13F-HR 1 v049510_heartland-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: June 30, 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 August 11, 2006 ------------------ -------------------- --------------- [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: 321 ----------- Form 13F Information Table Value Total: $ 2365832 ----------- (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 ----------------------------------------------------------------------------------------------------------------------------- SCHULMAN A INC COM 808194104 4291 187455 SH SOLE 187455 0 0 AAON INC COM PAR $0.004 000360206 2584 100700 SH SOLE 100700 0 0 AAR CORP COM 000361105 4446 200000 SH SOLE 200000 0 0 ABM INDS INC COM 000957100 7097 415000 SH SOLE 411500 0 3500 AP PHARMA INC COM 00202J104 1427 815700 SH SOLE 815700 0 0 AT&T INC COM 00206R102 6662 238880 SH SOLE 238780 0 100 ACETO CORP COM 004446100 1817 262572 SH SOLE 262572 0 0 ACTUATE CORP COM 00508B102 16831 4166100 SH SOLE 4159200 0 6900 ADTRAN INC COM 00738A106 602 26850 SH SOLE 26850 0 0 AGILE SOFTWARE CORP DEL COM 00846X105 2536 400000 SH SOLE 400000 0 0 AGRIUM INC COM 008916108 9502 408895 SH SOLE 407095 0 1800 AIRNET SYS INC COM 009417106 4137 1400400 SH SOLE 1310400 0 90000 ALAMO GROUP INC COM 011311107 2911 138300 SH SOLE 138300 0 0 ALASKA AIR GROUP INC COM 011659109 42369 1074800 SH SOLE 1036800 0 38000 ALCOA INC COM 013817101 8959 276863 SH SOLE 276863 0 0 ALLEGHENY ENERGY INC COM 017361106 6146 165800 SH SOLE 165800 0 0 ALLIED DEFENSE GROUP INC COM 019118108 4398 200000 SH SOLE 200000 0 0 ALLSTATE CORP COM 020002101 9890 180707 SH SOLE 180606 0 101 AMEDISYS INC COM 023436108 6378 168275 SH SOLE 168275 0 0 AMERICA SVC GROUP INC COM 02364L109 2516 162100 SH SOLE 162100 0 0 AMERICAN STD COS INC DEL COM 029712106 9255 213900 SH SOLE 213700 0 200 AMERISERV FINL INC COM 03074A102 5769 1175000 SH SOLE 1175000 0 0 ANADARKO PETE CORP COM 032511107 7912 165908 SH SOLE 165908 0 0 ANALOGIC CORP COM PAR $0.05 032657207 16246 348544 SH SOLE 326794 0 21750 ANALYSTS INTL CORP COM 032681108 3200 1600000 SH SOLE 1600000 0 0 ANGIOTECH PHARMACEUTICALS IN COM 034918102 226 19200 SH SOLE 19200 0 0 ANSWERTHINK INC COM 036916104 403 100000 SH SOLE 100000 0 0 APOGEE ENTERPRISES INC COM 037598109 6550 445550 SH SOLE 445550 0 0 APPLIANCE RECYCLING CTRS AME COM NEW 03814F205 1472 409000 SH SOLE 409000 0 0 APPLIED DIGITAL SOLUTIONS COM 038188306 567 300000 SH SOLE 300000 0 0 APPLIED MATLS INC COM 038222105 336 20615 SH SOLE 20615 0 0 APPLIED SIGNAL TECHNOLOGY IN COM 038237103 13769 808037 SH SOLE 759737 0 48300 ASHWORTH INC COM 04516H101 5476 608431 SH SOLE 608431 0 0 ASSOCIATED BANC CORP COM 045487105 19993 634100 SH SOLE 633800 0 300 ASSURED GUARANTY LTD COM G0585R106 7611 300000 SH SOLE 300000 0 0 AUTOLIV INC COM 052800109 330 