13F-HR 1 v065700_13fhr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2006 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: Heartland Advisors, Inc. Address: 789 N. Water St. Suite 500 Milwaukee, WI 53202 Form 13F File Number: 28-3516 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: Paul T. Beste Title: Chief Operating Officer Phone: 414-347-7777 Signature, Place and Date of Signing: /s/ Paul T. Beste Milwaukee, Wisconsin February 14, 2007 ------------------ -------------------- ----------------- [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 reported are 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: 342 --- Form 13F Information Table Value Total: $ 2679474 --------- (thousands) 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. NONE

VOTING AUTHORITY VALUE SHARES SH/ PUT/ INVSTMT OTHER ----------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (X $1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ---------------------------------------------------------------------------------------------------------------------------- AAON INC COM PAR $0.004 000360206 2646 100700 SH SOLE 100700 0 AAR CORP COM 000361105 4379 150000 SH SOLE 150000 0 ABM INDS INC COM 000957100 12881 567200 SH SOLE 563700 3500 AP PHARMA INC COM 00202J104 1096 800000 SH SOLE 800000 0 AT&T INC COM 00206R102 8254 230884 SH SOLE 230684 200 ACETO CORP COM 004446100 2778 321500 SH SOLE 321500 0 ACTUATE CORP COM 00508B102 24144 4064600 SH SOLE 4062400 2200 ADTRAN INC COM 00738A106 751 33100 SH SOLE 33100 0 AGILE SOFTWARE CORP DEL COM 00846X105 2460 400000 SH SOLE 400000 0 AGRIUM INC COM 008916108 11241 358220 SH SOLE 357220 1000 AIRNET SYS INC COM 009417106 4209 1422000 SH SOLE 1322000 100000 ALAMO GROUP INC COM 011311107 3533 150600 SH SOLE 150600 0 ALASKA AIR GROUP INC COM 011659109 38463 973750 SH SOLE 939950 33800 ALBANY INTL CORP CL A 012348108 3795 115325 SH SOLE 115325 0 ALCOA INC COM 013817101 8710 290238 SH SOLE 289988 250 ALEXANDER & BALDWIN INC COM 014482103 1109 25000 SH SOLE 25000 0 ALLEGHENY ENERGY INC COM 017361106 1878 40900 SH SOLE 40800 100 ALLIED DEFENSE GROUP INC COM 019118108 4250 200000 SH SOLE 200000 0 ALLSTATE CORP COM 020002101 11764 180684 SH SOLE 180484 200 AMERISERV FINL INC COM 03074A102 5607 1137375 SH SOLE 1137375 0 AMERICA SVC GROUP INC COM 02364L109 6973 436628 SH SOLE 436628 0 AMERICAN STD COS INC DEL COM 029712106 10110 220500 SH SOLE 220200 300 AMERICAN TECHNOLOGY CORP COM NEW 030145205 392 100000 SH SOLE 100000 0 ANADARKO PETE CORP COM 032511107 8540 196223 SH SOLE 196123 100 ANALOGIC CORP COM PAR $0.05 032657207 12040 214463 SH SOLE 214163 300 ANALYSTS INTL CORP COM 032681108 2992 1600000 SH SOLE 1600000 0 APOGEE ENTERPRISES INC COM 037598109 5402 279750 SH SOLE 279750 0 APPLIANCE RECYCLING CTRS AME COM NEW 03814F205 430 200000 SH SOLE 200000 0 APPLIED MATLS INC COM 038222105 494 26790 SH SOLE 26790 0 APPLIED SIGNAL TECHNOLOGY IN COM 038237103 10412 740522 SH SOLE 667822 72700 ASHWORTH INC COM 04516H101 7585 1044737 SH SOLE 976329 68408 ASSOCIATED BANC