# EDGAR Filing Document

**Accession Number:** 0000903064
**File Stem:** 0000903064-23-000004
**Filing Date:** 2023-2
**Character Count:** 19893
**Document Hash:** 513814f999a07a0903ce58256de064e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000903064-23-000004.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0000903064-23-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**EFFECTIVENESS DATE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GRACE & WHITE INC /NY
- **CENTRAL INDEX KEY:** 0000903064
- **IRS NUMBER:** 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:** 23580799

**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:** 12-31-2022

**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

**CRD Number (if applicable):** 000110761

**SEC File Number (if applicable):** 801-13000

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 E. RAVITZ<br>**Title:** EXECUTIVE VICE PRESIDENT<br>**Phone:** 212-935-5990

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

S/Marc Ravitz  NY, NY  02-01-2023<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:** 157

**Form 13F Information Table Value Total:** $505216946

      (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 N V NY REGISTRY SH | COM | 007924103 |  | 8792703 | 1744584 | SH |  | SOLE |  | 531396 | 0 | 1213188 |
| AEGON N V NY REGISTRY SH | COM | 007924103 |  | 230686 | 45771 | SH |  | OTR |  | 0 | 0 | 45771 |
| AEGON NV SHS | COM | N00927298 |  | 304436 | 59989 | SH |  | SOLE |  | 0 | 0 | 59989 |
| ALAMO GROUP INC COM | COM | 011311107 |  | 9777763 | 69052 | SH |  | SOLE |  | 13200 | 0 | 55852 |
| ALLIANT CORP COM | COM | 018802108 |  | 3633536 | 65813 | SH |  | SOLE |  | 29984 | 0 | 35829 |
| ALLIANT CORP COM | COM | 018802108 |  | 176672 | 3200 | SH |  | OTR |  | 0 | 0 | 3200 |
| ALPHABET CLASS A | COM | 02079K305 |  | 922004 | 10450 | SH |  | SOLE |  | 300 | 0 | 10150 |
| AMERICAN WOODMARK CORP COM | COM | 030506109 |  | 5423216 | 110995 | SH |  | SOLE |  | 19408 | 0 | 91587 |
| APOGEE ENTERPRISES INC COM | COM | 037598109 |  | 1716156 | 38600 | SH |  | SOLE |  | 15600 | 0 | 23000 |
| APOGEE ENTERPRISES INC COM | COM | 037598109 |  | 151164 | 3400 | SH |  | OTR |  | 0 | 0 | 3400 |
| APPLE COMPUTER INC COM | COM | 037833100 |  | 1566826 | 12059 | SH |  | SOLE |  | 4680 | 0 | 7379 |
| APPLIED INDL TECHNLGIES INC | COM | 03820C105 |  | 20626700 | 163665 | SH |  | SOLE |  | 35809 | 0 | 127856 |
| ARGO GROUP INTL HLDGS LTD C | COM | G0464B107 |  | 7881820 | 304906 | SH |  | SOLE |  | 58956 | 0 | 245950 |
| ARGO GROUP INTL HLDGS LTD C | COM | G0464B107 |  | 118910 | 4600 | SH |  | OTR |  | 0 | 0 | 4600 |
| ARGO GROUP US INC SR NT 42 | PREFERRED | 040130205 |  | 239571 | 12223 | SH |  | SOLE |  | 6557 | 0 | 5666 |
| ASIA FINANCIAL HOLDINGS LTD | COM | G0532X107 |  | 6302127 | 13849916 | SH |  | SOLE |  | 2474611 | 0 | 11375305 |
