13F-HR 1 v042975_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: March 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 May 15, 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: 343 ----------- Form 13F Information Table Value Total: $ 2447111 ----------- (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 4640 187455 SH SOLE 187300 0 0 AAON INC COM PAR $0.004 000360206 2408 17500 SH SOLE 17500 0 0 AAR CORP COM 000361105 5696 400000 SH SOLE 400000 0 0 AP PHARMA INC COM 00202J104 1951 1432417 SH SOLE 1409917 0 12600 AT&T INC COM 00206R102 6348 199443 SH SOLE 193743 0 100 ACETO CORP COM 004446100 1492 1586200 SH SOLE 1506200 0 80000 ACTUATE CORP COM 00508B102 17901 500000 SH SOLE 500000 0 0 ADTRAN INC COM 00738A106 432 4250100 SH SOLE 4225400 0 9500 AGRIUM INC COM 008916108 6657 12950 SH SOLE 12250 0 0 AIRNET SYS INC COM 009417106 4887 508030 SH SOLE 495135 0 2500 ALASKA AIR GROUP INC COM 011659109 39178 405400 SH SOLE 404100 0 0 ALCOA INC COM 013817101 2019 1400400 SH SOLE 1310400 0 90000 ALLEGHENY ENERGY INC COM 017361106 5665 54388 SH SOLE 50288 0 0 ALLIED DEFENSE GROUP INC COM 019118108 4390 150000 SH SOLE 150000 0 0 ALLSTATE CORP COM 020002101 7085 178800 SH SOLE 170500 0 0 AMEDISYS INC COM 023436108 5588 149000 SH SOLE 149000 0 0 AMERICAN DAIRY INC COM 025334103 295 87000 SH SOLE 53000 0 0 AMERICAN STD COS INC DEL COM 029712106 6761 96357 SH SOLE 92957 0 100 AMERISERV FINL INC COM 03074A102 5759 72082 SH SOLE 72082 0 0 ANADARKO PETE CORP COM 032511107 6016 200000 SH SOLE 200000 0 0 ANALOGIC CORP COM PAR $0.05 032657207 29594 100000 SH SOLE 100000 0 0 ANALYSTS INTL CORP COM 032681108 4464 185649 SH SOLE 185649 0 0 ANDRX CORP DEL ANDRX GROUP 034553107 9807 1141900 SH SOLE 1135800 0 1700 ANGIOTECH PHARMACEUTICALS IN COM 034918102 4723 54189 SH SOLE 52234 0 0 ANSWERTHINK INC COM 036916104 643 582941 SH SOLE 553191 0 26050 APOGEE ENTERPRISES INC COM 037598109 8013 169565 SH SOLE 157600 0 0 APPLIANCE RECYCLING CTRS AME COM NEW 03814F205 2474 412700 SH SOLE 411800 0 500 APPLIED DIGITAL SOLUTIONS COM NEW 038188306 1015 200000 SH SOLE 200000 0 0 APPLIED MATLS INC COM 038222105 369 100000 SH SOLE 100000 0 0 APPLIED SIGNAL TECHNOLOGY IN COM 038237103 12895 5375495 SH SOLE 4687395 0 707600 ASHWORTH INC COM 04516H101 6042 516200 SH SOLE 511200 0 5000 ASSOCIATED BANC CORP COM 045487105 20846 162265 SH SOLE 162165 0 0 ASSURED GUARANTY LTD COM G0585R106 9323 327319 SH SOLE 324419 0 1200 AUTOLIV INC COM 052800109 324 608431 SH SOLE 608431 0 0 AVNET INC COM 053807103 6279 607741 SH SOLE 602841 0 300 BOFI HLDG INC COM 05566U108 1490 527300 SH SOLE 502400 0 24100 B & G FOODS INC NEW UNIT 99/99/9999 05508R205 1826 5575 SH SOLE 5575 0 0 BADGER METER INC COM 056525108 28661 187050 SH SOLE 180750 0 0 BANCTRUST FINANCIAL GP COM 05978R107 1739 450000 SH SOLE 450000 0 0 BARRETT BUSINESS SERVICES IN COM 068463108 12904 534600 SH SOLE 505700 0 25900 BIOSCRIP INC COM 09069N108 17105 25000 SH SOLE 25000 0 0 BIOVAIL CORP COM 09067J109 39342 25000 SH SOLE 25000 0 0 BOB EVANS FARMS INC COM 096761101 4893 602632 SH SOLE 590750 0 11882 