CORP COM 045487105 15945 457150 SH SOLE 457150 0 ASSURED GUARANTY LTD COM G0585R106 7980 300000 SH SOLE 300000 0 ASTEC INDS INC COM 046224101 3510 100000 SH SOLE 100000 0 AVENTLINE RENEWABLE ENERGY COM 05356X403 1767 75000 SH SOLE 75000 0 AVNET INC COM 053807103 11280 441850 SH SOLE 441550 300 AXCELIS TECHNOLOGIES INC COM 054540109 12862 2206100 SH SOLE 2187000 19100 BOFI HLDG INC COM 05566U108 2772 400000 SH SOLE 400000 0 BSQUARE CORP COM NEW 11776U300 297 104679 SH SOLE 104679 0 BADGER METER INC COM 056525108 22077 797000 SH SOLE 749400 47600 BANCTRUST FINANCIAL GP COM 05978R107 2281 89400 SH SOLE 89400 0 BANK OF AMERICA CORPORATION COM 060505104 9940 186179 SH SOLE 185979 200 BARRETT BUSINESS SERVICES IN COM 068463108 12068 515282 SH SOLE 487500 27782 BIOSCRIP INC COM 09069N108 23886 6903468 SH SOLE 6256012 647456 BIOVAIL CORP COM 09067J109 49310 2334190 SH SOLE 2255090 79100 BOWATER INC COM 102183100 11250 500000 SH SOLE 500000 0 BRIGHAM EXPLORATION CO COM 109178103 408 55800 SH SOLE 53800 2000 BRISTOL WEST HLDGS INC COM 11037M105 2375 150000 SH SOLE 150000 0 BRISTOW GROUP INC COM 110394103 10827 300000 SH SOLE 300000 0 BUCA INC COM 117769109 13662 2840400 SH SOLE 2610400 230000 BUCKEYE TECHNOLOGIES INC COM 118255108 3019 252000 SH SOLE 252000 0 CBS CORP NEW CL B 124857202 9164 293892 SH SOLE 293592 300 C D I CORP COM 125071100 3113 125000 SH SOLE 125000 0 CF INDS HLDGS INC COM 125269100 7051 275000 SH SOLE 274700 300

VOTING AUTHORITY VALUE SHARES SH/ PUT/ INVSTMT OTHER ----------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (X $1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ---------------------------------------------------------------------------------------------------------------------------- CABOT OIL & GAS CORP COM 127097103 858 14150 SH SOLE 14150 0 CADENCE FINL CORP COM 12738A101 988 45600 SH SOLE 45600 0 CALGON CARBON CORP COM 129603106 6232 1005200 SH SOLE 1005200 0 CALLIDUS SOFTWARE INC COM 13123E500 1575 250000 SH SOLE 250000 0 CALLON PETE CO DEL COM 13123X102 5047 335800 SH SOLE 334800 1000 CAMBREX CORP COM 132011107 11487 505600 SH SOLE 505600 0 CAPITAL BK CORP COM 139793103 2845 165400 SH SOLE 165400 0 CAPITAL LEASE FDG INC COM 140288101 8120 700000 SH SOLE 700000 0 CARACO PHARMACEUTICAL LABS L COM 14075T107 7000 500000 SH SOLE 500000 0 CARUSTAR INDS INC COM 140909102 4045 500000 SH SOLE 500000 0 CARBO CERAMICS INC COM 140781105 4096 109600 SH SOLE 109600 0 CARLISLE COS INC COM 142339100 1747 22258 SH SOLE 22258 0 CATAPULT COMMUNICATIONS CORP COM 149016107 1796 200000 SH SOLE 200000 0 CATERPILLAR INC DEL COM 149123101 8089 131900 SH SOLE 131700 200 CENTENNIAL BK HLDGS INC DEL COM 151345303 1892 200000 SH SOLE 200000 0 CENTRAL PKG CORP COM 154785109 13934 774100 SH SOLE 739100 35000 CHAMPS ENTMT INC DEL COM 158787101 4199 604196 SH SOLE 565696 38500 CHEMTURA CORP COM 163893100 11102 1152829 SH SOLE 1147496 5333 CHINA BAK BATTERY INC COM 16936Y100 8211 1259300 SH SOLE 1256800 2500 CHITTENDEN CORP COM 170228100 6138 200000 SH SOLE 200000 0 CIMAREX ENERGY CO COM 