5825 SH SOLE 0 0 5825 AVNET INC COM 053807103 8070 403100 SH SOLE 403100 0 0 AXCELIS TECHNOLOGIES INC COM 054540109 5900 1000000 SH SOLE 1000000 0 0 BOFI HLDG INC COM 05566U108 1598 200000 SH SOLE 200000 0 0 BADGER METER INC COM 056525108 21519 797000 SH SOLE 749400 0 47600 BANCTRUST FINANCIAL GP COM 05978R107 2098 89400 SH SOLE 89400 0 0 BARRETT BUSINESS SERVICES IN COM 068463108 8020 437082 SH SOLE 427600 0 9482 BIOSCRIP INC COM 09069N108 25389 4727923 SH SOLE 4419967 0 307956 BIOVAIL CORP COM 09067J109 23538 1007085 SH SOLE 935585 0 71500 BORG WARNER INC COM 099724106 4218 64785 SH SOLE 64785 0 0 BOWNE & CO INC COM 103043105 5784 404500 SH SOLE 403200 0 1300 BRIGHAM EXPLORATION CO COM 109178103 271 34200 SH SOLE 34200 0 0 BRISTOW GROUP INC COM 110394103 7200 200000 SH SOLE 200000 0 0 BUCA INC COM 117769109 14807 2620750 SH SOLE 2437950 0 182800 BUTLER INTL INC NEW COM 123649105 183 87160 SH SOLE 0 0 87160 CBS CORP NEW CL B 124857202 9422 348325 SH SOLE 345325 0 3000 C D I CORP COM 125071100 2175 75000 SH SOLE 75000 0 0 CABOT OIL & GAS CORP COM 127097103 496 10125 SH SOLE 10125 0 0 CALGON CARBON CORP COM 129603106 6942 1139900 SH SOLE 1139900 0 0 CALLON PETE CO DEL COM 13123X102 6036 312100 SH SOLE 310600 0 1500 CAMBREX CORP COM 132011107 10542 506100 SH SOLE 506100 0 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 ----------------------------------------------------------------------------------------------------------------------------- CAPITAL BK CORP COM 139793103 2581 158800 SH SOLE 158800 0 0 CAPITAL LEASE FDG INC COM 140288101 7987 700000 SH SOLE 700000 0 0 CARACO PHARMACEUTICAL LABS L COM 14075T107 1830 200000 SH SOLE 200000 0 0 CARLISLE COS INC COM 142339100 4953 62458 SH SOLE 62458 0 0 CASUAL MALE RETAIL GRP INC COM 148711104 8337 829569 SH SOLE 829569 0 0 CAVALIER HOMES INC COM 149507105 3180 600000 SH SOLE 600000 0 0 CENTRAL PKG CORP COM 154785109 10827 676700 SH SOLE 653300 0 23400 CHAMPS ENTMT INC DEL COM 158787101 4202 640550 SH SOLE 602050 0 38500 CHEMTURA CORP COM 163893100 101 10772 SH SOLE 10439 0 333 CHITTENDEN CORP COM 170228100 5170 200000 SH SOLE 200000 0 0 CLARK INC COM 181457102 12273 929800 SH SOLE 859900 0 69900 WILLIAMS CLAYTON ENERGY INC COM 969490101 26346 762780 SH SOLE 731780 0 31000 COHU INC COM 192576106 2122 120900 SH SOLE 120900 0 0 COMFORT SYS USA INC COM 199908104 5920 414300 SH SOLE 413500 0 800 COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 1696 72000 SH SOLE 72000 0 0 COMPUDYNE CORP COM PAR $0.75 204795306 5843 915904 SH SOLE 880404 0 35500 CONOCOPHILLIPS COM 20825C104 8745 133455 SH SOLE 133255 0 200 COOPER TIRE & RUBR CO COM 216831107 155 13900 SH SOLE 13900 0 0 CORGI INTERNATIONAL LIMITED SPONSORED ADR 21872Q103 2123 1025800 SH SOLE 959600 0 66200 COST PLUS INC CALIF COM 221485105 427 29150 SH SOLE 29150 