| ASTRONOVA INC NEW COM | COM | 04638F108 |  | 1830811 | 142809 | SH |  | SOLE |  | 69981 | 0 | 72828 |
| BANG  OLUFSEN HLG ORD B | COM | K07774126 |  | 1060021 | 896386 | SH |  | SOLE |  | 196487 | 0 | 699899 |
| BERKLEY W R CORP COM | COM | 084423102 |  | 1203211 | 16580 | SH |  | SOLE |  | 0 | 0 | 16580 |
| BERKSHIRE HILLS BANCORP INC | COM | 084680107 |  | 4652111 | 155589 | SH |  | SOLE |  | 29594 | 0 | 125995 |
| BERKSHIRE HILLS BANCORP INC | COM | 084680107 |  | 164450 | 5500 | SH |  | OTR |  | 0 | 0 | 5500 |
| BLACKROCK MUN BD FD INC NAT | MUTUAL F | 09253C744 |  | 101169 | 10178 | SH |  | SOLE |  | 0 | 0 | 10178 |
| BLACKROCK N Y MUN INCOME TR | COM | 09248L106 |  | 136962 | 13601 | SH |  | SOLE |  | 13601 | 0 | 0 |
| BLUE RIDGE REAL ESTATE CO C | COM | 096005301 |  | 354978 | 38376 | SH |  | SOLE |  | 32400 | 0 | 5976 |
| BOEING CO | COM | 097023105 |  | 5857568 | 30750 | SH |  | SOLE |  | 0 | 0 | 30750 |
| BOULDER GROWTH  INCOME FD | COM | 101507101 |  | 464312 | 36560 | SH |  | SOLE |  | 10560 | 0 | 26000 |
| BRASILAGRO COMPANHIA BRASIL | COM | 10554B104 |  | 2994259 | 526241 | SH |  | SOLE |  | 180640 | 0 | 345601 |
| BRIGHTHOUSE FINL INC COM | COM | 10922N103 |  | 10529576 | 205375 | SH |  | SOLE |  | 42555 | 0 | 162820 |
| BRISTOL MYERS SQUIBB CO | COM | 110122108 |  | 580852 | 8073 | SH |  | SOLE |  | 6293 | 0 | 1780 |
| BROADWAY FINL CORP DEL COM | COM | 111444105 |  | 1573521 | 1557942 | SH |  | SOLE |  | 308800 | 0 | 1249142 |
| BROADWIND ENERGY INC COM NE | COM | 11161T207 |  | 2877500 | 1607542 | SH |  | SOLE |  | 501784 | 0 | 1105758 |
| BROWN FORMAN CORP CL A | COM | 115637100 |  | 6349457 | 96555 | SH |  | SOLE |  | 0 | 0 | 96555 |
| BROWN FORMAN CORP CL B | COM | 115637209 |  | 24156973 | 367798 | SH |  | SOLE |  | 0 | 0 | 367798 |
| BRUNSWICK BANCORP INC COM | COM | 117030106 |  | 1192584 | 70152 | SH |  | SOLE |  | 44352 | 0 | 25800 |
| TOPGOLF CALLAWAY BRANDS COM | COM | 131193104 |  | 9034519 | 457444 | SH |  | SOLE |  | 81495 | 0 | 375949 |
| CAPITAL SOUTHWEST CORP COM | COM | 140501107 |  | 3034754 | 177471 | SH |  | SOLE |  | 21000 | 0 | 156471 |
| CHS INC RED PFD SER3 C | PREFERRED | 12542R704 |  | 590633 | 24579 | SH |  | SOLE |  | 7800 | 0 | 16779 |
| CHUBU NIPPON BROADCAST CO L | COM | J06594105 |  | 1497764 | 374470 | SH |  | SOLE |  | 65448 | 0 | 309022 |
| CIMC ENRIC HOLDINGS LTD SHS | COM | G2198S109 |  | 721577 | 713500 | SH |  | SOLE |  | 178000 | 0 | 535500 |
| CISCO SYS INC COM | COM | 17275R102 |  | 330622 | 6940 | SH |  | SOLE |  | 0 | 0 | 6940 |
| COMMERCIAL INTL BK EGYPT S | COM | 201712304 |  | 176794 | 151106 | SH |  | SOLE |  | 0 | 0 | 151106 |
| CONOCOPHILLIPS COM | COM | 20825C104 |  | 322140 | 2730 | SH |  | SOLE |  | 2730 | 0 | 0 |
| COTERRA ENERGY INC. COM | COM | 127097103 |  | 3478350 | 141569 | SH |  | SOLE |  | 15484 | 0 | 126085 |
| COTERRA ENERGY INC. COM | COM | 127097103 |  | 237616 | 9671 | SH |  | OTR |  | 0 | 0 | 9671 |
