400
CHUBU NIPPON BROADCAST CO LTSH COM              J06594105     2554   436737 SH       SOLE                    30900        0   405837
CIMAREX ENERGY CO COM          COM              171798101     3253    52558 SH       SOLE                     5400        0    47158
CLIFTON SVGS BANCORP INC COM   COM              18712Q103     2467   265869 SH       SOLE                    70521        0   195348
COCA COLA CO COM               COM              191216100     1178    16833 SH       SOLE                    13300        0     3533
COLONIAL FINANCIAL SERVICES    COM              19566B101     3990   320238 SH       SOLE                    48086        0   272152
CONOCOPHILLIPS COM             COM              20825C104      735    10088 SH       SOLE                     2184        0     7904
CONSOLIDATED TOMOKA LD CO COM  COM              210226106     1105    40834 SH       SOLE                     8600        0    32234
CORN PRODS INTL INC COM        COM              219023108     3702    70400 SH       SOLE                     8600        0    61800
CORTS TR 111 PROVIDENT FING CO COM              22081P209      763    29900 SH       SOLE                     5600        0    24300
CORTS TR II PROVIDENT FING TCO PREFERRED STOCKS 22081B200     2001    77170 SH       SOLE                    12000        0    65170
CORTS TR PROVIDENT FING TR ICR PREFERRED STOCKS 22080X203      758    29065 SH       SOLE                     7550        0    21515
CURRENCYSHARES EURO TRUST      COM              23130C108      967     7500 SH       SOLE                     1400        0     6100
CYBEX INTL INC COM             COM              23252E106      613  1459176 SH       SOLE                   263122        0  1196054
DAWSON GEOPHYSICAL CO COM      COM              239359102     2562    64817 SH       SOLE                     7700        0    57117
DELPHI FINL GROUP INC CL A     COM              247131105     5299   119612 SH       SOLE                     9300        0   110312
EKORNES ASA ORD                COM              R20126109     1445    88000 SH       SOLE                    27000        0    61000
EMC INS GROUP INC              COM              268664109     2434   118332 SH       SOLE                    35309        0    83023
EMC INS GROUP INC              COM              268664109       31     1500 SH       OTHER                       0        0     1500
ENERPLUS CORPORATION           COM              292766102     8670   342400 SH       SOLE                    96900        0   245500
ENERPLUS CORPORATION           COM              292766102       38     1500 SH       OTHER                       0        0     1500
EVEREST RE GROUP               COM              G3223R108     9936   118154 SH       SOLE                    19475        0    98679
EXXON MOBIL CORPORATION        COM              30231G102    13256   156395 SH       SOLE                    88630        0    67765
FAIRBORNE ENERGY LTD           COM              303623102     5655  1945440 SH       SOLE                   108475        0  1836965
FAIRFAX FINL HLDGS LTD CONINGE WARRANT AND RIGH 303901110        0    61500 SH       SOLE                    20500        0    41000
FIBRIA CELULOSE S.A. SP ADR    COM              31573A109     3084   396928 SH       SOLE                    46050        0   350878
FOREST CITY ENTERPRISES CLASS  COM              345550107     6524   551965 SH       SOLE                    32673        0   519292
FOREST CITY ENTERPRISES CLASS  COM              345550305      264    22300 SH       SOLE                        0        0    22300
FOREST CITY ENTERPRISES INC SR COM              345550404     1808    79770 SH       SOLE                     8670        0    71100
FREQUENCY ELECTRS INC COM      COM              358010106     2541   330409 SH       SOLE                    51700        0   278709
FRIEDMAN INDS INC              COM              358435105      491    46545 SH       SOLE                    12600        0    33945
FUEL SYS SOLUTIONS INC COM     COM              35952W103     5724   347113 SH       SOLE                    24700        0   322413
GASFRAC ENERGY SVCS INC COM    COM              367257201      548    79800 SH       SOLE                    14000        0    65800
GENERAL DYNAMICS CORP COM      COM              369550108      531     8000 SH       SOLE                        0        0     8000
GENERAL ELEC CO                COM              369604103      467    26096 SH       SOLE                        0        0    26096