0 0 CREDENCE SYS CORP COM 225302108 414 118375 SH SOLE 118375 0 0 CRITICARE SYS INC COM 226901106 4595 1154400 SH SOLE 1154400 0 0 CUBIC CORP COM 229669106 7354 375000 SH SOLE 375000 0 0 DISCOVERY LABORATORIES INC N COM 254668106 2966 1419050 SH SOLE 1407600 0 11450 DOLLAR TREE STORES INC COM 256747106 1709 64480 SH SOLE 64480 0 0 DUCKWALL-ALCO STORES INC NEW COM 264142100 11578 385800 SH SOLE 385800 0 0 DYNAMICS RESH CORP COM 268057106 5742 422798 SH SOLE 422798 0 0 EFJ INC COM 26843B101 3606 600000 SH SOLE 600000 0 0 EMS TECHNOLOGIES INC COM 26873N108 9914 551700 SH SOLE 536400 0 15300 EPIQ SYS INC COM 26882D109 5133 308500 SH SOLE 303500 0 5000 EASTERN VA BANKSHARES INC COM 277196101 2491 112700 SH SOLE 112700 0 0 EDUCATE INC COM 28138P100 2298 300000 SH SOLE 300000 0 0 ELKCORP COM 287456107 6635 238925 SH SOLE 238925 0 0 EMAK WORLDWIDE INC COM 26861V104 2836 586017 SH SOLE 573087 0 12930 EMRISE CORP COM 29246J101 900 873394 SH SOLE 873394 0 0 EQUITY INNS INC COM 294703103 303 18300 SH SOLE 17300 0 1000 EXPONENT INC COM 30214U102 15315 906200 SH SOLE 847600 0 58600 EXPRESS 1 EXPEDITED SOLUTION COM 30217Q108 248 200000 SH SOLE 200000 0 0 EXTREME NETWORKS INC COM 30226D106 7828 1881800 SH SOLE 1868500 0 13300 F N B CORP VA COM 302930102 2598 70220 SH SOLE 70220 0 0 FSI INTL INC COM 302633102 3445 500000 SH SOLE 500000 0 0 FTI CONSULTING INC COM 302941109 8052 300800 SH SOLE 300800 0 0 FEDERAL SIGNAL CORP COM 313855108 19119 1262793 SH SOLE 1212293 0 50500 FIRST CONSULTING GROUP INC COM 31986R103 17574 1988000 SH SOLE 1928700 0 59300 FIRSTCITY FINL CORP COM 33761X107 11712 1120800 SH SOLE 1073300 0 47500 FLANDERS CORP COM 338494107 9197 916950 SH SOLE 904150 0 12800 FLEXSTEEL INDS INC COM 339382103 659 50700 SH SOLE 22700 0 28000 FORRESTER RESH INC COM 346563109 11435 408700 SH SOLE 408700 0 0 FRANKLIN BK CORP DEL COM 352451108 3778 187100 SH SOLE 162200 0 24900 FREESCALE SEMICONDUCTOR INC COM CL A 35687M107 743 25633 SH SOLE 25633 0 0 FUEL-TECH N V COM 359523107 3630 300000 SH SOLE 300000 0 0 GENCO SHIPPING & TRADING LTD SHS Y2685T107 11294 650600 SH SOLE 647800 0 2800 GENITOPE CORP COM 37229P507 15378 2433300 SH SOLE 2309650 0 123650 GENTEX CORP COM 371901109 291 20751 SH SOLE 20751 0 0 GERDAU AMERISTEEL CORP COM 37373P105 6024 600000 SH SOLE 600000 0 0 GLOBAL-TECH APPLIANCES INC ORD G39320109 2982 914600 SH SOLE 914600 0 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 ----------------------------------------------------------------------------------------------------------------------------- GOODRICH CORP COM 382388106 8496 210860 SH SOLE 210860 0 0 GOVERNMENT PPTYS TR INC COM 38374W107 17703 1865400 SH SOLE 1641400 0 224000 GREY WOLF INC COM 397888108 25036 3251450 SH SOLE 3139750 0 111700 GULF ISLAND FABRICATION INC COM 402307102 12492 623355 SH SOLE 