| CSW INDUSTRIALS INC COM | COM | 126402106 |  | 910398 | 7853 | SH |  | SOLE |  | 2750 | 0 | 5103 |
| CTO REALTY GROWTH INC COM | COM | 22948Q101 |  | 8499615 | 464968 | SH |  | SOLE |  | 74291 | 0 | 390677 |
| CULP INC COM | COM | 230215105 |  | 960086 | 209169 | SH |  | SOLE |  | 29294 | 0 | 179875 |
| DANAHER CORP SHS BEN INT | COM | 235851102 |  | 212336 | 800 | SH |  | SOLE |  | 0 | 0 | 800 |
| DANIELI  CO. | COM | T73148115 |  | 233928 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| DAWSON GEOPHYSICAL CO NEW C | COM | 239360100 |  | 2065632 | 1053894 | SH |  | SOLE |  | 327039 | 0 | 726855 |
| DEVON ENERGY CORP NEW COM | COM | 25179M103 |  | 2865505 | 46586 | SH |  | SOLE |  | 12011 | 0 | 34575 |
| ENERPLUS CORPORATION | COM | 292766102 |  | 2576618 | 145984 | SH |  | SOLE |  | 60168 | 0 | 85816 |
| EVEREST RE GROUP | COM | G3223R108 |  | 16154382 | 48765 | SH |  | SOLE |  | 12432 | 0 | 36333 |
| EVERSOURCE ENERGY COM | COM | 30040W108 |  | 234752 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| EVERSOURCE ENERGY COM | COM | 30040W108 |  | 117376 | 1400 | SH |  | OTR |  | 0 | 0 | 1400 |
| EXCO TECHNOLOGIES LTD COM | COM | 30150P109 |  | 2515733 | 442050 | SH |  | SOLE |  | 140900 | 0 | 301150 |
| EXXON MOBIL CORPORATION | COM | 30231G102 |  | 2989020 | 27099 | SH |  | SOLE |  | 2000 | 0 | 25099 |
| FAIRFAX INDIA HLDGS CORP CO | COM | 303897102 |  | 731397 | 59560 | SH |  | SOLE |  | 20670 | 0 | 38890 |
| FIRST NATL CORP COM | COM | 32106V107 |  | 249875 | 14587 | SH |  | SOLE |  | 14587 | 0 | 0 |
| FIRST REP BK SAN FRANCISCO | COM | 33616C100 |  | 304725 | 2500 | SH |  | SOLE |  | 800 | 0 | 1700 |
| FIRST SOLAR INC COM | COM | 336433107 |  | 15203685 | 101500 | SH |  | SOLE |  | 20250 | 0 | 81250 |
| FREQUENCY ELECTRS INC COM | COM | 358010106 |  | 1356794 | 192453 | SH |  | SOLE |  | 59606 | 0 | 132847 |
| FUEL TECH INC COM | COM | 359523107 |  | 2185265 | 1713933 | SH |  | SOLE |  | 511279 | 0 | 1202654 |
| GASFRAC ENERGY SVCS INC COM | COM | 367257201 |  | 0 | 31000 | SH |  | SOLE |  | 0 | 0 | 31000 |
| GENERAL DYNAMICS CORP COM | COM | 369550108 |  | 4962200 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| GENESIS LAND DEV CORP COM | COM | 37183V102 |  | 1555143 | 1036506 | SH |  | SOLE |  | 16979 | 0 | 1019527 |
| GEOSPACE TECHNOLOGIES CORP | COM | 37364X109 |  | 250541 | 59370 | SH |  | SOLE |  | 8269 | 0 | 51101 |
| GORMAN RUPP CO | COM | 383082104 |  | 8914120 | 347936 | SH |  | SOLE |  | 71505 | 0 | 276431 |
| GORMAN RUPP CO | COM | 383082104 |  | 109397 | 4270 | SH |  | OTR |  | 0 | 0 | 4270 |
| GRAHAM CORP COM | COM | 384556106 |  | 2598497 | 270114 | SH |  | SOLE |  | 45636 | 0 | 224478 |
| GRUPO ROTOPLAS SAB DE CV | COM | BTF8HD3MX |  | 5497890 | 3403929 | SH |  | SOLE |  | 550892 | 0 | 2853037 |
| HAIN CELESTIAL GROUP INC CO | COM | 405217100 |  | 202250 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| HANOVER INS GROUP INC COM | COM | 410867105 |  | 374986 | 2775 | SH |  | SOLE |  | 725 | 0 | 2050 |