GETTY RLTY CORP NEW COM        COM              374297109      179    12804 SH       SOLE                        0        0    12804
GIVAUDAN AG GDR                COM              H3238Q102      246      257 SH       SOLE                        0        0      257
GLOBAL TECH ADVANCED INNOVATIO COM              G39320117      486   131998 SH       SOLE                    35272        0    96726
GORMAN RUPP CO                 COM              383082104     9899   364621 SH       SOLE                    67339        0   297282
GORMAN RUPP CO                 COM              383082104       93     3416 SH       OTHER                       0        0     3416
GREAT WOLF RESORTS INC COM     COM              391523107     4172  1438461 SH       SOLE                   212344        0  1226117
H & Q HEALTHCARE FD SH BEN INT MUTUAL FUNDS     404052102      180    12762 SH       SOLE                     6197        0     6565
H & Q LIFE SCIENCES INVS SH BE COM              404053100      436    38051 SH       SOLE                    19576        0    18475
HAMPDEN BANCORP INC COM        COM              40867E107      598    50638 SH       SOLE                     5287        0    45351
HANOVER INS GROUP INC COM      COM              410867105      720    20600 SH       SOLE                     6300        0    14300
HELMERICH & PAYNE INC          COM              423452101     8634   147945 SH       SOLE                    16400        0   131545
HESS CORP COM                  COM              42809H107      458     8070 SH       SOLE                        0        0     8070
HMN FINL INC COM               COM              40424G108      397   205031 SH       SOLE                    22500        0   182531
HOLMEN AB SHS B                COM              W4200N112     3862   133900 SH       SOLE                    19900        0   114000
HUGOTON RTY TR TEX UNIT BEN IN COM              444717102      570    30231 SH       SOLE                     1331        0    28900
INVESTORS REAL ESTATE TR SH BE COM              461730103      752   103070 SH       SOLE                    21370        0    81700
JOHNSON & JOHNSON COM          COM              478160104     3733    56920 SH       SOLE                        0        0    56920
JONES GROUP INC COM            COM              48020T101     7755   735067 SH       SOLE                    91100        0   643967
KEWEENAW LD ASSN LTD COM       COM              493026108      246     3280 SH       SOLE                        0        0     3280
KID BRANDS, INC. COM           COM              49375T100     2866   906871 SH       SOLE                   123667        0   783204
KIMBALL INTL INC CL B          COM              494274103     3597   709408 SH       SOLE                   105163        0   604245
KIMCO RLTY CORP COM            COM              49446R109     5963   367173 SH       SOLE                    52500        0   314673
LASALLE RE HLDGS LTD PFD A     PREFERRED STOCKS G5383Q119        7    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      312     7600 SH       SOLE                      553        0     7047
LUBYS CAFETERIAS INC COM       COM              549282101      961   213027 SH       SOLE                    60225        0   152802
LUFKIN INDS INC COM            COM              549764108      376     5590 SH       SOLE                        0        0     5590
LYDALL INC COM                 COM              550819106     6939   731223 SH       SOLE                    47695        0   683528
MAGAL SECURITY SYS LTD ORD     COM              M6786D104     3939  1053106 SH       SOLE                   148776        0   904330
MANULIFE FINL CORP COM         COM              56501R106     3002   282700 SH       SOLE                    33000        0   249700
MCLEODUSA INC CL A             COM              582266706        0    41990 SH       SOLE                    41757        0      233
MEADWESTVACO CORPORATION       COM              583334107     9791   326902 SH       SOLE                    57016        0   269886
MEADWESTVACO CORPORATION       COM              583334107       59     1970 SH       OTHER                       0        0     1970
MEDCO HEALTH SOLUTIONS INC COM COM              58405U102     1631    29174 SH       SOLE                    24350        0     4824
MERCK & COMPANY                COM              58933Y105     3752    99534 SH       SOLE                    77800        0    21734
