13F-HR 1 v075067_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: March 31, 2007 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 May 15, 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: 353 --- Form 13F Information Table Value Total: $ 2880886 --------- (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

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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 ------------------------------------------------------------------------------------------------------------------------------ LANDRYS RESTAURANTS INC COM 51508L103 545 18400 SH SOLE 18400 0 LANTRONIX INC COM 516548104 8800 5500000 SH SOLE 5500000 0 LATTICE SEMICONDUCTOR CORP COM 518415104 5903 1009000 SH SOLE 1009000 0 LECG CORP COM 523234102 23525 1624689 SH SOLE 1551089 73600 LIONS GATE ENTMNT CORP COM NEW 535919203 14042 1229600 SH SOLE 1229600 0 MEMC ELECTR MATLS INC COM 552715104 1025 16925 SH SOLE 16925 0 MFRI INC COM 552721102 6489 350000 SH SOLE 350000 0 MGIC INVT CORP WIS COM 552848103 8910 151227 SH SOLE 150922 305 MGP INGREDIENTS INC COM 55302G103 2037 100000 SH SOLE 100000 0 MAGNETEK INC COM 559424106 6927 1374500 SH SOLE 1374500 0 MARSHALL & ILSLEY CORP COM 571834100 9896 213692 SH SOLE 212842 850 MARTEN TRANS LTD COM 573075108 15291 962900 SH SOLE 916800 46100 MASCO CORP COM 574599106 2126 77600 SH SOLE 77250 350 MASSEY ENERGY CO COM 576206106 7202 300200 SH SOLE 300200 0 MASTEC INC COM 576323109 9841 893850 SH SOLE 892750 1100 MAXIMUS INC COM 577933104 8620 250000 SH SOLE 250000 0 MEADOWBROOK INS GROUP INC COM 58319P108 4396 400000 SH SOLE 400000 0 MEDICAL STAFFING NTWK HLDGS COM 58463F104 8626 1358400 SH SOLE 1271500 86900 MEDICAL PPTYS TRUST INC COM 58463J304 12087 822800 SH SOLE 822800 0 MEDTOX SCIENTIFIC INC COM NEW 584977201 6665 362250 SH SOLE 362250 0 MENTOR GRAPHICS CORP COM 587200106 11461 701400 SH SOLE 701400 0 MESA AIR GROUP INC COM 590479101 23748 3153740 SH SOLE 2995740 158000 MET PRO CORP COM 590876306 6344 436600 SH SOLE 431600 5000 MICREL INC COM 594793101 3857 350000 SH SOLE 350000 0 MIDWEST AIR GROUP INC COM 597911106 13206 977500 SH SOLE 977500 0 MOBIUS MGMT SYSTEMS INC COM 606925105 7370 1000000 SH SOLE 1000000 0 MOCON INC COM 607494101 2572 200000 SH SOLE 200000 0 MODINE MFG CO COM 607828100 219 9575 SH SOLE 9575 0 MODTECH HLDGS INC COM 60783C100 8491 2704200 SH SOLE 2519400 184800 MONTEREY GOURMET FOODS INC COM 612570101 2966 693057 SH SOLE 691357 1700 MOTOROLA INC COM 620076109 7379 417590 SH SOLE 416640 950 MUELLER INDS INC COM 624756102 9030 300000 SH SOLE 300000 0 MUELLER WTR PRODS INC COM SER A 624758108 21361 1546800 SH SOLE 1466200 80600 MULTIMEDIA GAMES INC COM 625453105 2380 200000 SH SOLE 200000 0 NAPCO SEC SYS INC COM 630402105 5955 1123600 SH SOLE 1123600 0 NATIONAL HOME HEALTH CARE CO COM 636380107 5956 506502 SH SOLE 506502 0 NATROL INC COM 638789107 4962 1710998 SH SOLE 1554798 156200 NAUTILUS INC COM 63910B102 8301 538000 SH SOLE 537300 700 NEKTAR THERAPEUTICS COM 640268108 38625 2957500 SH SOLE 2908400 49100 