| HELIOS FAIRFAX PARTNERS COR | COM | 42328X104 |  | 83329 | 29300 | SH |  | SOLE |  | 29300 | 0 | 0 |
| HELMERICH  PAYNE INC | COM | 423452101 |  | 4004562 | 80786 | SH |  | SOLE |  | 19000 | 0 | 61786 |
| HMN FINL INC COM | COM | 40424G108 |  | 4134732 | 193755 | SH |  | SOLE |  | 31766 | 0 | 161989 |
| HOLMEN AB-B | COM | W4R00P201 |  | 6596711 | 165992 | SH |  | SOLE |  | 37424 | 0 | 128568 |
| INGREDION INC COM | COM | 457187102 |  | 15077890 | 153966 | SH |  | SOLE |  | 41850 | 0 | 112116 |
| INGREDION INC COM | COM | 457187102 |  | 235032 | 2400 | SH |  | OTR |  | 0 | 0 | 2400 |
| IRISH RESIDENTL PPTYS REIT | COM | G49456109 |  | 1792927 | 1502608 | SH |  | SOLE |  | 318000 | 0 | 1184608 |
| JOHNSON  JOHNSON COM | COM | 478160104 |  | 7207320 | 40800 | SH |  | SOLE |  | 0 | 0 | 40800 |
| JZ CAPITAL PRTNRS LTD GUERN | COM | G5216J134 |  | 290219 | 141112 | SH |  | SOLE |  | 22288 | 0 | 118824 |
| KEARNY FINL CORP MD COM | COM | 48716P108 |  | 1759086 | 173309 | SH |  | SOLE |  | 38456 | 0 | 134853 |
| KEWEENAW LD ASSN LTD COM | COM | 493026108 |  | 687447 | 33948 | SH |  | SOLE |  | 13032 | 0 | 20916 |
| KID BRANDS INC. COM | COM | 49375T100 |  | 0 | 23000 | SH |  | SOLE |  | 0 | 0 | 23000 |
| KIMBALL ELECTRONICS INC COM | COM | 49428J109 |  | 2716448 | 120250 | SH |  | SOLE |  | 21756 | 0 | 98494 |
| KIMBALL INTL INC CL B | COM | 494274103 |  | 3710434 | 570836 | SH |  | SOLE |  | 154070 | 0 | 416766 |
| KIMBALL INTL INC CL B | COM | 494274103 |  | 58500 | 9000 | SH |  | OTR |  | 0 | 0 | 9000 |
| KIMCO RLTY CORP COM | COM | 49446R109 |  | 6874562 | 324578 | SH |  | SOLE |  | 83450 | 0 | 241128 |
| KIMCO RLTY CORP COM | COM | 49446R109 |  | 180030 | 8500 | SH |  | OTR |  | 0 | 0 | 8500 |
| LUBYS CAFETERIAS INC COM | COM | 549282101 |  | 189394 | 106401 | SH |  | SOLE |  | 17000 | 0 | 89401 |
| MANULIFE FINL CORP COM | COM | 56501R106 |  | 7796615 | 437030 | SH |  | SOLE |  | 90900 | 0 | 346130 |
| MANULIFE FINL CORP COM | COM | 56501R106 |  | 114176 | 6400 | SH |  | OTR |  | 0 | 0 | 6400 |
| MERCK  COMPANY | COM | 58933Y105 |  | 2134012 | 19234 | SH |  | SOLE |  | 0 | 0 | 19234 |
| MERCK  COMPANY | COM | 58933Y105 |  | 114611 | 1033 | SH |  | OTR |  | 0 | 0 | 1033 |
| MICROSOFT CORP COM | COM | 594918104 |  | 1906569 | 7950 | SH |  | SOLE |  | 1400 | 0 | 6550 |
| MICROSOFT CORP COM | COM | 594918104 |  | 287784 | 1200 | SH |  | OTR |  | 0 | 0 | 1200 |
| MS INS GP HLDG (8725-JP) | COM | J4687C105 |  | 2801652 | 86895 | SH |  | SOLE |  | 60087 | 0 | 26808 |
| MURPHY OIL CORP COM | COM | 626717102 |  | 5412895 | 125852 | SH |  | SOLE |  | 53800 | 0 | 72052 |
| NORTHERN FDS NRTN SMCAP COR | MUTUAL F | 665162665 |  | 206344 | 8354 | SH |  | SOLE |  | 8354 | 0 | 0 |
| NORTHWEST BIOTHERAPEUTICS I | COM | 66737P600 |  | 11536 | 14705 | SH |  | SOLE |  | 0 | 0 | 14705 |