BORG WARNER INC COM 099724106 3875 2059292 SH SOLE 1865772 0 128424 BOWNE & CO INC COM 103043105 6493 1206935 SH SOLE 1110535 0 71500 BRIGHAM EXPLORATION CO COM 109178103 473 250000 SH SOLE 250000 0 0 BRISTOW GROUP INC COM 110394103 6180 63450 SH SOLE 63450 0 0 BRUNSWICK CORP COM 117043109 6966 379200 SH SOLE 371800 0 1200 BUCA INC COM 117769109 12831 299500 SH SOLE 291500 0 0 BUTLER INTL INC NEW COM 123649105 628 1032500 SH SOLE 833000 0 130500 CBS CORP NEW CL B 124857202 5970 121450 SH SOLE 117750 0 100 C D I CORP COM 125071100 1766 2340750 SH SOLE 2101550 0 180000 CABOT OIL & GAS CORP COM 127097103 453 100000 SH SOLE 100000 0 0 CALGON CARBON CORP COM 129603106 7010 23350 SH SOLE 19650 0 2100 CALLON PETE CO DEL COM 13123X102 6035 1128300 SH SOLE 1127700 0 0 CAMBREX CORP COM 132011107 4895 287100 SH SOLE 285200 0 1500

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 2416 250450 SH SOLE 250450 0 0 CAPITAL LEASE FDG INC COM 140288101 7763 122000 SH SOLE 122000 0 0 CARACO PHARMACEUTICAL LABS L COM 14075T107 2600 613800 SH SOLE 613800 0 0 CARLISLE COS INC COM 142339100 5109 61714 SH SOLE 59683 0 0 CASUAL MALE RETAIL GRP INC COM 148711104 8279 1000000 SH SOLE 1000000 0 0 CAVALIER HOMES INC COM 149507105 3003 503500 SH SOLE 501700 0 0 CENTRAL PKG CORP COM 154785109 8056 529900 SH SOLE 529900 0 0 CHAMPS ENTMT INC DEL COM 158787101 4918 12550 SH SOLE 9995 0 1222 CHEMTURA CORP COM 163893100 158 202650 SH SOLE 196650 0 200 CHIQUITA BRANDS INTL INC COM 170032809 5296 150000 SH SOLE 150000 0 0 CHITTENDEN CORP COM 170228100 4936 42870 SH SOLE 22870 0 0 CISCO SYS INC COM 17275R102 231 344700 SH SOLE 344700 0 0 CLARK INC COM 181457102 10444 847770 SH SOLE 799170 0 39900 WILLIAMS CLAYTON ENERGY INC COM 969490101 30536 798500 SH SOLE 795000 0 3500 COMFORT SYS USA INC COM 199908104 10592 72400 SH SOLE 72400 0 0 COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 1572 765800 SH SOLE 759800 0 0 COMPUDYNE CORP COM PAR $0.75 204795306 5457 666600 SH SOLE 666600 0 0 CONOCOPHILLIPS COM 20825C104 6375 78175 SH SOLE 75075 0 200 COOPER TIRE & RUBR CO COM 216831107 227 495000 SH SOLE 495000 0 0 CORGI INTERNATIONAL LIMITED SPONSORED ADR 21872Q103 2831 12700 SH SOLE 12700 0 0 COST PLUS INC CALIF COM 221485105 448 1025800 SH SOLE 959600 0 0 CREDENCE SYS CORP COM 225302108 669 82925 SH SOLE 81775 0 0 CRITICARE SYS INC COM 226901106 5048 1109400 SH SOLE 1109400 0 0 CUBIC CORP COM 229669106 8978 214733 SH SOLE 214733 0 0 CURON MED INC COM 231292103 619 350000 SH SOLE 350000 0 0 DIAGNOSTIC PRODS CORP COM 252450101 224 1637993 SH SOLE 1637993 0 0 DIGITAS INC COM 25388K104 2398 76850 SH SOLE 75850 0 0 DISCOVERY LABORATORIES INC N COM 254668106 27227 107004 SH SOLE 102800 0 0 DISCOVERY PARTNERS INTL INC COM 254675101 8098 1000000 SH SOLE 1000000 0 0 DOLLAR THRIFTY AUTOMOTIVE GP COM 256743105 976 247045 SH SOLE 243945 0 2100 DOLLAR TREE STORES INC COM 256747106 1787 3957400 SH SOLE 3754650 0 128000 DUCKWALL-ALCO STORES INC NEW COM 264142100 9444 3554400 SH SOLE 3190600 0 350400 DUCOMMIN INC DEL COM 264147109 2533 202900 SH SOLE 202900 0 0 DYNAMICS RESH