UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
12/31/2002
Under the Securities Exchange Act of 1934
(Amendment No. )
BASSETT FURNITURE INDUSTRIES,INC.
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
070203104
(CUSIP Number)
Check the following box if a fee is being paid with this
statement [ ]. (A
fee is not required only if the filing person: (1) has a
previous statement on
file reporting beneficial ownership of more than five
percent of the class of
securities described in Item 1; and (2) has filed no
amendment subsequent
thereto reporting beneficial ownership of five percent or
less of such class.)
(See Rule 13d-7).
*The remainder of this cover page shall be filled out for a
reporting person's
initial filing on this form with respect to the subject
class of securities, and
for any subsequent amendment containing information which
would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed
to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that
section of the Act
but shall be subject to all other provisions of the Act
(however, see the
Notes).
Page 1 of 5 pages
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CUSIP NO. 070203104 13G
PAGE 2 OF 5 PAGES
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- - --------------------
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NAME OF REPORTING PERSON
1 S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
GRACE & WHITE, INC.
#13-2884675
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2
(a) [_]
(b) [_]
- - - ----------------------------------------------------------
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
NEW YORK, U.S.A.
- - - ----------------------------------------------------------
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SOLE VOTING POWER
5
NUMBER OF
188,200
SHARES -----------------------------------------
- - ------------------
SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY NONE
-----------------------------------------
- - ------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING
650,400
PERSON -----------------------------------------
- - ------------------
SHARED DISPOSITIVE POWER
WITH 8
NONE
- - - ----------------------------------------------------------
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
9
650,400
- - - ----------------------------------------------------------
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
10
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.55%
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- - --------------------
TYPE OF REPORTING PERSON*
12
IA.
- - - --------------
CUSIP NUMBER -----------------------------------------------
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070203104 Page 3 Of 5 Pages
Item 1.
(a) Name of Issuer: BASSETT FURNITURE INDS.
--------------
(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
3525 FAIRYSTONE PARK HIGHWAY
BASSETT, VA. 24055
Item 2.
(a) Name of Person Filing: Grace & White, Inc.
---------------------
(b) Address of Principal Business Office:
------------------------------------
Grace & White, Inc.
515 Madison Ave. Suite 1700
New York, New York 10022
(c) Citizenship: New York Corporation
-----------
(d) Title of Class of Securities: Common Stock
----------------------------
(e) CUSIP Number: 070203104
------------
Item 3. If this statement is filed pursuant to Rule 13d-
1(b),
---------------------------------------------------
- - -
or 13d-2(b), check whether the person filing is a:
---------------------------------------------------
(e) X Investment adviser registered under Section 203 of
--- the Investment Advisers Act of 1940.
Item 4. Ownership.
---------
(a) Amount beneficially owned:
--------------------------
The shares of Common Stock beneficially owned by
Grace & White, Inc. by this Schedule amount to
650,400 shares.
(b) Percent of Class:
-----------------
5.55%
(c) For information on voting and dispositive power with
above listed shares, see Items 5-8 of the Cover Page.
Item 5. Ownership of Five Percent or Less of a Class.
--------------------------------------------
N/A
Item 6. Ownership of more than Five Percent on Behalf of
Another Person
----------------------------------------------------
N/A
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on
By the Parent Holding Company.
-------------------------------------------------------
N/A.
Item 8. Identification and Classification of Members of the
Group.
----------------------------------------------------
N/A
Item 9. Notice of Dissolution of Group.
------------------------------
N/A.
Item 10. Certification.
-------------
By signing below, I certify that, to the best of my
knowledge and belief, the securities referred to above
were acquired in the ordinary course of business and
were not acquired for the purpose of and do not have
the effect of changing or influencing the control of
the issuer of such securities and were not acquired in
connection with or as a participant in any transaction
having such purposes or effect.
SIGNATURE
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information
set forth in this statement is true, complete and correct.
DATE: January 27,2003
Grace & White, Inc.
By:/s/ MARC RAVITZ
-----------------
Marc Ravitz
Vice President