| NORTHWEST NAT HLDG CO COM | COM | 66765N105 |  | 952466 | 20014 | SH |  | SOLE |  | 2000 | 0 | 18014 |
| NUCOR CORP | COM | 670346105 |  | 14085480 | 106862 | SH |  | SOLE |  | 37925 | 0 | 68937 |
| NUCOR CORP | COM | 670346105 |  | 263620 | 2000 | SH |  | OTR |  | 0 | 0 | 2000 |
| OCEANFIRST FINL CORP COM | COM | 675234108 |  | 433585 | 20404 | SH |  | SOLE |  | 3561 | 0 | 16843 |
| ORION ENERGY SYSTEMS INC CO | COM | 686275108 |  | 1528516 | 839844 | SH |  | SOLE |  | 39314 | 0 | 800530 |
| ORION MARINE GROUP INC COM | COM | 68628V308 |  | 3693377 | 1551839 | SH |  | SOLE |  | 421507 | 0 | 1130332 |
| PATTERSON-UTI ENERGY INC CO | COM | 703481101 |  | 427736 | 25400 | SH |  | SOLE |  | 0 | 0 | 25400 |
| PEPSICO INC | COM | 713448108 |  | 4713239 | 26089 | SH |  | SOLE |  | 14340 | 0 | 11749 |
| PFIZER INC COM | COM | 717081103 |  | 614778 | 11998 | SH |  | SOLE |  | 0 | 0 | 11998 |
| PHOENIX COS INC NEW QUIBS 2 | PREFERRE | 71902E208 |  | 4553195 | 262432 | SH |  | SOLE |  | 92586 | 0 | 169846 |
| RAYONIER ADVANCED MATLS INC | COM | 75508B104 |  | 1414704 | 147365 | SH |  | SOLE |  | 88600 | 0 | 58765 |
| SANDY SPRING BANCORP INC CO | COM | 800363103 |  | 995071 | 28245 | SH |  | SOLE |  | 19297 | 0 | 8948 |
| SENSTAR TECHNOLOGIES LTD OR | COM | M8T77E105 |  | 1300413 | 1032074 | SH |  | SOLE |  | 270337 | 0 | 761737 |
| SHELL PLC SPON ADS | COM | 780259305 |  | 1413271 | 24816 | SH |  | SOLE |  | 0 | 0 | 24816 |
| SHORE CAPITAL GROUP | COM | BGCZJ74GB |  | 164897 | 88056 | SH |  | SOLE |  | 88056 | 0 | 0 |
| SIGNET JEWELERS LIMITED SHS | COM | G81276100 |  | 13274348 | 195211 | SH |  | SOLE |  | 59900 | 0 | 135311 |
| SIGNET JEWELERS LIMITED SHS | COM | G81276100 |  | 224400 | 3300 | SH |  | OTR |  | 0 | 0 | 3300 |
| SOUTH JERSEY INDS INC COM | COM | 838518108 |  | 4146351 | 116700 | SH |  | SOLE |  | 23000 | 0 | 93700 |
| SOUTH JERSEY INDS INC COM | COM | 838518108 |  | 159885 | 4500 | SH |  | OTR |  | 0 | 0 | 4500 |
| SPINNOVA OYJ | COM | 00BKP8KY2 |  | 561259 | 96324 | SH |  | SOLE |  | 96324 | 0 | 0 |
| STEPAN CHEMICAL CO | COM | 858586100 |  | 8271623 | 77697 | SH |  | SOLE |  | 17700 | 0 | 59997 |
| SUMMIT HOTEL PPTYS INC SER F | PREFERRE | 866082704 |  | 396337 | 23137 | SH |  | SOLE |  | 0 | 0 | 23137 |
| SUMMIT HOTEL PPTYS INC SER E | PREFERRE | 866082605 |  | 534855 | 29259 | SH |  | SOLE |  | 8700 | 0 | 20559 |
| SUMMIT HOTEL PPTYS INC COM | COM | 866082100 |  | 6584532 | 911985 | SH |  | SOLE |  | 278800 | 0 | 633185 |
| SUMMIT HOTEL PPTYS INC COM | COM | 866082100 |  | 100358 | 13900 | SH |  | OTR |  | 0 | 0 | 13900 |
| SUZANO PAPEL E CELULOSE S A | COM | 86959K105 |  | 866010 | 93724 | SH |  | SOLE |  | 34524 | 0 | 59200 |
| SWATCH GROUP AG NAMEN AKT | COM | H83949133 |  | 2158647 | 41425 | SH |  | SOLE |  | 19450 | 0 | 21975 |
| TEXTAINER GROUP HOLDINGS LT | COM | G8766E109 |  | 8406532 | 271091 | SH |  | SOLE |  | 52254 | 0 | 218837 |
