# EDGAR Filing Document

**Accession Number:** 0000903064
**File Stem:** 0000903064-26-000006
**Filing Date:** 2026-4
**Character Count:** 17946
**Document Hash:** 287775ea0e1e0a78dc93d4fc993d6d84
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000903064-26-000006.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0000903064-26-000006

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**EFFECTIVENESS DATE**: 20260421

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GRACE & WHITE INC /NY
- **CENTRAL INDEX KEY:** 0000903064

**ORGANIZATION NAME:**
- **EIN:** 132884675
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-04415
- **FILM NUMBER:** 26880510

**BUSINESS ADDRESS:**
- **STREET 1:** 515 MADISON AVE
- **STREET 2:** SUITE 1700
- **CITY:** NY
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 2129355990

**MAIL ADDRESS:**
- **STREET 1:** 515 MADISON AVE
- **STREET 2:** SUITE 1700
- **CITY:** NY
- **STATE:** NY
- **ZIP:** 10022

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** GRACE  WHITE INC /NY<br>**Address:** 515 MADISON AVE<br>SUITE 1700<br>NY, NY 10022

**Form 13F File Number:** 028-04415

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 this Report on Behalf of Reporting Manager:**

**Name:** Marc Ravitz<br>**Title:** Executive Vice President<br>**Phone:** 212-935-5990

**Signature, Place, and Date of Signing:**

S/Marc Ravitz  NY, NY  04-21-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 136