623355 0 0 BLOCK H & R INC COM 093671105 7987 334750 SH SOLE 334550 0 200 HCA INC COM 404119109 8312 192631 SH SOLE 192631 0 0 HAMPSHIRE GROUP LTD COM 408859106 7914 465540 SH SOLE 465540 0 0 HEWLETT PACKARD CO COM 428236103 5777 182366 SH SOLE 182266 0 100 HI/FN INC COM 428358105 2525 408500 SH SOLE 407800 0 700 HOOPER HOLMES INC COM 439104100 10683 3502700 SH SOLE 3492700 0 10000 HORACE MANN EDUCATORS CORP N COM 440327104 1695 100000 SH SOLE 100000 0 0 HUDSON HIGHLAND GROUP INC COM 443792106 13488 1250000 SH SOLE 1250000 0 0 HUNTSMAN CORP COM 447011107 1425 82300 SH SOLE 82300 0 0 HUTCHINSON TECHNOLOGY INC COM 448407106 8726 403400 SH SOLE 403400 0 0 IMAGE SENSING SYS INC COM 45244C104 2878 220000 SH SOLE 220000 0 0 IMATION CORP COM 45245A107 5197 126600 SH SOLE 126600 0 0 INDEPENDENT BANK CORP MASS COM 453836108 6113 188257 SH SOLE 188257 0 0 INDUSTRIAL DISTR GROUP INC COM 456061100 2658 301000 SH SOLE 301000 0 0 INPUT/OUTPUT INC COM 457652105 24696 2613300 SH SOLE 2613300 0 0 INSITUFORM TECHNOLOGIES INC CL A 457667103 2289 100000 SH SOLE 100000 0 0 INTER TEL INC COM 458372109 5265 250000 SH SOLE 250000 0 0 INTERDIGITAL COMMUNICATIONS COM 45866A105 131925 3779000 SH SOLE 3669900 0 109100 INTERSECTIONS INC COM 460981301 18198 1677226 SH SOLE 1569559 0 107667 INVENTURE GROUP INC COM 461214108 6484 2251422 SH SOLE 2251422 0 0 ISOLAGEN INC COM 46488N103 3448 872800 SH SOLE 872800 0 0 JACUZZI BRANDS INC COM 469865109 3558 404300 SH SOLE 404300 0 0 SANFILIPPO JOHN B & SON INC COM 800422107 15221 1148762 SH SOLE 1098400 0 50362 K TRON INTL INC COM 482730108 5562 109050 SH SOLE 88150 0 20900 KEANE INC COM 486665102 6269 501500 SH SOLE 501500 0 0 KELLY SVCS INC CL A 488152208 3396 125000 SH SOLE 125000 0 0 LJ INTL INC ORD G55312105 379 100000 SH SOLE 0 0 100000 LECG Corp. COM 523234102 3694 200000 SH SOLE 200000 0 0 L S B BANCORP N C COM 502158108 432 25024 SH SOLE 25024 0 0 LSI INDS INC COM 50216C108 2154 126800 SH SOLE 97400 0 29400 LABRANCHE & CO INC COM 505447102 6055 500000 SH SOLE 500000 0 0 LANDRYS RESTAURANTS INC COM 51508L103 487 15000 SH SOLE 15000 0 0 LANTRONIX INC COM 516548104 12426 5700000 SH SOLE 5700000 0 0 LATTICE SEMICONDUCTOR CORP COM 518415104 6236 1009000 SH SOLE 1009000 0 0 LEAPFROG ENTERPRISES INC CL A 52186N106 4040 400000 SH SOLE 400000 0 0 LESCO INC OHIO COM 526872106 6319 406599 SH SOLE 406599 0 0 LIONS GATE ENTMNT CORP COM NEW 535919203 10601 1239900 SH SOLE 1239900 0 0 LUBRIZOL CORP COM 549271104 5173 129800 SH SOLE 127800 0 2000 MEMC ELECTR MATLS INC COM 552715104 7859 209575 SH SOLE 209575 0 0 MFRI INC COM 552721102 6055 587300 SH SOLE 400000 0 187300 MGIC INVT CORP WIS COM 552848103 7334 112825 SH SOLE 80000 0 32825 MACE SEC INTL INC COM NEW 554335208 714 300000 SH SOLE 300000 0 0 MAGAL SECURITY SYS LTD ORD M6786D104 2824 297000 SH SOLE 