METLIFE INC COM                COM              59156R108      624    20000 SH       SOLE                        0        0    20000
MFS GOVT MKTS INCOME TR SH BEN MUTUAL FUNDS     552939100     1753   251801 SH       SOLE                    36374        0   215427
MFS INTERMARKET INCOME TR I SH COM              59318R103     1362   164858 SH       SOLE                    38030        0   126828
MGE ENERGY INC                 COM              55277P104      886    18943 SH       SOLE                     4718        0    14225
MICROSOFT CORP COM             COM              594918104      270    10400 SH       SOLE                        0        0    10400
MS^AD INS GP HLDG (8725-JP)    COM              J4687C105     1827    98577 SH       SOLE                    47110        0    51467
MUELLER PAUL CO                COM              624752101      397    22677 SH       SOLE                     2000        0    20677
MUNICH RE AG-REG               FOREIGN COMMON S 5294121        429     3519 SH       SOLE                        0        0     3519
MURPHY OIL CORP COM            COM              626717102     3584    64300 SH       SOLE                    14600        0    49700
NAUGATUCK VY FINL CORP         COM              63906P107     2530   372662 SH       SOLE                   102996        0   269666
NEW YORK & CO INC COM          COM              649295102      854   321078 SH       SOLE                    48000        0   273078
NORTH VALLEY BANCORP COM NEW   COM              66304M204      244    25360 SH       SOLE                     3820        0    21540
NUCOR CORP                     COM              670346105    11888   300422 SH       SOLE                    28520        0   271902
OLD REP INTL CORP COM          COM              680223104     1507   162544 SH       SOLE                     6270        0   156274
ORION ENERGY SYSTEMS INC COM   COM              686275108      203    68910 SH       SOLE                        0        0    68910
ORION MARINE GROUP INC COM     COM              68628V308     1513   227563 SH       SOLE                     6300        0   221263
ORYX INTERNATIONAL GROWTH FUND COM              G6775Y108      495   150000 SH       SOLE                        0        0   150000
OXFORD INDS INC COM            COM              691497309     3740    82890 SH       SOLE                    22200        0    60690
OXFORD INDS INC COM            COM              691497309       54     1200 SH       OTHER                       0        0     1200
PARAMOUNT RES LTD CL A         COM              699320206      316     7425 SH       SOLE                        0        0     7425
PATTERSON-UTI ENERGY INC COM   COM              703481101     3566   178486 SH       SOLE                     7800        0   170686
PENGROWTH ENERGY CORPORATION   COM              70706P104     6298   598095 SH       SOLE                    91651        0   506444
PENGROWTH ENERGY CORPORATION   COM              70706P104       18     1696 SH       OTHER                       0        0     1696
PENN WEST PETROLEUM LTD        COM              707887105    10479   529236 SH       SOLE                   104340        0   424896
PENN WEST PETROLEUM LTD        COM              707887105       46     2300 SH       OTHER                       0        0     2300
PEOPLES UNITED FINANCIAL INCCO COM              712704105     1151    89541 SH       SOLE                        0        0    89541
PEPSICO INC                    COM              713448108     5089    76700 SH       SOLE                    13700        0    63000
PFIZER INC COM                 COM              717081103      344    15892 SH       SOLE                        0        0    15892
PHOENIX COS INC NEW COM        COM              71902E109     1948  1159762 SH       SOLE                    82700        0  1077062
PHOENIX COS INC NEW QUIBS 2032 PREFERRED STOCKS 71902E208     2754   142681 SH       SOLE                    52700        0    89981
PROCTER & GAMBLE COMPANY       COM              742718109      291     4368 SH       SOLE                        0        0     4368
REEVES TELECOM LTD PARTNERSHPA COM              75865P100       93   233507 SH       SOLE                   197507        0    36000
ROCHE HLDG LTD DIV RIGHTS CERT WARRANT AND RIGH H69293217     4256    25000 SH       SOLE                        0        0    25000
ROYAL DUTCH SHELL PLC SPONS AD COM              780259206     1887    25814 SH       SOLE                      500        0    25314