**Form 13F Information Table Value Total:** $566225819

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AEGON LTD AMER REG 1 CERT | COM | 0076CA104 |  | 8038976 | 1107297 | SH |  | SOLE |  | 311053 | 0 | 796244 |
| AEGON NV SHS | COM | N00927298 |  | 447544 | 62265 | SH |  | SOLE |  | 0 | 0 | 62265 |
| AKER BP ASA SHS | COM | R0139K100 |  | 3421780 | 92136 | SH |  | SOLE |  | 36836 | 0 | 55300 |
| ALAMO GROUP INC COM | COM | 011311107 |  | 10968030 | 66485 | SH |  | SOLE |  | 13200 | 0 | 53285 |
| ALERUS FINL CORP COM | COM | 01446U103 |  | 5408441 | 228108 | SH |  | SOLE |  | 11581 | 0 | 216527 |
| ALLIANT CORP COM | COM | 018802108 |  | 2518632 | 35098 | SH |  | SOLE |  | 18120 | 0 | 16978 |
| ALPHABET CLASS A | COM | 02079K305 |  | 2940301 | 10225 | SH |  | SOLE |  | 300 | 0 | 9925 |
| ALPHABET CLASS C | COM | 02079K107 |  | 447502 | 1560 | SH |  | SOLE |  | 600 | 0 | 960 |
| AMAZON COM INC COM | COM | 023135106 |  | 429661 | 2063 | SH |  | SOLE |  | 0 | 0 | 2063 |
| AMERICAN WOODMARK CORP COM | COM | 030506109 |  | 5167226 | 129732 | SH |  | SOLE |  | 26358 | 0 | 103374 |
| APOGEE ENTERPRISES INC COM | COM | 037598109 |  | 4312305 | 128572 | SH |  | SOLE |  | 27200 | 0 | 101372 |
| APPLE COMPUTER INC COM | COM | 037833100 |  | 2927721 | 11536 | SH |  | SOLE |  | 3770 | 0 | 7766 |
| APPLIED INDL TECHNLGIES INC CO | COM | 03820C105 |  | 37450714 | 141153 | SH |  | SOLE |  | 33960 | 0 | 107193 |
| ASIA FINANCIAL HOLDINGS LTD SH | COM | G0532X107 |  | 7813102 | 13493666 | SH |  | SOLE |  | 2378611 | 0 | 11115055 |
| ASTRONOVA INC NEW COM | COM | 04638F108 |  | 1305982 | 142109 | SH |  | SOLE |  | 69981 | 0 | 72128 |
| ATLANTIC UN BANKSHARES CORP CO | COM | 04911A107 |  | 1870096 | 52325 | SH |  | SOLE |  | 23215 | 0 | 29110 |
| AVISTA CORP COM | COM | 05379B107 |  | 1942776 | 48400 | SH |  | SOLE |  | 11400 | 0 | 37000 |
| BANG  OLUFSEN HLG ORD B | COM | K07774126 |  | 1028155 | 767698 | SH |  | SOLE |  | 156307 | 0 | 611391 |
| BEACON FINANCIAL CORPORATION | COM | 084680107 |  | 5590470 | 186349 | SH |  | SOLE |  | 39713 | 0 | 146636 |
| BERKLEY W R CORP COM | COM | 084423102 |  | 1648317 | 24869 | SH |  | SOLE |  | 0 | 0 | 24869 |
| BERKSHIRE HATHAWAY INC DEL CL | COM | 084670702 |  | 622960 | 1300 | SH |  | SOLE |  | 375 | 0 | 925 |
| BLACKROCK MUNIYIELD N Y QUALCO | MUTUAL FUNDS | 09248L106 |  | 161786 | 16853 | SH |  | SOLE |  | 16853 | 0 | 0 |
| BLUE RIDGE REAL ESTATE CO COM | COM | 096005301 |  | 319603 | 38976 | SH |  | SOLE |  | 32400 | 0 | 6576 |
| BOULDER GROWTH  INCOME FD ICO | COM | 101507101 |  | 625176 | 36560 | SH |  | SOLE |  | 10560 | 0 | 26000 |
| BRASILAGRO COMPANHIA BRASILESP | COM | 10554B104 |  | 3192478 | 754723 | SH |  | SOLE |  | 272009 | 0 | 482714 |
| BRIGHTHOUSE FINL INC COM | COM | 10922N103 |  | 11236003 | 187642 | SH |  | SOLE |  | 43255 | 0 | 144387 |
| BRISTOL MYERS SQUIBB CO | COM | 110122108 |  | 381670 | 6293 | SH |  | SOLE |  | 6293 | 0 | 0 |