NEWPARK RES INC COM PAR $.01NEW 651718504 47764 6775050 SH SOLE 6457650 317400 NEXITY FINL CORP COM NEW 65333R200 1881 160800 SH SOLE 153300 7500 NORTHWEST PIPE CO COM 667746101 9958 250000 SH SOLE 250000 0 NOVELL INC COM 670006105 7942 1100000 SH SOLE 1100000 0 O I CORP COM 670841105 2720 245900 SH SOLE 245900 0 OIL DRI CORP AMER COM 677864100 12611 755125 SH SOLE 709750 45375 OLIN CORP COM PAR $1 680665205 1694 100000 SH SOLE 100000 0 OMNOVA SOLUTIONS INC COM 682129101 16082 2945500 SH SOLE 2824700 120800 OPNET TECHNOLOGIES INC COM 683757108 2702 200000 SH SOLE 200000 0 OPLINK COMMUNICATIONS INC COM NEW 68375Q403 1797 100000 SH SOLE 100000 0 OPTIMAL GROUP INC CL A NEW 68388R208 839 100000 SH SOLE 100000 0 ORTHOLOGIC CORP COM 68750J107 1347 863600 SH SOLE 746400 117200 ORTHOVITA INC COM 68750U102 4959 1698200 SH SOLE 1695500 2700 OSTEOTECH INC COM 688582105 16661 2180710 SH SOLE 2078200 102510 PAB BANKSHARES INC COM 69313P101 1909 107500 SH SOLE 107500 0 PDI INC COM 69329V100 19081 2004300 SH SOLE 1862400 141900 PMA CAP CORP CL A 693419202 10533 1121700 SH SOLE 1119100 2600 PPG INDS INC COM 693506107 7834 111415 SH SOLE 111160 255 PACIFIC PREMIER BANCORP COM 69478X105 5604 518863 SH SOLE 513500 5363 PARAMETRIC TECHNOLOGY CORP COM NEW 699173209 5733 300300 SH SOLE 300300 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 ------------------------------------------------------------------------------------------------------------------------------ PAREXEL INTL CORP COM 699462107 7252 201600 SH SOLE 201600 0 PARK ELECTROCHEMICAL CORP COM 700416209 2712 100000 SH SOLE 100000 0 PARKERVISION INC COM 701354102 20034 1576555 SH SOLE 1576555 0 PATRICK INDS INC COM 703343103 4687 390925 SH SOLE 354625 36300 PENTAIR INC COM 709631105 9323 299185 SH SOLE 298635 550 PEOPLES BANCTRUST INC COM 709796106 263 13800 SH SOLE 13800 0 PERMA-FIX ENVIRONMENTAL SVCS COM 714157104 10413 4375245 SH SOLE 4037045 338200 PEROT SYS CORP CL A 714265105 8935 500000 SH SOLE 500000 0 PFIZER INC COM 717081103 11664 461763 SH SOLE 452613 9150 PHOENIX FOOTWEAR GROUP INC COM 71903M100 4474 983400 SH SOLE 979400 4000 PLAINS EXPL& PRODTN CO COM 726505100 15993 354300 SH SOLE 345000 9300 PLATO LEARNING INC COM 72764Y100 6881 1638383 SH SOLE 1638383 0 PLEXUS CORP COM 729132100 10978 640100 SH SOLE 640100 0 POLYMET MINING CORP COM 731916102 11798 4005000 SH SOLE 4005000 0 POPE & TALBOT INC COM 732827100 6750 1000000 SH SOLE 1000000 0 PORTEC RAIL PRODS INC COM 736212101 8367 823500 SH SOLE 784000 39500 POWELL INDS INC COM 739128106 6816 213000 SH SOLE 213000 0 PRESIDENTIAL LIFE CORP COM 740884101 25251 1280500 SH SOLE 1237200 43300 PRINCETON REVIEW INC COM 742352107 12484 2324676 SH SOLE 2271676 53000 PROQUEST COMPANY COM 74346P102 13554 1506000 SH SOLE 1506000 0 QAD INC COM 74727D108 1379 151500 SH SOLE 151500 0 QUAKER CHEM CORP COM 747316107 3810 160000 SH SOLE 160000 0 QUANEX CORP COM 747620102 4239 100100 SH SOLE 100100 0 QUEST RESOURCE CORP COM NEW 748349305 14809 1614900 SH SOLE 1504400 110500 QUOVADX INC COM 74913K106 15343 