CORP COM 268057106 614 63000 SH SOLE 58600 0 0 EMS TECHNOLOGIES INC COM 26873N108 10077 400000 SH SOLE 400000 0 0 EPIQ SYS INC COM 26882D109 5862 453600 SH SOLE 436972 0 16428 EASTERN VA BANKSHARES INC COM 277196101 1559 7461084 SH SOLE 7195078 0 217106 ELKCORP COM 287456107 4031 487600 SH SOLE 471900 0 13700 EMAK WORLDWIDE INC COM 26861V104 4703 308500 SH SOLE 308500 0 0 EMISPHERE TECHNOLOGIES INC COM 291345106 473 11800 SH SOLE 11800 0 0 EMRISE CORP COM 29246J101 950 116975 SH SOLE 116275 0 0 EQUITY INNS INC COM 294703103 1332 553600 SH SOLE 543306 0 10294 EXCELLIGENCE LEARNING CORP COM 300684107 2899 142735 SH SOLE 141735 0 0 EXPONENT INC COM 30214U102 14436 300000 SH SOLE 300000 0 0 EXTREME NETWORKS INC COM 30226D106 8784 119000 SH SOLE 89300 0 29700 F N B CORP VA COM 302930102 780 371700 SH SOLE 371700 0 0 FSI INTL INC COM 302633102 2635 457800 SH SOLE 428000 0 29300 FTI CONSULTING INC COM 302941109 8582 1507400 SH SOLE 1507400 0 0 FEDERAL SIGNAL CORP COM 313855108 19195 129700 SH SOLE 129700 0 0 FIRST CONSULTING GROUP INC COM 31986R103 14802 382800 SH SOLE 382600 0 0 FIRSTCITY FINL CORP COM 33761X107 10957 1039500 SH SOLE 988400 0 49000 FLANDERS CORP COM 338494107 6072 1714500 SH SOLE 1574200 0 59300 FLEXSTEEL INDS INC COM 339382103 745 497300 SH SOLE 497300 0 0 FOREST OIL CORP COM PAR $0.01 346091705 356 173050 SH SOLE 159650 0 5000 FORRESTER RESH INC COM 346563109 9415 100000 SH SOLE 100000 0 0 FRANKLIN BK CORP DEL COM 352451108 3598 54400 SH SOLE 26400 0 28000

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 ----------------------------------------------------------------------------------------------------------------------------- FREESCALE SEMICONDUCTOR INC COM CL A 35687M107 629 63100 SH SOLE 0 0 63100 FUEL-TECH N V COM 359523107 10577 9575 SH SOLE 9075 0 0 FURNITURE BRANDS INTL INC COM 360921100 659 400500 SH SOLE 400500 0 0 GENCO SHIPPING & TRADING LTD SHS Y2685T107 10634 186100 SH SOLE 160700 0 24900 GENITOPE CORP COM 37229P507 31051 16183 SH SOLE 15583 0 44 GENTEX CORP COM 371901109 350 989200 SH SOLE 989200 0 0 GERDAU AMERISTEEL CORP COM 37373P105 5813 1468300 SH SOLE 1398300 0 66500 GLOBAL-TECH APPLIANCES INC ORD G39320109 4215 25700 SH SOLE 24800 0 300 GOODRICH CORP COM 382388106 7311 1986182 SH SOLE 1986182 0 0 GOVERNMENT PPTYS TR INC COM 38374W107 15840 350000 SH SOLE 350000 0 0 GREY WOLF INC COM 397888108 20130 2842010 SH SOLE 2558610 0 196600 GULF ISLAND FABRICATION INC COM 402307102 12323 16521 SH SOLE 15821 0 0 BLOCK H & R INC COM 093671105 6218 1050000 SH SOLE 1050000 0 0 HCA INC COM 404119109 6383 100000 SH SOLE 100000 0 0 HAMPSHIRE GROUP LTD COM 408859106 9516 1181200 SH SOLE 1181200 0 0 HEWLETT PACKARD CO COM 428236103 6013 129685 SH SOLE 125585 0 0 HOOPER HOLMES INC COM 439104100 8975 1666700 SH SOLE 1482300 0 181500 HUDSON HIGHLAND GROUP INC COM 443792106 4735 728000 SH SOLE 728000 0 0 HUNTSMAN CORP COM 447011107 714 473000 SH SOLE 463000 0 0 HUTCHINSON TECHNOLOGY INC COM 448407106 7109 200000 SH SOLE 194800 0 200 IMAGE SENSING SYS INC COM 45244C104 2763 90731 SH SOLE 87531 0 0 IMATION