| BROADWAY FINL CORP DEL CL A NE | COM | 111444709 |  | 1285637 | 177085 | SH |  | SOLE |  | 38600 | 0 | 138485 |
| BROADWIND ENERGY INC COM NEW | COM | 11161T207 |  | 4154790 | 1997495 | SH |  | SOLE |  | 519118 | 0 | 1478377 |
| BROWN FORMAN CORP CL A | COM | 115637100 |  | 2956410 | 110355 | SH |  | SOLE |  | 0 | 0 | 110355 |
| BROWN FORMAN CORP CL B | COM | 115637209 |  | 11690393 | 442148 | SH |  | SOLE |  | 14700 | 0 | 427448 |
| CALLAWAY GOLF COMPANY | COM | 131193104 |  | 5077151 | 365789 | SH |  | SOLE |  | 71995 | 0 | 293794 |
| CAPITAL SOUTHWEST CORP COM | COM | 140501107 |  | 3643098 | 164697 | SH |  | SOLE |  | 17450 | 0 | 147247 |
| CHINA MOBILE LTD | COM | 6073556HK |  | 378544 | 37500 | SH |  | SOLE |  | 0 | 0 | 37500 |
| CHORD ENERGY CORPORATION COM N | COM | 674215207 |  | 1343317 | 9448 | SH |  | SOLE |  | 6991 | 0 | 2457 |
| CHS INC RED PFD SER3 C | PREFERRED STOCKS | 12542R704 |  | 586584 | 24229 | SH |  | SOLE |  | 4950 | 0 | 19279 |
| CHUBU NIPPON BROADCAST CO LTSH | COM | J06594105 |  | 1170010 | 162422 | SH |  | SOLE |  | 2500 | 0 | 159922 |
| CIMC ENRIC HOLDINGS LTD SHS | COM | G2198S109 |  | 4145963 | 3225000 | SH |  | SOLE |  | 430000 | 0 | 2795000 |
| CISCO SYS INC COM | COM | 17275R102 |  | 398813 | 5140 | SH |  | SOLE |  | 0 | 0 | 5140 |
| COMMERCIAL INTL BK EGYPT S ASP | COM | 201712304 |  | 368500 | 166223 | SH |  | SOLE |  | 0 | 0 | 166223 |
| CONOCOPHILLIPS COM | COM | 20825C104 |  | 360360 | 2730 | SH |  | SOLE |  | 2730 | 0 | 0 |
| COSTCO WHSL CORP NEW COM | COM | 22160K105 |  | 398572 | 400 | SH |  | SOLE |  | 0 | 0 | 400 |
| COTERRA ENERGY INC. COM | COM | 127097103 |  | 5078099 | 144511 | SH |  | SOLE |  | 13076 | 0 | 131435 |
| CSW INDUSTRIALS INC COM | COM | 126402106 |  | 1584326 | 6080 | SH |  | SOLE |  | 1500 | 0 | 4580 |
| CTO REALTY GROWTH INC COM | COM | 22948Q101 |  | 10929901 | 591125 | SH |  | SOLE |  | 120283 | 0 | 470842 |
| CULP INC COM | COM | 230215105 |  | 413091 | 150763 | SH |  | SOLE |  | 33094 | 0 | 117669 |
| DANIELI  CO. | COM | T73148115 |  | 7781471 | 114863 | SH |  | SOLE |  | 27634 | 0 | 87229 |
| DAWSON GEOPHYSICAL CO NEW COM | COM | 239360100 |  | 2695835 | 779143 | SH |  | SOLE |  | 257070 | 0 | 522073 |
| DEVON ENERGY CORP NEW COM | COM | 25179M103 |  | 4268948 | 84836 | SH |  | SOLE |  | 23211 | 0 | 61625 |
| DISNEY WALT CO COM DISNEY | COM | 254687106 |  | 337330 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| EVEREST RE GROUP | COM | G3223R108 |  | 15688098 | 47998 | SH |  | SOLE |  | 12332 | 0 | 35666 |
| EXCO TECHNOLOGIES LTD COM | COM | 30150P109 |  | 2824297 | 517850 | SH |  | SOLE |  | 160300 | 0 | 357550 |
| EXXON MOBIL CORPORATION | COM | 30231G102 |  | 1099736 | 6482 | SH |  | SOLE |  | 2000 | 0 | 4482 |
| FAIRFAX INDIA HLDGS CORP COM S | COM | 303897102 |  | 848403 | 52860 | SH |  | SOLE |  | 20670 | 0 | 32190 |