171798101 3736 102350 SH SOLE 102350 0 CLARK INC COM 181457102 7613 457800 SH SOLE 457800 0 WILLIAMS CLAYTON ENERGY INC COM 969490101 26880 740280 SH SOLE 711580 28700 COHU INC COM 192576106 5544 275000 SH SOLE 275000 0 COMFORT SYS USA INC COM 199908104 3960 313300 SH SOLE 312500 800 COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 2363 69800 SH SOLE 69800 0 COMPUDYNE CORP COM PAR $0.75 204795306 5942 903000 SH SOLE 867500 35500 COMPUTER SCIENCES CORP COM 205363104 822 15400 SH SOLE 15400 0 COMPUTER TASK GROUP INC COM 205477102 308 64800 SH SOLE 64800 0 CONOCOPHILLIPS COM 20825C104 9975 138634 SH SOLE 138384 250 COOPER TIRE & RUBR CO COM 216831107 1276 89200 SH SOLE 89200 0 CORGI INTERNATIONAL LIMITED SPONSORED ADR 21872Q202 1085 160571 SH SOLE 160571 0 COST PLUS INC CALIF COM 221485105 162 15700 SH SOLE 15700 0 COVENANT TRANS INC CL A 22284P105 2850 250000 SH SOLE 250000 0 CRITICARE SYS INC COM 226901106 4296 1427400 SH SOLE 1427400 0 CUBIC CORP COM 229669106 8138 375000 SH SOLE 375000 0 D R HORTON INC COM 23331A109 4931 186150 SH SOLE 185550 600 DEERE & CO COM 244199105 4511 47444 SH SOLE 47444 0 DIGIRAD CORP COM 253827109 375 90900 SH SOLE 90900 0 DIGITAS INC COM 25388K104 3353 250000 SH SOLE 250000 0 DISCOVERY LABORATORIES INC N COM 254668106 3755 1591200 SH SOLE 1567200 24000 DOLLAR TREE STORES INC COM 256747106 293 9730 SH SOLE 9730 0 DOW CHEM CO COM 260543103 6226 155875 SH SOLE 155675 200 DUCKWALL-ALCO STORES INC NEW COM 264142100 14836 380400 SH SOLE 380400 0 DUCOMMUN INC DEL COM 264147109 2366 103400 SH SOLE 102300 1100 DYNAMICS RESH CORP COM 268057106 12969 1330142 SH SOLE 1248048 82094 EFJ INC COM 26843B101 5055 750000 SH SOLE 750000 0 EMS TECHNOLOGIES INC COM 26873N108 11157 557000 SH SOLE 533800 23200 EPIC BANCORP COM 294250105 293 20196 SH SOLE 17196 3000 EXAR CORP COM 300645108 1300 100000 SH SOLE 100000 0 EASTERN VA BANKSHARES INC COM 277196101 4347 192700 SH SOLE 192700 0 EDUCATE INC COM 28138P100 4984 700000 SH SOLE 700000 0 EMAK WORLDWIDE INC COM 26861V104 4607 780783 SH SOLE 662583 118200 EMRISE CORP COM 29246J101 1590 1500000 SH SOLE 1500000 0 ENTERPRISE BANCORP INC MASS COM 293668109 245 15200 SH SOLE 11200 4000 EQUITY INNS INC COM 294703103 247 15500 SH SOLE 14500 1000 EXCHANGE NATL BANCSHARES INC COM 301309100 430 13657 SH SOLE 13657 0 EXPONENT INC COM 30214U102 16910 906200 SH SOLE 847600 58600 EXPRESS 1 EXPEDITED SOLUTION COM 30217Q108 252 200000 SH SOLE 200000 0 EXTREME NETWORKS INC COM 30226D106 7744 1848200 SH SOLE 1723200 125000 F N B CORP VA COM 302930102 6964 167608 SH SOLE 167608 0 FSI INTL INC COM 302633102 2635 500000 SH SOLE 500000 0 FTI CONSULTING INC COM 302941109 8378 300400 SH SOLE 300400 0 FEDERAL SIGNAL CORP COM 313855108 22116 1378793 SH SOLE 1328293 50500