CORP COM 45245A107 7792 500000 SH SOLE 500000 0 0 INDEPENDENT BANK CORP MASS COM 453836108 6052 1500000 SH SOLE 1500000 0 0 INDUSTRIAL DISTR GROUP INC COM 456061100 2121 93500 SH SOLE 93500 0 0 INPUT/OUTPUT INC COM 457652105 25503 27500 SH SOLE 27500 0 0 INSITUFORM TECHNOLOGIES INC CL A 457667103 2660 130950 SH SOLE 130550 0 0 INTER TEL INC COM 458372109 2680 254300 SH SOLE 238300 0 17500 INTERDIGITAL COMMUNICATIONS COM 45866A105 99413 190267 SH SOLE 184917 0 100 INTERSECTIONS INC COM 460981301 20036 2696400 SH SOLE 2696400 0 0 ISOLAGEN INC COM 46488N103 6714 14950 SH SOLE 14150 0 200 HUNT J B TRANS SVCS INC COM 445658107 269 230000 SH SOLE 0 0 0 JACUZZI BRANDS INC COM 469865109 3974 201900 SH SOLE 201900 0 0 SANFILIPPO JOHN B & SON INC COM 800422107 18220 188257 SH SOLE 187936 0 0 K TRON INTL INC COM 482730108 6715 500000 SH SOLE 500000 0 0 K2 INC COM 482732104 3765 3959500 SH SOLE 3734700 0 189500 KEANE INC COM 486665102 4749 100000 SH SOLE 100000 0 0 KERYX BIOPHARMACEUTICALS INC COM 492515101 3363 4019400 SH SOLE 3839000 0 123200 KEYNOTE SYS INC COM 493308100 3742 4463 SH SOLE 4163 0 0 LJ INTL INC ORD G55312105 369 1774890 SH SOLE 1659623 0 107667 LECG CORP COM 523234102 3854 3177200 SH SOLE 3135300 0 75000 L S B BANCORP N C COM 502158108 306 12490 SH SOLE 12490 0 0 LSI INDS INC COM 50216C108 2326 405400 SH SOLE 405400 0 0 LABRANCHE & CO INC COM 505447102 7905 312829 SH SOLE 312829 0 0 LANDRYS RESTAURANTS INC COM 51508L103 519 1162462 SH SOLE 1109500 0 50362 LANTRONIX INC COM 516548104 13338 147637 SH SOLE 117837 0 29800 LASERCARD CORP COM 51807U101 225 500000 SH SOLE 500000 0 0 LATTICE SEMICONDUCTOR CORP COM 518415104 6720 350000 SH SOLE 350000 0 0 LEAPFROG ENTERPRISES INC CL A 52186N106 4248 345600 SH SOLE 343400 0 1100 LESCO INC OHIO COM 526872106 6977 750000 SH SOLE 750000 0 0 LEVITT CORP CL A 52742P108 3615 205500 SH SOLE 205500 0 0 LIONS GATE ENTMNT CORP COM NEW 535919203 12231 17024 SH SOLE 17024 0 0 LUBRIZOL CORP COM 549271104 5519 144000 SH SOLE 114400 0 29400 MEMC ELECTR MATLS INC COM 552715104 7980 500000 SH SOLE 500000 0 0 MFRI INC COM 552721102 6456 5700000 SH SOLE 5700000 0 0 MGIC INVT CORP WIS COM 552848103 5449 160000 SH SOLE 0 0 0 MACE SEC INTL INC COM NEW 554335208 1020 300000 SH SOLE 300000 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 ----------------------------------------------------------------------------------------------------------------------------- MAGAL SECURITY SYS LTD ORD M6786D104 3914 407799 SH SOLE 406599 0 0 MARSHALL & ILSLEY CORP COM 571834100 7332 165000 SH SOLE 165000 0 0 MARTEN TRANS LTD COM 573075108 13206 421600 SH SOLE 420300 0 2100 MASTEC INC COM 576323109 850 198800 SH SOLE 196300 0 2000 MATRIX SVC CO COM 576853105 7575 233250 SH SOLE 231250 0 0 MCDATA CORP CL A 580031201 13866 770200 SH SOLE 770200 0 0 MEADE INSTRUMENTS CORP COM 583062104 1481 74600 SH SOLE 72200 0 100 MEADOWBROOK INS GROUP INC COM 58319P108 7000 354500 SH SOLE 0 0 0 MED-DESIGN CORP COM 583926100 50 300000 SH SOLE 0 0 0 MEDICAL PPTYS TRUST INC COM 58463J304 17522 383000 SH SOLE 383000 0 0 MEDICAL STAFFING