| FIDELITY CONCORD STR TR 500 ID | MUTUAL FUNDS | 315911750 |  | 720705 | 3169 | SH |  | SOLE |  | 55 | 0 | 3115 |
| FIRST NATL CORP COM | COM | 32106V107 |  | 282068 | 10478 | SH |  | SOLE |  | 10478 | 0 | 0 |
| FIRST SOLAR INC COM | COM | 336433107 |  | 13714107 | 69523 | SH |  | SOLE |  | 14700 | 0 | 54823 |
| FUEL TECH INC COM | COM | 359523107 |  | 1880395 | 1541307 | SH |  | SOLE |  | 447860 | 0 | 1093447 |
| GASFRAC ENERGY SVCS INC COM | COM | 367257201 |  | 0 | 31000 | SH |  | SOLE |  | 0 | 0 | 31000 |
| GENESIS LAND DEV CORP COM | COM | 37183V102 |  | 2474005 | 1051073 | SH |  | SOLE |  | 16979 | 0 | 1034094 |
| GEOSPACE TECHNOLOGIES CORP COM | COM | 37364X109 |  | 5773052 | 473201 | SH |  | SOLE |  | 44322 | 0 | 428879 |
| GORMAN RUPP CO | COM | 383082104 |  | 19982623 | 321626 | SH |  | SOLE |  | 72249 | 0 | 249377 |
| GRAHAM CORP COM | COM | 384556106 |  | 576116 | 7300 | SH |  | SOLE |  | 0 | 0 | 7300 |
| GRUPO ROTOPLAS SAB DE CV | COM | BTF8HD3MX |  | 3821677 | 5729736 | SH |  | SOLE |  | 1051043 | 0 | 4678693 |
| HAIN CELESTIAL GROUP INC COM | COM | 405217100 |  | 13956 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| HANOVER INS GROUP INC COM | COM | 410867105 |  | 307696 | 1775 | SH |  | SOLE |  | 725 | 0 | 1050 |
| HELIOS FAIRFAX PARTNERS CORPCO | COM | 42328X104 |  | 131037 | 54300 | SH |  | SOLE |  | 54300 | 0 | 0 |
| HELMERICH  PAYNE INC | COM | 423452101 |  | 3665152 | 101725 | SH |  | SOLE |  | 25200 | 0 | 76525 |
| HNI CORP COM | COM | 404251100 |  | 1297368 | 38855 | SH |  | SOLE |  | 10894 | 0 | 27961 |
| HOLMEN AB-B | COM | W4R00P201 |  | 6418652 | 180966 | SH |  | SOLE |  | 37424 | 0 | 143542 |
| INGREDION INC COM | COM | 457187102 |  | 16960625 | 150547 | SH |  | SOLE |  | 40775 | 0 | 109772 |
| INSTEEL INDS INC COM | COM | 45774W108 |  | 252075 | 7500 | SH |  | SOLE |  | 4400 | 0 | 3100 |
| IRISH RESIDENTL PPTYS REIT POR | COM | G49456109 |  | 3215074 | 2752750 | SH |  | SOLE |  | 714685 | 0 | 2038065 |
| JZ CAPITAL PRTNRS LTD GUERNSSH | COM | G5216J134 |  | 178760 | 77736 | SH |  | SOLE |  | 15732 | 0 | 62004 |
| KEARNY FINL CORP MD COM | COM | 48716P108 |  | 113454 | 15027 | SH |  | SOLE |  | 9302 | 0 | 5725 |
| KEWEENAW LD ASSN LTD COM | COM | 493026108 |  | 1616825 | 32499 | SH |  | SOLE |  | 12659 | 0 | 19840 |
| KID BRANDS INC. COM | COM | 49375T100 |  | 0 | 23000 | SH |  | SOLE |  | 0 | 0 | 23000 |
| KIMBALL ELECTRONICS INC COM | COM | 49428J109 |  | 6306799 | 266222 | SH |  | SOLE |  | 21756 | 0 | 244466 |
| KIMCO RLTY CORP COM | COM | 49446R109 |  | 9187489 | 408878 | SH |  | SOLE |  | 109475 | 0 | 299403 |
| LUBYS CAFETERIAS INC COM | COM | 549282101 |  | 20216 | 106401 | SH |  | SOLE |  | 17000 | 0 | 89401 |
| MANULIFE FINL CORP COM | COM | 56501R106 |  | 14120503 | 410003 | SH |  | SOLE |  | 90550 | 0 | 319453 |
| MERCK  COMPANY | COM | 58933Y105 |  | 874147 | 7267 | SH |  | SOLE |  | 0 | 0 | 7267 |