VOTING AUTHORITY VALUE SHARES SH/ PUT/ INVSTMT OTHER ----------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (X $1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ---------------------------------------------------------------------------------------------------------------------------- FIDELITY SOUTHN CORP NEW COM 316394105 1338 71913 SH SOLE 71913 0 FIRST CONSULTING GROUP INC COM 31986R103 19991 1452800 SH SOLE 1403300 49500 FIRSTCITY FINL CORP COM 33761X107 12748 1150550 SH SOLE 1121050 29500 FLANDERS CORP COM 338494107 17365 1754044 SH SOLE 1655444 98600 FLEXSTEEL INDS INC COM 339382103 590 46908 SH SOLE 46608 300 FOREST OIL CORP COM PAR $0.01 346091705 6949 212640 SH SOLE 212640 0 FORRESTER RESH INC COM 346563109 203 7500 SH SOLE 7500 0 FRANKLIN BK CORP DEL COM 352451108 3833 186600 SH SOLE 161700 24900 FREDS INC CL A 356108100 18821 1563200 SH SOLE 1477200 86000 GATEWAY INC COM 367626108 1005 500000 SH SOLE 500000 0 GENCO SHIPPING & TRADING LTD SHS Y2685T107 17904 640800 SH SOLE 638000 2800 GENERAL ELECTRIC CO COM 369604103 231 6217 SH SOLE 5625 592 GENTEX CORP COM 371901109 334 21451 SH SOLE 21451 0 GOODRICH CORP COM 382388106 10233 224660 SH SOLE 224460 200 GOVERNMENT PPTYS TR INC COM 38374W107 10054 948500 SH SOLE 877300 71200 GREY WOLF INC COM 397888108 22491 3278550 SH SOLE 3174850 103700 GULF ISLAND FABRICATION INC COM 402307102 25173 682200 SH SOLE 682200 0 BLOCK H & R INC COM 093671105 8397 364450 SH SOLE 363950 500 HF FINL CORP COM 404172108 843 48640 SH SOLE 48640 0 HAMPSHIRE GROUP LTD COM 408859106 7714 465540 SH SOLE 465540 0 HELEN OF TROY CORP LTD COM G4388N106 4852 200000 SH SOLE 200000 0 HI/FN INC COM 428358105 7611 1425304 SH SOLE 1425304 0 HOOPER HOLMES INC COM 439104100 11561 3492900 SH SOLE 3482900 10000 HORACE MANN EDUCATORS CORP N COM 440327104 4040 200000 SH SOLE 200000 0 HOSPIRA INC COM 441060100 4089 121775 SH SOLE 121775 0 HUDSON HIGHLAND GROUP INC COM 443792106 33093 1984013 SH SOLE 1977513 6500 HUNTSMAN CORP COM 447011107 962 50700 SH SOLE 49200 1500 HUTCHINSON TECHNOLOGY INC COM 448407106 10325 438075 SH SOLE 437525 550 IMAGE SENSING SYS INC COM 45244C104 3032 211697 SH SOLE 211697 0 INDEPENDENT BANK CORP MASS COM 453836108 6758 187557 SH SOLE 187557 0 INDUSTRIAL DISTR GROUP INC COM 456061100 3970 401000 SH SOLE 401000 0 INPUT/OUTPUT INC COM 457652105 20521 1505600 SH SOLE 1505600 0 INSITUFORM TECHNOLOGIES INC CL A 457667103 5172 200000 SH SOLE 200000 0 INTEGRATED ELECTRICAL SVC COM 45811E103 1779 100000 SH SOLE 100000 0 INTER TEL INC COM 458372109 5540 250000 SH SOLE 250000 0 INTERDIGITAL COMMUNICATIONS COM 45866A105 113489 3382675 SH SOLE 3306575 76100 INTERSECTIONS INC COM 460981301 15396 1457932 SH SOLE 1343960 113972 INVACARE CORP COM 461203101 6896 280900 SH SOLE 280900 0 ISOLAGEN INC COM 46488N103 1422 485400 SH SOLE 485400 0 HUNT J B TRANS SVCS INC COM 445658107 9125 439350 SH SOLE 438950 400 SANFILIPPO JOHN B & SON INC COM 800422107 7505 612162 SH SOLE 574100 38062 JOHNSON CTLS INC COM 478366107 2174 25300 SH SOLE 25200 100 JUPITERMEDIA CORP COM 48207D101 3960 500000 SH SOLE 500000 0 K TRON INTL INC COM 482730108 4144 55500 SH SOLE 44600 10900 KMG AMER CORP COM 482563103 4795 500000 SH SOLE 500000 0 KEANE INC COM 486665102 5973 501500 SH SOLE 501500 0 KELLY SVCS INC CL A 488152208 3618 125000 SH SOLE 125000 0 LJ INTL INC ORD G55312105 