| TEXTAINER GROUP HOLDINGS LT | COM | G8766E109 |  | 49616 | 1600 | SH |  | OTR |  | 0 | 0 | 1600 |
| TITAN INTL INC ILL COM | COM | 88830M102 |  | 2134413 | 139322 | SH |  | SOLE |  | 38145 | 0 | 101177 |
| TOKIO MARINE HOLDINGS INC | COM | 889094108 |  | 2421736 | 113010 | SH |  | SOLE |  | 30510 | 0 | 82500 |
| TOURMALINE OIL CORP COM | COM | 89156V106 |  | 20554475 | 407058 | SH |  | SOLE |  | 91745 | 0 | 315313 |
| TOURMALINE OIL CORP COM | COM | 89156V106 |  | 530200 | 10500 | SH |  | OTR |  | 0 | 0 | 10500 |
| TRITON INTL LTD CL A | COM | G9078F107 |  | 4379360 | 63672 | SH |  | SOLE |  | 20400 | 0 | 43272 |
| TRITON INTL LTD CL A | COM | G9078F107 |  | 103170 | 1500 | SH |  | OTR |  | 0 | 0 | 1500 |
| TUESDAY MORNING CORP COM NE | COM | 89904V200 |  | 32353 | 47230 | SH |  | SOLE |  | 7821 | 0 | 39409 |
| TWIN DISC INC COM | COM | 901476101 |  | 2171302 | 223385 | SH |  | SOLE |  | 46304 | 0 | 177081 |
| UNITED PARCEL SVC INC CL B | COM | 911312106 |  | 9333470 | 53690 | SH |  | SOLE |  | 0 | 0 | 53690 |
| UNUM GROUP | COM | 91529Y106 |  | 22811162 | 555963 | SH |  | SOLE |  | 104418 | 0 | 451545 |
| UNUM GROUP | COM | 91529Y106 |  | 199406 | 4860 | SH |  | OTR |  | 0 | 0 | 4860 |
| URSTADT BIDDLE PPTYS INC CL | COM | 917286205 |  | 5885434 | 310577 | SH |  | SOLE |  | 71829 | 0 | 238748 |
| URSTADT BIDDLE PPTYS INC CL | COM | 917286205 |  | 151600 | 8000 | SH |  | OTR |  | 0 | 0 | 8000 |
| URSTADT BIDDLE PPTYS INC CO | COM | 917286106 |  | 740473 | 40663 | SH |  | SOLE |  | 13934 | 0 | 26729 |
| VESTAS WIND SYS AS SHS | COM | K9773J128 |  | 1091630 | 37500 | SH |  | SOLE |  | 0 | 0 | 37500 |
| VESTAS WIND SYS AS UNSP ADR | COM | 925458101 |  | 3297772 | 343500 | SH |  | SOLE |  | 139750 | 0 | 203750 |
| VIRGINIA NATL BANKSHARES CO | COM | 928031103 |  | 1183348 | 32279 | SH |  | SOLE |  | 6708 | 0 | 25571 |
| VIRGINIA NATL BANKSHARES CO | COM | 928031103 |  | 73320 | 2000 | SH |  | OTR |  | 0 | 0 | 2000 |
| WATSCO INC | COM | 942622200 |  | 10705495 | 42925 | SH |  | SOLE |  | 19625 | 0 | 23300 |
| WEST PHARMACEUTICAL SVCS IN | COM | 955306105 |  | 10611932 | 45090 | SH |  | SOLE |  | 12166 | 0 | 32924 |
| WESTERN ASSET CLYM INFL OPP | MUTUAL F | 95766R104 |  | 1605027 | 175797 | SH |  | SOLE |  | 61804 | 0 | 113993 |
| WESTERN ASSET CLYM INFL OPP | MUTUAL F | 95766R104 |  | 76692 | 8400 | SH |  | OTR |  | 0 | 0 | 8400 |
| WESTERN ASSET CLYM INFL SEC | MUTUAL F | 95766Q106 |  | 332251 | 38589 | SH |  | SOLE |  | 19171 | 0 | 19418 |
| WESTPORT FUEL SYSTEMS INC. | COM | 960908309 |  | 2500126 | 3226802 | SH |  | SOLE |  | 785980 | 0 | 2440822 |
| WESTROCK CO COM | COM | 96145D105 |  | 796726 | 22660 | SH |  | SOLE |  | 9219 | 0 | 13441 |
| WILLIAMS SONOMA INC COM | COM | 969904101 |  | 4469239 | 38890 | SH |  | SOLE |  | 11550 | 0 | 27340 |
| WILLIAMS SONOMA INC COM | COM | 969904101 |  | 149396 | 1300 | SH |  | OTR |  | 0 | 0 | 1300 |

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