297000 0 0 MARSHALL & ILSLEY CORP COM 571834100 10537 230372 SH SOLE 229772 0 600 MARTEN TRANS LTD COM 573075108 15870 730000 SH SOLE 730000 0 0 MATRIX SVC CO COM 576853105 2461 215100 SH SOLE 210100 0 5000 MCDATA CORP CL A 580031201 12640 3098000 SH SOLE 3078700 0 19300 MEADE INSTRUMENTS CORP COM 583062104 1225 500000 SH SOLE 500000 0 0 MEADOWBROOK INS GROUP INC COM 58319P108 8320 1000000 SH SOLE 1000000 0 0 MED-DESIGN CORP COM 583926100 53 113276 SH SOLE 113276 0 0 MEDICAL PPTYS TRUST INC COM 58463J304 17885 1620000 SH SOLE 1512800 0 107200 MEDICAL STAFFING NTWK HLDGS COM 58463F104 5548 1111800 SH SOLE 1059700 0 52100

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 ----------------------------------------------------------------------------------------------------------------------------- MEDTOX SCIENTIFIC INC COM NEW 584977201 6553 704600 SH SOLE 668050 0 36550 MEDWAVE INC COM 585081102 3125 1235200 SH SOLE 1235200 0 0 MENTOR GRAPHICS CORP COM 587200106 11106 855600 SH SOLE 854900 0 700 MESA AIR GROUP INC COM 590479101 5201 528000 SH SOLE 528000 0 0 MET PRO CORP COM 590876306 5004 400000 SH SOLE 400000 0 0 METASOLV INC COM 59139P104 3350 1187800 SH SOLE 1000000 0 187800 METAL MGMT INC COM NEW 591097209 4580 149575 SH SOLE 149575 0 0 MIDWEST AIR GROUP INC COM 597911106 7530 1491000 SH SOLE 1491000 0 0 MOCON INC COM 607494101 1521 160245 SH SOLE 160245 0 0 MODINE MFG CO COM 607828100 3108 133050 SH SOLE 133050 0 0 MODTECH HLDGS INC COM 60783C100 1702 251385 SH SOLE 251385 0 0 MONTEREY GOURMET FOODS INC COM 612570101 3626 615629 SH SOLE 613929 0 1700 MOTHERS WK INC COM 619903107 8854 252608 SH SOLE 252608 0 0 MOTOROLA INC COM 620076109 9545 473718 SH SOLE 473317 0 401 NATCO GROUP INC CL A 63227W203 8173 203300 SH SOLE 203000 0 300 NAM TAI ELECTRS INC COM PAR $0.02 629865205 6711 300000 SH SOLE 300000 0 0 NATIONAL HOME HEALTH CARE CO COM 636380107 4300 441000 SH SOLE 441000 0 0 NATROL INC COM 638789107 2341 1238568 SH SOLE 1238568 0 0 NATURES SUNSHINE PRODUCTS IN COM 639027101 13820 1481250 SH SOLE 1351850 0 129400 NAUTILUS INC COM 63910B102 9462 602300 SH SOLE 579300 0 23000 NEWPARK RES INC COM PAR $.01NEW 651718504 38262 6221400 SH SOLE 5909400 0 312000 NOBLE INTL LTD COM 655053106 2864 200000 SH SOLE 200000 0 0 NORTEL NETWORKS CORP NEW COM 656568102 2712 1210700 SH SOLE 1163700 0 47000 NORTHWEST PIPE CO COM 667746101 6325 250000 SH SOLE 250000 0 0 NOVELL INC COM 670006105 7293 1100000 SH SOLE 1100000 0 0 NU SKIN ENTERPRISES INC CL A 67018T105 4455 300000 SH SOLE 300000 0 0 O I CORP COM 670841105 2963 245900 SH SOLE 245900 0 0 OAKLEY INC COM 673662102 8425 500000 SH SOLE 500000 0 0 OIL DRI CORP AMER COM 677864100 11901 604100 SH SOLE 567800 0 36300 OMNOVA SOLUTIONS INC COM 682129101 5514 970700 SH SOLE 970700 0 0 ON ASSIGNMENT INC COM 682159108 3470 377600 SH