436 100000 SH SOLE 100000 0 LECG CORP COM 523234102 5544 300000 SH SOLE 300000 0 LESCO INC OHIO COM 526872106 3005 347401 SH SOLE 347401 0 L S B BANCORP N C COM 502158108 676 40024 SH SOLE 40024 0 LSI INDS INC COM 50216C108 788 39700 SH SOLE 33300 6400 LACROSSE FOOTWARE INC COM 505688101 373 28100 SH SOLE 28100 0 LABRANCHE & CO INC COM 505447102 1966 200000 SH SOLE 200000 0 LAKELAND INDS INC COM 511795106 3408 250000 SH SOLE 250000 0 LANDRYS RESTAURANTS INC COM 51508L103 557 18500 SH SOLE 18500 0 LANTRONIX INC COM 516548104 9291 5700000 SH SOLE 5700000 0 LATTICE SEMICONDUCTOR CORP COM 518415104 6538 1009000 SH SOLE 1009000 0 LEAPFROG ENTERPRISES INC CL A 52186N106 3792 400000 SH SOLE 400000 0 LIONS GATE ENTMNT CORP COM NEW 535919203 13290 1238600 SH SOLE 1238600 0 LONE STAR TECHNOLOGIES INC COM 542312103 2421 50000 SH SOLE 50000 0 MEDTOX SCIENTIFIC INC COM NEW 584977201 10032 752614 SH SOLE 714214 38400 MEMC ELECTR MATLS INC COM 552715104 8134 207825 SH SOLE 207725 100 MFRI INC COM 552721102 6895 350000 SH SOLE 350000 0

VOTING AUTHORITY VALUE SHARES SH/ PUT/ INVSTMT OTHER ----------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (X $1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ---------------------------------------------------------------------------------------------------------------------------- MGIC INVT CORP WIS COM 552848103 7343 117407 SH SOLE 117232 175 MAGAL SECURITY SYS LTD ORD M6786D104 2685 300000 SH SOLE 300000 0 MAGNETEK INC COM 559424106 1130 200000 SH SOLE 200000 0 MAPINFO CORP COM 565105103 3263 250000 SH SOLE 250000 0 MARSHALL & ILSLEY CORP COM 571834100 10227 212582 SH SOLE 211832 750 MARTEN TRANS LTD COM 573075108 15285 833900 SH SOLE 805800 28100 MASCO CORP COM 574599106 2272 76050 SH SOLE 75850 200 MASTEC INC COM 576323109 8365 724900 SH SOLE 724600 300 MAXIMUS INC COM 577933104 7695 250000 SH SOLE 250000 0 MEADOWBROOK INS GROUP INC COM 58319P108 3956 400000 SH SOLE 400000 0 MEDICAL PPTYS TRUST INC COM 58463J304 20637 1348800 SH SOLE 1250200 98600 MEDICAL STAFFING NTWK HLDGS COM 58463F104 7156 1219100 SH SOLE 1147300 71800 MEDWAVE INC COM 585081102 22 37300 SH SOLE 37300 0 MENTOR GRAPHICS CORP COM 587200106 12982 720000 SH SOLE 719300 700 MESA AIR GROUP INC COM 590479101 16050 1872840 SH SOLE 1758640 114200 MET PRO CORP COM 590876306 6479 436600 SH SOLE 431600 5000 MICREL INC COM 594793101 2156 200000 SH SOLE 200000 0 MIDWEST AIR GROUP INC COM 597911106 13800 1200000 SH SOLE 1200000 0 MOBIUS MGMT SYSTEMS INC COM 606925105 1663 250000 SH SOLE 250000 0 MOCON INC COM 607494101 2542 200000 SH SOLE 200000 0 MODINE MFG CO COM 607828100 501 20000 SH SOLE 20000 0 MODTECH HLDGS INC COM 60783C100 13299 2686700 SH SOLE 2501900 184800 MONTEREY GOURMET FOODS INC COM 612570101 2665 609929 SH SOLE 608229 1700 MOTOROLA INC COM 620076109 8422 409640 SH SOLE 408990 650 MUELLER WTR PRODS INC COM SER A 624758108 15023 1010300 SH SOLE 964200 46100 NATCO GROUP INC CL A 63227W203 6459 202600 SH SOLE 202300 300 NATIONAL HOME HEALTH CARE CO COM 636380107 5058 441000 SH SOLE 441000 