| MICROSOFT CORP COM | COM | 594918104 |  | 2952106 | 7975 | SH |  | SOLE |  | 1050 | 0 | 6925 |
| MID PENN BANCORP INC COM | COM | 59540G107 |  | 878740 | 27324 | SH |  | SOLE |  | 7626 | 0 | 19698 |
| MS INS GP HLDG (8725-JP) | COM | J4687C105 |  | 2245212 | 88511 | SH |  | SOLE |  | 88511 | 0 | 0 |
| MURPHY OIL CORP COM | COM | 626717102 |  | 5696708 | 138102 | SH |  | SOLE |  | 59450 | 0 | 78652 |
| NORTH ATLANTIC SMALLER INV. TR | COM | 0643900GB |  | 622930 | 140700 | SH |  | SOLE |  | 0 | 0 | 140700 |
| NORTHERN FDS NRTN SMCAP COR | MUTUAL FUNDS | 665162665 |  | 206092 | 8354 | SH |  | SOLE |  | 8354 | 0 | 0 |
| NORTHWEST NAT HLDG CO COM | COM | 66765N105 |  | 4793206 | 90064 | SH |  | SOLE |  | 13600 | 0 | 76464 |
| NOVO-NORDISK A S ADR | COM | 670100205 |  | 1065750 | 29000 | SH |  | SOLE |  | 0 | 0 | 29000 |
| NUCOR CORP | COM | 670346105 |  | 20520623 | 121352 | SH |  | SOLE |  | 39970 | 0 | 81382 |
| NUTRIEN LTD COM | COM | 67077M108 |  | 6648026 | 88100 | SH |  | SOLE |  | 27850 | 0 | 60250 |
| ORION ENERGY SYS INC COM NEW | COM | 686275207 |  | 2109722 | 241387 | SH |  | SOLE |  | 46762 | 0 | 194625 |
| ORION MARINE GROUP INC COM | COM | 68628V308 |  | 9742660 | 893822 | SH |  | SOLE |  | 257138 | 0 | 636684 |
| ORYX INTERNATIONAL GROWTH FUND | COM | G6775Y108 |  | 317184 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| PATTERSON-UTI ENERGY INC COM | COM | 703481101 |  | 275082 | 25400 | SH |  | SOLE |  | 0 | 0 | 25400 |
| PEPSICO INC | COM | 713448108 |  | 2721302 | 17524 | SH |  | SOLE |  | 10940 | 0 | 6584 |
| PHOENIX COS INC NEW QUIBS 2032 | PREFERRED STOCKS | 71902E208 |  | 4710654 | 262432 | SH |  | SOLE |  | 90286 | 0 | 172146 |
| RAYONIER ADVANCED MATLS INC CO | COM | 75508B104 |  | 1117129 | 100915 | SH |  | SOLE |  | 54500 | 0 | 46415 |
| REGENCY CTRS CORP COM | COM | 758849103 |  | 1413261 | 18679 | SH |  | SOLE |  | 6070 | 0 | 12609 |
| RUFFER INV | COM | 0GB00B018 |  | 1107275 | 273800 | SH |  | SOLE |  | 0 | 0 | 273800 |
| RYERSON HLDG CORP COM | COM | 783754104 |  | 1721226 | 76567 | SH |  | SOLE |  | 23250 | 0 | 53317 |
| SENSTAR TECHNOLOGIES CORP COM | COM | 81728N100 |  | 1953335 | 644665 | SH |  | SOLE |  | 113357 | 0 | 531308 |
| SIGNET JEWELERS LIMITED SHS | COM | G81276100 |  | 20406281 | 241095 | SH |  | SOLE |  | 64800 | 0 | 176295 |
| SIX CIRCLES TRUST INTL UNCONST | MUTUAL FUNDS | 83002G405 |  | 241903 | 17403 | SH |  | SOLE |  | 0 | 0 | 17403 |
| SIX CIRCLES TRUST TAX AWARE BD | MUTUAL FUNDS | 83002G801 |  | 223585 | 22979 | SH |  | SOLE |  | 0 | 0 | 22979 |
| SIX CIRCLES TRUST US UNCONSTRA | MUTUAL FUNDS | 83002G306 |  | 475899 | 26887 | SH |  | SOLE |  | 0 | 0 | 26887 |
| SPINNOVA OYJ | COM | 00BKP8KY2 |  | 52534 | 107105 | SH |  | SOLE |  | 107105 | 0 | 0 |
| STEPAN CHEMICAL CO | COM | 858586100 |  | 6947870 | 139013 | SH |  | SOLE |  | 29250 | 0 | 109763 |