SOLE 377600 0 0 OPNET TECHNOLOGIES INC COM 683757108 4010 309450 SH SOLE 309450 0 0 OREGON STL MLS INC COM 686079104 8453 166850 SH SOLE 166850 0 0 ORTHOLOGIC CORP COM 68750J107 6388 3943429 SH SOLE 3710929 0 232500 ORTHOVITA INC COM 68750U102 5206 1233621 SH SOLE 1231721 0 1900 OSTEOTECH INC COM 688582105 6660 1648400 SH SOLE 1648400 0 0 OUTLOOK GROUP CORP COM 690113105 3999 300000 SH SOLE 300000 0 0 GLATFELTER COM 377316104 7942 500450 SH SOLE 499550 0 900 PAB BANKSHARES INC COM 69313P101 1896 102500 SH SOLE 102500 0 0 PDI INC COM 69329V100 27546 1914248 SH SOLE 1804448 0 109800 PMA CAP CORP CL A 693419202 5308 515300 SH SOLE 512700 0 2600 PPG INDS INC COM 693506107 8295 125675 SH SOLE 125575 0 100 PACIFIC PREMIER BANCORP COM 69478X105 1058 91700 SH SOLE 91700 0 0 PAR PHARMACEUTICAL COS INC COM 69888P106 4619 250200 SH SOLE 250200 0 0 PARAMETRIC TECHNOLOGY CORP COM NEW 699173209 6135 482700 SH SOLE 482700 0 0 PAREXEL INTL CORP COM 699462107 5886 204025 SH SOLE 204025 0 0 PARKERVISION INC COM 701354102 12616 1386356 SH SOLE 1386356 0 0 PATRICK INDS INC COM 703343103 4425 400725 SH SOLE 364425 0 36300 PATTERSON UTI ENERGY INC COM 703481101 1110 39225 SH SOLE 39225 0 0 PEOPLES BANCTRUST INC COM 709796106 232 10300 SH SOLE 10300 0 0 PERMA-FIX ENVIRONMENTAL SVCS COM 714157104 3509 1647200 SH SOLE 1647200 0 0 PEROT SYS CORP CL A 714265105 7240 500000 SH SOLE 500000 0 0 PFIZER INC COM 717081103 9754 415575 SH SOLE 411575 0 4000 PHOENIX FOOTWEAR GROUP INC COM 71903M100 4700 787200 SH SOLE 787200 0 0 PLAINS EXPL& PRODTN CO COM 726505100 14854 366400 SH SOLE 357100 0 9300 PLATO LEARNING INC COM 72764Y100 9357 1504300 SH SOLE 1392900 0 111400

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 ----------------------------------------------------------------------------------------------------------------------------- POWELL INDS INC COM 739128106 7504 313600 SH SOLE 313600 0 0 PRESIDENTIAL LIFE CORP COM 740884101 31453 1279600 SH SOLE 1236300 0 43300 PRINCETON REVIEW INC COM 742352107 9545 1794172 SH SOLE 1751172 0 43000 PURECYCLE CORP COM NEW 746228303 5736 535600 SH SOLE 535600 0 0 QUAKER CHEM CORP COM 747316107 2068 110600 SH SOLE 110600 0 0 QUEST RESOURCE CORP COM NEW 748349305 2715 200380 SH SOLE 200380 0 0 QUINTANA MARITIME LTD SHS Y7169G109 4863 593037 SH SOLE 593037 0 0 QUOVADX INC COM 74913K106 15128 5863400 SH SOLE 5613400 0 250000 RCM TECHNOLOGIES INC COM NEW 749360400 7671 1528000 SH SOLE 1409200 0 118800 RPM INTL INC COM 749685103 5600 311100 SH SOLE 309600 0 1500 RAILAMERICA INC COM 750753105 23334 2230800 SH SOLE 2147400 0 83400 REALNETWORKS INC COM 75605L104 259 24200 SH SOLE 24200 0 0 REGIS CORP MINN COM 758932107 14272 400800 SH SOLE 400800 0 0 RENASANT CORP COM 75970E107 4765 118100 SH SOLE 117600 0 500 RENT A CTR INC NEW COM 76009N100 13827 556175 SH