ROYCE OTC MICRO-CAP FD INC COM COM              780915104      268    30592 SH       SOLE                    25808        0     4784
SCHULMAN A INC COM             COM              808194104     2986   140976 SH       SOLE                    28987        0   111989
SCHULMAN A INC COM             COM              808194104       38     1800 SH       OTHER                       0        0     1800
SI FINANCIAL GROUP INC         COM              78425V104     1508   153138 SH       SOLE                    52493        0   100645
SIGNET JEWELERS LIMITED SHS    COM              G81276100     2796    63600 SH       SOLE                     8100        0    55500
SMUCKER J M CO COM NEW         COM              832696405      224     2862 SH       SOLE                        0        0     2862
STATE AUTO FINL CORP           COM              855707105      697    51267 SH       SOLE                     9800        0    41467
STEPAN CHEMICAL CO             COM              858586100     4211    52533 SH       SOLE                     9700        0    42833
SUNOCO INC COM                 COM              86764P109     7038   171566 SH       SOLE                    37214        0   134352
TEMPLETON EMERGING MKTS INCMCO MUTUAL FUNDS     880192109      280    17998 SH       SOLE                        0        0    17998
TEXTAINER GROUP HOLDINGS LTDSH COM              G8766E109     3509   120501 SH       SOLE                    24200        0    96301
TOKIO MARINE HOLDINGS INC      COM              889094108     3483   157195 SH       SOLE                   126670        0    30525
TUESDAY MORNING CORP COM NEW   COM              899035505     3929  1138849 SH       SOLE                   136634        0  1002215
UNITED PARCEL SVC INC CL B     COM              911312106     6374    87090 SH       SOLE                        0        0    87090
UNUMPROVIDENT CORP             COM              91529Y106    12113   574891 SH       SOLE                    56065        0   518826
UNUMPROVIDENT CORP             COM              91529Y106       31     1460 SH       OTHER                       0        0     1460
URSTADT BIDDLE PPTYS INC CL A  COM              917286205    11056   611486 SH       SOLE                   115829        0   495657
URSTADT BIDDLE PPTYS INC CL A  COM              917286205       36     2000 SH       OTHER                       0        0     2000
URSTADT BIDDLE PPTYS INC COM   COM              917286106      196    11530 SH       SOLE                     2000        0     9530
URSTADT BIDDLE PPTYS INS SR PF PREFERRED STOCKS 917286403     1998    19400 SH       SOLE                     3150        0    16250
USA TRUCK INC COM              COM              902925106     5296   685153 SH       SOLE                    58838        0   626315
VECTREN CORP COM               COM              92240G101     7023   232323 SH       SOLE                    59422        0   172901
VESTAS WIND SYS AS SHS         COM              K9773J128      401    37000 SH       SOLE                        0        0    37000
VESTAS WIND SYS AS UNSP ADR    COM              925458101      119    33100 SH       SOLE                        0        0    33100
VIASYSTEMS GROUP INC COM       COM              92553H803      704    41618 SH       SOLE                     1917        0    39701
VULCAN MATLS CO COM            COM              929160109      200     5095 SH       SOLE                        0        0     5095
WAL MART STORES INC            COM              931142103      301     5034 SH       SOLE                        0        0     5034
WASHINGTON REAL ESTATE INVT SH COM              939653101     2814   102900 SH       SOLE                    31700        0    71200
WASHINGTON REAL ESTATE INVT SH COM              939653101       25      900 SH       OTHER                       0        0      900
WATSCO INC                     COM              942622200     6054    92200 SH       SOLE                    24300        0    67900
WELLS FARGO & CO PFD FRAC ACAT PREFERRED STOCKS KEK746889        0    97400 SH       SOLE                        0        0    97400
WEST MARINE INC COM            COM              954235107      738    63499 SH       SOLE                     6338        0    57161
WEST PHARMACEUTICAL SVCS INCCO COM              955306105     1789    47131 SH       SOLE                     6666        0    40465
WILLIAMS SONOMA INC COM        COM              969904101     4127   107200 SH       SOLE                    24000        0    83200

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