0 NATROL INC COM 638789107 2495 1210998 SH SOLE 1054798 156200 NAUTILUS INC COM 63910B102 9926 709000 SH SOLE 685900 23100 NEWPARK RES INC COM PAR $.01NEW 651718504 48752 6761750 SH SOLE 6444350 317400 NEXITY FINL CORP COM NEW 65333R200 1691 140900 SH SOLE 133400 7500 NOBLE INTL LTD COM 655053106 8020 400000 SH SOLE 400000 0 NORTHWEST PIPE CO COM 667746101 8405 250000 SH SOLE 250000 0 NOVELL INC COM 670006105 6820 1100000 SH SOLE 1100000 0 NU SKIN ENTERPRISES INC CL A 67018T105 8280 454200 SH SOLE 454000 200 O I CORP COM 670841105 2803 245900 SH SOLE 245900 0 OAKLEY INC COM 673662102 6018 300000 SH SOLE 300000 0 OIL DRI CORP AMER COM 677864100 12747 755125 SH SOLE 709750 45375 OMNOVA SOLUTIONS INC COM 682129101 5567 1215500 SH SOLE 1215500 0 ON ASSIGNMENT INC COM 682159108 4437 377600 SH SOLE 377600 0 OPNET TECHNOLOGIES INC COM 683757108 3613 250000 SH SOLE 250000 0 OREGON STL MLS INC COM 686079104 6375 102150 SH SOLE 102000 150 ORIGIN AGRITECH LIMITED SHS G67828106 9030 825402 SH SOLE 825402 0 ORTHOLOGIC CORP COM 68750J107 1289 901300 SH SOLE 781500 119800 ORTHOVITA INC COM 68750U102 5671 1562200 SH SOLE 1560000 2200 OSTEOTECH INC COM 688582105 11163 1975710 SH SOLE 1923200 52510 GLATFELTER COM 377316104 7814 504150 SH SOLE 502800 1350 PAB BANKSHARES INC COM 69313P101 2297 107500 SH SOLE 107500 0 PAREXEL INTL CORP COM 699462107 5840 201600 SH SOLE 201600 0 PDI INC COM 69329V100 19990 1969500 SH SOLE 1885300 84200 PMA CAP CORP CL A 693419202 6652 721517 SH SOLE 718917 2600 PPG INDS INC COM 693506107 7060 109950 SH SOLE 109775 175 PACIFIC PREMIER BANCORP COM 69478X105 6288 516219 SH SOLE 510856 5363 PARAMETRIC TECHNOLOGY CORP COM NEW 699173209 7476 414900 SH SOLE 414200 700 PARKERVISION INC COM 701354102 14744 1322300 SH SOLE 1322300 0 PATRICK INDS INC COM 703343103 4843 390925 SH SOLE 354625 36300 PATTERSON UTI ENERGY INC COM 703481101 1121 48275 SH SOLE 48275 0 PENTAIR INC COM 709631105 5535 176275 SH SOLE 176175 100 PEOPLES BANCTRUST INC COM 709796106 352 13800 SH SOLE 13800 0 PERMA-FIX ENVIRONMENTAL SVCS COM 714157104 7585 3269545 SH SOLE 2985945 283600 PEROT SYS CORP CL A 714265105 8195 500000 SH SOLE 500000 0 PFIZER INC COM 717081103 11569 446675 SH SOLE 438225 8450 PHOENIX FOOTWEAR GROUP INC COM 71903M100 4160 945400 SH SOLE 941400 4000 PLAINS EXPL& PRODTN CO COM 726505100 16868 354900 SH SOLE 345600 9300

VOTING AUTHORITY VALUE SHARES SH/ PUT/ INVSTMT OTHER ----------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (X $1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ---------------------------------------------------------------------------------------------------------------------------- PLATO LEARNING INC COM 72764Y100 7467 1380200 SH SOLE 1312022 68178 POLYMET MINING CORP COM 731916102 6363 2005000 SH SOLE 2005000 0 PORTEC RAIL PRODS INC COM 736212101 5438 538400 SH SOLE 538400 0 POWELL INDS INC COM 739128106 9881 313000 SH SOLE 313000 0 PRESIDENTIAL LIFE CORP COM 740884101 28054 1278100 SH SOLE 1234800 43300 PROQUEST COMPANY COM 74346P102 15696 1502000 SH SOLE 1502000 0 