SOLE 556175 0 0 RIVERVIEW BANCORP INC COM 769397100 2290 87400 SH SOLE 87400 0 0 ROBBINS & MYERS INC COM 770196103 13172 503900 SH SOLE 502900 0 1000 ROSETTA RESOURCES INC COM 777779307 6648 400000 SH SOLE 400000 0 0 RUBY TUESDAY INC COM 781182100 1023 41900 SH SOLE 41900 0 0 RYDER SYS INC COM 783549108 9352 160050 SH SOLE 160050 0 0 SCPIE HLDGS INC COM 78402P104 8358 359500 SH SOLE 359500 0 0 SCS TRANSN INC COM 81111T102 6883 250000 SH SOLE 250000 0 0 SM&A COM 78465D105 3660 600000 SH SOLE 600000 0 0 SRI/SURGICAL EXPRESS INC COM 78464W104 5149 852100 SH SOLE 788200 0 63900 SAFENET INC COM 78645R107 6638 374600 SH SOLE 374400 0 200 SEAGATE TECHNOLOGY SHS G7945J104 7912 349475 SH SOLE 349475 0 0 SENESCO TECHNOLOGIES INC COM NEW 817208408 2644 1391600 SH SOLE 1300000 0 91600 SENSIENT TECHNOLOGIES CORP COM 81725T100 21178 1012807 SH SOLE 1012807 0 0 SHOE CARNIVAL INC COM 824889109 11674 489252 SH SOLE 478252 0 11000 SIMMONS 1ST NATL CORP CL A $1PAR 828730200 2179 75100 SH SOLE 75100 0 0 SIMPLETECH INC COM 828823104 2227 593908 SH SOLE 593908 0 0 SIRNA THERAPEUTICS INC COM 829669100 41856 7343153 SH SOLE 7073733 0 269420 SITEL CORP COM 82980K107 16952 4324400 SH SOLE 4134400 0 190000 SKYWORKS COLUTIONS INC COM 83088M102 11204 2033350 SH SOLE 2027650 0 5700 SMITH & WOLLENSKY RESTAURANT COM 831758107 2986 657700 SH SOLE 657700 0 0 SMITHFIELD FOODS INC COM 832248108 9538 330825 SH SOLE 330825 0 0 SMITHWAY MTR XPRESS CORP CL A 832653109 1321 129676 SH SOLE 129676 0 0 SMURFIT-STONE CONTAINER CORP COM 832727101 1796 164200 SH SOLE 164200 0 0 SOUTHERN CMNTY FINL CORP COM 842632101 970 100000 SH SOLE 100000 0 0 SOUTHWEST AIRLS CO COM 844741108 5517 337038 SH SOLE 337038 0 0 SPAR GROUP INC COM 784933103 1154 1228000 SH SOLE 1228000 0 0 SPECIALTY UNDERWRITERS ALLIA COM 84751T309 4059 607600 SH SOLE 598600 0 9000 STAAR SURGICAL CO COM PAR $0.01 852312305 24212 3128150 SH SOLE 2952850 0 175300 STANDARD MTR PRODS INC COM 853666105 983 117900 SH SOLE 117900 0 0 STEPAN CO COM 858586100 3442 109000 SH SOLE 107600 0 1400 STERIS CORP COM 859152100 5182 226700 SH SOLE 226700 0 0 STERLING FINL CORP WASH COM 859319105 18728 613847 SH SOLE 613847 0 0 STEWART ENTERPRISES INC CL A 860370105 10083 1753600 SH SOLE 1753600 0 0 STIFEL FINL CORP COM 860630102 7467 211466 SH SOLE 202933 0 8533 STRATAGENE CORP COM 86269H107 617 100000 SH SOLE 100000 0 0 STRATTEC SEC CORP COM 863111100 4299 86300 SH SOLE 86300 0 0 STRIDE RITE CORP COM 863314100 7153 542300 SH SOLE 542300 0 0 SUMMIT BK CORP GA COM 866013105 1608 102700 SH SOLE 102700 0 0 SUNTRUST BKS INC COM 867914103 10577 138700 SH SOLE 138600 0 100 SWIFT ENERGY CO COM 870738101 4302 100200 SH SOLE 100200 0 0 SYCAMORE NETWORKS INC COM 871206108 41 10000 SH SOLE 10000 0 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 ----------------------------------------------------------------------------------------------------------------------------- TODCO CL A 88889T107 6945 170000 SH SOLE 170000 0 0 TARO PHARMACEUTICAL INDS LTD ORD M8737E108 3979 375000 SH SOLE 375000 0 0 TASTY BAKING CO COM 876553306 4088 434877 SH SOLE 434877 0 0 TECHTEAM GLOBAL INC COM 878311109 4765 520800 SH SOLE 520800 0 0 TELEFONOS DE MEXICO S A SPONSORED ADR 879403780 5674 272400 SH SOLE 272000 0 400 TENNESSEE COMMERCE BANCORP I COM 88043P108 1800 100000 SH SOLE 100000 0 0 TEXAS UTD BANCSHARES INC COM 882838105 1464 52000 SH SOLE 52000 0 0 ANDERSONS INC COM 034164103 666 16000 SH SOLE 16000 0 0 GEO GROUP INC COM 36159R103 13217 377100 SH SOLE 377100 0 0 THIRD WAVE TECHNOLOGIES COM 88428W108 4625 1551900 SH SOLE 1551900 0 0 TIDEWATER INC COM 886423102 11702 237847 SH SOLE 237447 0 400 TIER TECHNOLOGIES INC CL B 88650Q100 18167 2883730 SH SOLE 2745280 0 138450 TIMBERLAND BANCORP INC COM 887098101 1619 51850 SH SOLE 51850 0 0 TRINITY BIOTECH PLC SPONSORED ADR 896438306 5596 741150 SH SOLE 738350 0 2800 TRIUMPH GROUP INC NEW COM 896818101 5624 117175 SH SOLE 116775 0 400 TYCO INTL LTD NEW COM 902124106 10933 397550 SH SOLE 394350 0 3200 TYSON FOODS INC CL A 902494103 842 56650 SH SOLE 56650 0 0 UGI CORP NEW COM 902681105 9076 368625 SH SOLE 368025 0 600 URS CORP NEW COM 903236107 14746 351101 SH SOLE 344001 0 7100 UNION PAC CORP COM 907818108 9365 100741 SH SOLE 100541 0 200 UNITED AUTO GROUP INC COM 909440109 3863 180950 SH SOLE 180950 0 0 UNIVERSAL VA COM 913456109 8605 231200 SH SOLE 231000 0 200 UNUMPROVIDENT CORP COM 91529Y106 15873 875500 SH SOLE 875200 0 300 UROPLASTY INC COM NEW 917277204 1110 600000 SH SOLE 600000 0 0 VAIL BANKS INC COM 918779109 1733 103900 SH SOLE 103100 0 800 WCI CMNTYS INC COM 92923C104 4934 244985 SH SOLE 244885 0 100 WPS RESOURCES CORP COM 92931B106 9041 182275 SH SOLE 182075 0 200 WAL MART STORES INC COM 931142103 10422 216366 SH SOLE 213666 0 2700 WASHINGTON GROUP INTL INC COM NEW 938862208 2921 54765 SH SOLE 54765 0 0 WASHINGTON MUT INC COM 939322103 5378 117997 SH SOLE 117997 0 0 WATCHGUARD TECHNOLOGIES INC COM 941105108 15689 3854785 SH SOLE 3611885 0 242900 WAUSAU PAPER CORP COM 943315101 7581 608900 SH SOLE 606500 0 2400 WHITNEY HLDG CORP COM 96662110P 4233 600000 SH SOLE 600000 0 0 WHITTIER ENERGY CORP COM NEW 966785305 843 100000 SH SOLE 100000 0 0 WISCONSIN ENERGY CORP COM 976657106 1239 30755 SH SOLE 30755 0 0 WRIGHT MED GROUP INC COM 98235T107 6506 310825 SH SOLE 310825 0 0 ZAREBA SYSTEMS INC COM 989131107 1240 228000 SH SOLE 228000 0 0 ZIX CORP COM 98974P100 1544 1837500 SH SOLE 1837500 0 0 EPLUS INC COM 294268107 2676 236200 SH SOLE 236200 0 0 ESPEED INC CL A 296643109 6023 723000 SH SOLE 723000 0 0 ISHARES TR RUSL 2000 GROW 464287648 2573 35000 SH SOLE 35000 0 0 TOTAL 2365832 TOTAL ENTRIES 321