| SUMMIT HOTEL PPTYS INC SER F | PREFERRED STOCKS | 866082704 |  | 560006 | 32389 | SH |  | SOLE |  | 2500 | 0 | 29889 |
| SUMMIT HOTEL PPTYS INC SER E | PREFERRED STOCKS | 866082605 |  | 2030002 | 117003 | SH |  | SOLE |  | 52002 | 0 | 65001 |
| SUMMIT HOTEL PPTYS INC COM | COM | 866082100 |  | 5460137 | 1235325 | SH |  | SOLE |  | 362524 | 0 | 872801 |
| SUZANO PAPEL E CELULOSE S A SP | COM | 86959K105 |  | 798538 | 79774 | SH |  | SOLE |  | 34524 | 0 | 45250 |
| SWATCH GROUP AG NAMEN AKT | COM | H83949133 |  | 7886194 | 181750 | SH |  | SOLE |  | 37481 | 0 | 144269 |
| SWK HLDGS CORP COM NEW | COM | 78501P203 |  | 318444 | 18721 | SH |  | SOLE |  | 18721 | 0 | 0 |
| TABOOLA.COM LTD ORD SHS | COM | M8744T106 |  | 41379 | 13348 | SH |  | SOLE |  | 13348 | 0 | 0 |
| TITAN INTL INC ILL COM | COM | 88830M102 |  | 2596280 | 375728 | SH |  | SOLE |  | 72745 | 0 | 302983 |
| TOKIO MARINE HOLDINGS INC | COM | 889094108 |  | 216314 | 4709 | SH |  | SOLE |  | 4709 | 0 | 0 |
| TOURMALINE OIL CORP COM | COM | 89156V106 |  | 18989417 | 397443 | SH |  | SOLE |  | 84845 | 0 | 312598 |
| TUESDAY MORNING CORP COM NEW | COM | 89904V200 |  | 2 | 16188 | SH |  | SOLE |  | 7821 | 0 | 8367 |
| TWIN DISC INC COM | COM | 901476101 |  | 3558359 | 236122 | SH |  | SOLE |  | 54398 | 0 | 181724 |
| ULTRA CLEAN HLDGS INC COM | COM | 90385V107 |  | 6836691 | 109950 | SH |  | SOLE |  | 21300 | 0 | 88650 |
| UNITED PARCEL SVC INC CL B | COM | 911312106 |  | 5360726 | 54490 | SH |  | SOLE |  | 0 | 0 | 54490 |
| UNUM GROUP | COM | 91529Y106 |  | 35655437 | 488230 | SH |  | SOLE |  | 97493 | 0 | 390737 |
| VANGUARD MUN BD FDS INTR TE AD | MUTUAL FUNDS | 922907878 |  | 162691 | 11910 | SH |  | SOLE |  | 0 | 0 | 11910 |
| VESTAS WIND SYS AS SHS | COM | K9773J128 |  | 1101476 | 37500 | SH |  | SOLE |  | 0 | 0 | 37500 |
| VESTAS WIND SYS AS UNSP ADR | COM | 925458101 |  | 2830406 | 283750 | SH |  | SOLE |  | 139750 | 0 | 144000 |
| VIRGINIA NATL BANKSHARES CORCO | COM | 928031103 |  | 1309458 | 34279 | SH |  | SOLE |  | 6708 | 0 | 27571 |
| WAL MART STORES INC | COM | 931142103 |  | 1677780 | 13500 | SH |  | SOLE |  | 0 | 0 | 13500 |
| WATSCO INC | COM | 942622200 |  | 15351938 | 42200 | SH |  | SOLE |  | 17825 | 0 | 24375 |
| WEST PHARMACEUTICAL SVCS INCCO | COM | 955306105 |  | 10910359 | 43530 | SH |  | SOLE |  | 12166 | 0 | 31364 |
| WESTERN ASSET CLYM INFL OPP CO | MUTUAL FUNDS | 95766R104 |  | 828750 | 97961 | SH |  | SOLE |  | 52700 | 0 | 45261 |
| WESTERN ASSET CLYM INFL SEC CO | MUTUAL FUNDS | 95766Q106 |  | 332169 | 41110 | SH |  | SOLE |  | 22800 | 0 | 18310 |
| WESTPORT FUEL SYSTEMS INC COM | COM | 960908507 |  | 1832209 | 1006708 | SH |  | SOLE |  | 271022 | 0 | 735686 |
| WILLIAMS SONOMA INC COM | COM | 969904101 |  | 10106552 | 55430 | SH |  | SOLE |  | 11950 | 0 | 43480 |
| ZIMMER HLDGS INC COM | COM | 98956P102 |  | 678150 | 7500 | SH |  | SOLE |  | 0 | 0 | 7500 |

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