QUAKER CHEM CORP COM 747316107 3531 160000 SH SOLE 160000 0 QUEST RESOURCE CORP COM NEW 748349305 8287 820450 SH SOLE 750350 70100 QUINTANA MARITIME LTD ORD Y7169G109 20913 1898100 SH SOLE 1859300 38800 QUOVADX INC COM 74913K106 16947 6009500 SH SOLE 5689500 320000 RCM TECHNOLOGIES INC COM NEW 749360400 9398 1569000 SH SOLE 1441500 127500 RPM INTL INC COM 749685103 9270 443750 SH SOLE 442650 1100 RAILAMERICA INC COM 750753105 26421 1643100 SH SOLE 1585700 57400 REGIS CORP MINN COM 758932107 15816 400000 SH SOLE 400000 0 RENASANT CORP COM 75970E107 5118 167100 SH SOLE 166350 750 RENT A CTR INC NEW COM 76009N100 16973 575175 SH SOLE 574775 400 RIVERVIEW BANCORP INC COM 769397100 2657 174800 SH SOLE 174800 0 ROBBINS & MYERS INC COM 770196103 11076 241200 SH SOLE 240900 300 ROSETTA RESOURCES INC COM 777779307 7875 421800 SH SOLE 418800 3000 SCPIE HLDGS INC COM 78402P104 9397 359500 SH SOLE 359500 0 SM&A COM 78465D105 5620 968900 SH SOLE 968900 0 SRI/SURGICAL EXPRESS INC COM 78464W104 4628 843000 SH SOLE 793300 49700 STAAR SURGICAL CO COM PAR $0.01 852312305 21579 3078350 SH SOLE 2903050 175300 STERIS CORP COM 859152100 6715 266800 SH SOLE 266800 0 SAGA COMMUNICATIONS CL A 786598102 3782 393500 SH SOLE 393500 0 SAIA INC COM 78709Y105 4642 200000 SH SOLE 200000 0 SCHOOL SPECIALTY INC COM 807863105 3749 100000 SH SOLE 100000 0 SEAGATE TECHNOLOGY SHS G7945J104 9698 365975 SH SOLE 365825 150 SENESCO TECHNOLOGIES INC COM NEW 817208408 1408 1279925 SH SOLE 1279925 0 SENSIENT TECHNOLOGIES CORP COM 81725T100 293 11907 SH SOLE 11907 0 SIMMONS 1ST NATL CORP CL A 828730200 2369 75100 SH SOLE 75100 0 SIMPLETECH INC COM 828823104 9752 769074 SH SOLE 769074 0 SIRNA THERAPEUTICS INC COM 829669100 100750 7744023 SH SOLE 7570403 173620 SKYWORKS SOLUTIONS INC COM 83088M102 23907 3376650 SH SOLE 3367950 8700 SMITH & WOLLENSKY RESTAURANT COM 831758107 3147 618300 SH SOLE 618300 0 SMITHFIELD FOODS INC COM 832248108 9299 362375 SH SOLE 361975 400 SMITHWAY MTR XPRESS CORP COM 832653109 1297 129676 SH SOLE 129676 0 SMURFIT-STONE CONTAINER CORP COM 832727101 2458 232800 SH SOLE 232000 800 SOUTHERN CMNTY FINL CORP COM 842632101 1370 135682 SH SOLE 135682 0 SOUTHWEST AIRLS CO COM 844741108 8174 533538 SH SOLE 533038 500 SPAR GROUP INC COM 784933103 1596 1228000 SH SOLE 1228000 0 SPECIALTY UNDERWRITERS ALLIA COM 84751T309 5499 654600 SH SOLE 645600 9000 SPHERION CORP COM 848420105 3715 500000 SH SOLE 500000 0 STEIN MART INC COM 858375108 5304 400000 SH SOLE 400000 0 STEPAN CO COM 858586100 3512 110900 SH SOLE 109500 1400 STERLING FINL CORP WASH COM 859319105 20765 614162 SH SOLE 614162 0 STEWART ENTERPRISES INC CL A 860370105 10966 1754600 SH SOLE 1754600 0 STIFEL FINL CORP COM 860630102 8296 211466 SH SOLE 202933 8533 STRATAGENE CORP COM 86269H107 1488 200000 SH SOLE 200000 0 STRATEGIC DIAGNOSTICS INC COM 862700101 1013 268000 SH SOLE 268000 0 STRATTEC SEC CORP COM 863111100 4958 106400 SH SOLE 106400 0 STRIDE RITE CORP COM 863314100 6032 400000 SH SOLE 400000 0 SUNTRUST BKS INC COM 867914103 11184 132430 SH SOLE 132255 175 SYNERGX