6017000 SH SOLE 5697000 320000 RCM TECHNOLOGIES INC COM NEW 749360400 11147 1563400 SH SOLE 1435900 127500 RPM INTL INC COM 749685103 10314 446500 SH SOLE 445400 1100 RACKABLE SYS INC COM 750077109 5091 300000 SH SOLE 300000 0 RASER TECHNOLOGIES INC COM 754055101 4753 1075269 SH SOLE 1075269 0 REGAL ENTMT GROUP CL A 758766109 3982 200400 SH SOLE 200400 0 REGIS CORP MINN COM 758932107 16148 400000 SH SOLE 400000 0 RENASANT CORP COM 75970E107 4024 163050 SH SOLE 162300 750 RENT A CTR INC NEW COM 76009N100 16229 580005 SH SOLE 579455 550 REPUBLIC AWYS HLDGS INC COM 760276105 7491 326250 SH SOLE 309250 17000 RIVERVIEW BANCORP INC COM 769397100 2786 174800 SH SOLE 174800 0 ROSETTA RESOURCES INC COM 777779307 11866 577700 SH SOLE 573000 4700 SCPIE HLDGS INC COM 78402P104 8127 358000 SH SOLE 358000 0 SLM CORP COM 78442P106 9139 223450 SH SOLE 223050 400 SRI/SURGICAL EXPRESS INC COM 78464W104 4461 885100 SH SOLE 835400 49700 SM&A COM 78465D105 6904 972400 SH SOLE 972400 0 STEC INC COM 784774101 4175 593074 SH SOLE 593074 0 SPAR GROUP INC COM 784933103 1302 1228000 SH SOLE 1228000 0 SAGA COMMUNICATIONS CL A 786598102 3931 404000 SH SOLE 404000 0 SAIA INC COM 78709Y105 7125 300000 SH SOLE 300000 0 SANFILIPPO JOHN B & SON INC COM 800422107 5784 433908 SH SOLE 418300 15608 SANGAMO BIOSCIENCES INC COM 800677106 3400 500000 SH SOLE 500000 0 SCHOOL SPECIALTY INC COM 807863105 7431 205800 SH SOLE 205800 0 SENESCO TECHNOLOGIES INC COM NEW 817208408 1566 1614000 SH SOLE 1614000 0 SENSIENT TECHNOLOGIES CORP COM 81725T100 307 11907 SH SOLE 11907 0 SIMMONS 1ST NATL CORP CL A $1 PAR 828730200 2258 75100 SH SOLE 75100 0 SKYWORKS SOLUTIONS INC COM 83088M102 16542 2876950 SH SOLE 2868250 8700 SMITHFIELD FOODS INC COM 832248108 11033 368375 SH SOLE 367675 700 SMURFIT-STONE CONTAINER CORP COM 832727101 2728 242250 SH SOLE 240750 1500 SOUTH FINL GROUP INC COM 837841105 24265 981600 SH SOLE 945500 36100 SOUTHERN CMNTY FINL CORP COM 842632101 1392 135682 SH SOLE 135682 0 SOUTHWEST AIRLS CO COM 844741108 8629 587038 SH SOLE 586238 800 SPANISH BROADCASTING SYS INC CL A 846425882 11377 2844300 SH SOLE 2647900 196400 SPECIALTY UNDERWRITERS ALLIA COM 84751T309 5096 659200 SH SOLE 650200 9000 SPHERION CORP COM 848420105 13230 1500000 SH SOLE 1500000 0 STAAR SURGICAL CO COM PAR $0.01 852312305 16951 3076350 SH SOLE 2901050 175300

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 ------------------------------------------------------------------------------------------------------------------------------ STEIN MART INC COM 858375108 7306 447650 SH SOLE 447350 300 STEPAN CO COM 858586100 3155 120200 SH SOLE 117900 2300 STERIS CORP COM 859152100 8401 316300 SH SOLE 316300 0 STERLING FINL CORP WASH COM 859319105 19156 614162 SH SOLE 614162 0 STEWART ENTERPRISES INC CL A 860370105 10382 1288100 SH SOLE 1288100 0 STIFEL FINL CORP COM 860630102 8860 200000 SH SOLE 200000 0 STRATEGIC DIAGNOSTICS INC COM 862700101 1792 350000 SH SOLE 350000 0 STRATTEC SEC CORP COM 863111100 4733 106400 SH SOLE 106400 0 STRIDE RITE CORP COM 863314100 5387 350000 SH SOLE 350000 0 SUNTRUST BKS INC COM 867914103 10982 132255 SH SOLE 131980 275 SYCAMORE NETWORKS INC COM 871206108 18700 5000000 SH SOLE 5000000 0 SYNERGX SYSTEMS INC COM 87160C106 1070 500000 SH SOLE 500000 0 SYNOVIS LIFE TECHNOLOGIES IN COM 87162G105 4061 300400 SH SOLE 300400 0 TRC COS INC COM 872625108 6757 669700 SH SOLE 669700 0 TASTY BAKING CO COM 876553306 4437 508300 SH SOLE 508300 0 TECHTEAM GLOBAL INC COM 878311109 13194 1055525 SH SOLE 1055525 0 TENNESSEE COMMERCE BANCORP I COM 88043P108 1937 72000 SH SOLE 72000 0 TETRA TECH INC NEW COM 88162G103 2395 125657 SH SOLE 125657 0 TEXAS CAPITAL BANKSHARES INC COM 88224Q107 6763 329900 SH SOLE 292600 37300 THIRD WAVE TECHNOLOGIES INC COM 88428W108 8532 1672900 SH SOLE 1672900 0 TIDEWATER INC COM 886423102 6444 110000 SH SOLE 110000 0 TIMBERLAND BANCORP INC COM 887098101 1763 50000 SH SOLE 50000 0 TOLL BROTHERS INC COM 889478103 3772 137750 SH SOLE 137600 150 TRINITY BIOTECH PLC SPON ADR NEW 896438306 6807 749650 SH SOLE 746750 2900 TRIQUINT SEMICONDUCTOR INC COM 89674K103 12759 2551700 SH SOLE 2551700 0 TUESDAY MORNING CORP COM NEW 899035505 9624 648500 SH SOLE 648200 300 TYCO INTL LTD NEW COM 902124106 5728 181550 SH SOLE 179550 2000 UGI CORP NEW COM 902681105 10422 390175 SH SOLE 389225 950 UQM TECHNOLOGIES INC COM 903213106 906 218300 SH SOLE 213300 5000 URS CORP NEW COM 903236107 14749 346301 SH SOLE 340101 6200 UNION PAC CORP COM 907818108 8910 87741 SH SOLE 87406 335 UNIVERSAL CORP VA COM 913456109 15658 255225 SH SOLE 254775 450 UNUM GROUP COM 91529Y106 19729 856660 SH SOLE 855810 850 UROPLASTY INC COM NEW 917277204 3815 1188332 SH SOLE 1188332 0 VISTACARE INC CL A 92839Y109 9385 1078750 SH SOLE 1078750 0 WSB FINANCIAL GROUP INC COM 92933E108 1710 95000 SH SOLE 95000 0 WAL MART STORES INC COM 931142103 11434 243546 SH SOLE 238946 4600 WASHINGTON MUT INC COM 939322103 400 9897 SH SOLE 9897 0 WAUSAU PAPER CORP COM 943315101 8388 584100 SH SOLE 583700 400 WESTELL TECHNOLOGIES INC CL A 957541105 6871 3166300 SH SOLE 3104700 61600 WILLIAMS CLAYTON ENERGY INC COM 969490101 21005 740380 SH SOLE 711380 29000 WIRELESS RONIN TECHNOLOGIES COM 97652A203 6427 723000 SH SOLE 723000 0 WISCONSIN ENERGY CORP COM 976657106 558 11500 SH SOLE 11500 0 WRIGHT MED GROUP INC COM 98235T107 7076 317450 SH SOLE 317450 0 WYETH COM 983024100 7833 156557 SH SOLE 156207 350 ZAREBA SYSTEMS INC COM 989131107 1173 237000 SH SOLE 237000 0 ZIX CORP COM 98974P100 3326 1837500 SH SOLE 1837500 0 ASSURED GUARANTY LTD COM G0585R106 8196 300000 SH SOLE 300000 0 HELEN OF TROY CORP LTD COM G4388N106 4542 200000 SH SOLE 200000 0 LJ INTL INC COM G55312105 254 25000 SH SOLE 25000 0 ORIGIN ARGITECH LIMITED SHS G67828106 24718 2777317 SH SOLE 2613517 163800 SEAGATE TECHNOLOGY SHS G7945J104 7043 302275 SH SOLE 302125 150 MAGAL SECURITY SYS LTD ORD M6786D104 3300 300000 SH SOLE 300000 0 GENCO SHIPPING & TRADING LTD SHS Y2685T107 14724 463300 SH SOLE 463000 300 QUINTANA MARITIME LTD SHS Y7169G109 27065 1965500 SH SOLE 1897900 67600 TOTAL 2880886 TOTAL ENTRIES 353