SYSTEMS INC COM 87160C106 819 465600 SH SOLE 465600 0 SYNOVIS LIFE TECHNOLOGIES IN COM 87162G105 2989 300400 SH SOLE 300400 0 TODCO COM 88889T107 5809 170000 SH SOLE 170000 0 TASTY BAKING CO COM 876553306 4570 508300 SH SOLE 508300 0 TECHTEAM GLOBAL INC COM 878311109 11934 1060800 SH SOLE 1060800 0 TENNESSEE COMMERCE BANCORP I COM 88043P108 3906 125000 SH SOLE 125000 0 TEXAS UTD BANCSHARES INC COM 88224Q107 3976 200000 SH SOLE 200000 0 INVENTURE GROUP INC COM 461214108 6253 2552122 SH SOLE 2552122 0 PRINCETON REVIEW INC COM 742352107 12197 2310076 SH SOLE 2267076 43000 SOUTH FINL GROUP INC COM 837841105 14749 554700 SH SOLE 522300 32400 THIRD WAVE TECHNOLOGIES INC COM 88428W108 7981 1659300 SH SOLE 1659300 0

VOTING AUTHORITY VALUE SHARES SH/ PUT/ INVSTMT OTHER ----------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (X $1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ---------------------------------------------------------------------------------------------------------------------------- TIDEWATER INC COM 886423102 5889 121778 SH SOLE 121678 100 TIMBERLAND BANCORP INC COM 887098101 1896 51100 SH SOLE 51100 0 TOLL BROTHERS INC COM 889478103 4440 137750 SH SOLE 137600 150 TRINITY BIOTECH PLC SPON ADR NEW 896438306 6190 722250 SH SOLE 719450 2800 TRIUMPH GROUP INC NEW COM 896818101 477 9100 SH SOLE 8700 400 TUESDAY MORNING CORP COM NEW 899035505 3888 250000 SH SOLE 250000 0 TYCO INTL LTD NEW COM 902124106 12790 420715 SH SOLE 417415 3300 TYSON FOODS INC CL A 902494103 691 41990 SH SOLE 41690 300 USI HLDGS CORP COM 90333H101 3840 250000 SH SOLE 250000 0 UGI CORP NEW COM 902681105 10362 379825 SH SOLE 378975 850 URS CORP NEW COM 903236107 14938 348601 SH SOLE 341501 7100 UNION PAC CORP COM 907818108 8134 88392 SH SOLE 88117 275 UNITED AUTO GROUP INC COM 909440109 271 11500 SH SOLE 11400 100 UNIVERSAL VA COM 913456109 12469 254425 SH SOLE 254075 350 UNUMPROVIDENT CORP COM 91529Y106 18563 893300 SH SOLE 892750 550 UROPLASTY INC COM NEW 917277204 2349 955000 SH SOLE 955000 0 VISTACARE INC CL A 92839Y109 5095 502000 SH SOLE 502000 0 WPS RESOURCES CORP COM 92931B106 10243 189575 SH SOLE 189275 300 WSB FINANCIAL GROUP INC COM 92933E108 1824 95000 SH SOLE 95000 0 WAL MART STORES INC COM 931142103 11060 239496 SH SOLE 234996 4500 WASHINGTON GROUP INTL INC COM NEW 938862208 285 4765 SH SOLE 4765 0 WASHINGTON MUT INC COM 939322103 5470 120247 SH SOLE 120047 200 WAUSAU PAPER CORP COM 943315101 9090 606400 SH SOLE 604000 2400 WESTELL TECHNOLOGIES INC CL A 957541105 6054 2421700 SH SOLE 2392100 29600 WIRELESS RONIN TECHNOLOGIES COM 97652A203 4164 723000 SH SOLE 723000 0 WISCONSIN ENERGY CORP COM 976657106 691 14550 SH SOLE 14550 0 WRIGHT MED GROUP INC COM 98235T107 7390 317450 SH SOLE 317450 0 WYETH COM 983024100 7851 154182 SH SOLE 153982 200 ZAREBA SYSTEMS INC COM 989131107 1083 228000 SH SOLE 228000 0 ZIX CORP COM 98974P100 2187 1837500 SH SOLE 1837500 0 EPLUS INC COM 294268107 4597 439859 SH SOLE 439859 0 ESPEED INC CL A 296643109 7307 837000 SH SOLE 837000 0 TOTAL 2679474 TOTAL ENTRIES 342