NTWK HLDGS COM 58463F104 3199 100000 SH SOLE 100000 0 0 MEDTOX SCIENTIFIC INC COM NEW 584977201 6136 92000 SH SOLE 91600 0 0 MEDWAVE INC COM 585081102 4366 121477 SH SOLE 116655 0 600 MENTOR GRAPHICS CORP COM 587200106 9278 780000 SH SOLE 780000 0 0 MESA AIR GROUP INC COM 590479101 6191 663562 SH SOLE 632662 0 10000 MET PRO CORP COM 590876306 5296 3001300 SH SOLE 3001300 0 0 METASOLV INC COM 59139P104 1963 500000 SH SOLE 0 0 0 METAL MGMT INC COM NEW 591097209 4759 1003500 SH SOLE 1003500 0 0 MIDWEST AIR GROUP INC COM 597911106 9841 99000 SH SOLE 99000 0 0 MOCON INC COM 607494101 1445 1462700 SH SOLE 1393600 0 66000 MODINE MFG CO COM 607828100 3836 27100 SH SOLE 27100 0 0 MONTEREY GOURMET FOODS INC COM 612570101 3397 662600 SH SOLE 628000 0 32500 MOTHERS WK INC COM 619903107 10667 1050000 SH SOLE 1050000 0 0 MOTOROLA INC COM 620076109 7353 789800 SH SOLE 788500 0 700 MULTIMEDIA GAMES INC COM 625453105 15072 810500 SH SOLE 810500 0 0 NATCO GROUP INC CL A 63227W203 18461 400000 SH SOLE 400000 0 0 NCI INC CL A 62886K104 3830 500000 SH SOLE 500000 0 0 NRG ENERGY INC COM NEW 629377508 5508 1561400 SH SOLE 1561400 0 0 NAM TAI ELECTRS INC COM 629865205 6873 160245 SH SOLE 160245 0 0 NATIONAL HOME HEALTH CARE CO COM 636380107 4723 745457 SH SOLE 737757 0 1700 NATROL INC COM 638789107 2625 541975 SH SOLE 541975 0 0 NATURES SUNSHINE PRODUCTS IN COM 639027101 10635 247368 SH SOLE 238568 0 400 NAUTILUS INC COM 63910B102 2990 1993200 SH SOLE 1865000 0 104800 NEWPARK RES INC COM PAR $.01 NEW 651718504 28229 972700 SH SOLE 924400 0 44900 NOBLE INTL LTD COM 655053106 3386 218900 SH SOLE 218900 0 0 NORTEL NETWORKS CORP NEW COM 656568102 2601 201200 SH SOLE 201200 0 0 NORTHERN TECH INTL CORP COM 665809109 443 122200 SH SOLE 118000 0 200 NORTHWEST PIPE CO COM 667746101 7588 370000 SH SOLE 370000 0 0 NOVELL INC COM 670006105 8448 441000 SH SOLE 441000 0 0 NU SKIN ENTERPRISES INC CL A 67018T105 4383 1250000 SH SOLE 1250000 0 0 O I CORP COM 670841105 3489 676600 SH SOLE 629800 0 29400 OSI SYSTEMS INC COM 671044105 2113 3381500 SH SOLE 3233100 0 136700 OAKLEY INC COM 673662102 8510 667900 SH SOLE 644900 0 40000 OIL DRI CORP AMER COM 677864100 12158 150000 SH SOLE 0 0 0 OMNICELL INC COM 68213N109 3611 250000 SH SOLE 250000 0 0 OMNOVA SOLUTIONS INC COM 682129101 4732 1352000 SH SOLE 1352000 0 0 ON ASSIGNMENT INC COM 682159108 5113 200000 SH SOLE 200000 0 0 OPNET TECHNOLOGIES INC COM 683757108 5360 245900 SH SOLE 245900 0 0 OREGON STL MLS INC COM 686079104 9019 200000 SH SOLE 200000 0 0 ORIGIN AGRITECH LIMITED SHS G67828106 858 550000 SH SOLE 550000 0 0 ORTHOLOGIC CORP COM 68750J107 8871 200000 SH SOLE 200000 0 0 ORTHOVITA INC COM 68750U102 4672 613700 SH SOLE 577400 0 36300 OSTEOTECH INC COM 688582105 7061 317000 SH SOLE 317000 0 0 OUTLOOK GROUP CORP COM 690113105 3921 500000 SH SOLE 500000 0 0 GLATFELTER COM 377316104 6596 239989 SH SOLE 239989 0 0 PAB BANKSHARES INC COM 69313P101 1942 500000 SH SOLE 500000 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 ----------------------------------------------------------------------------------------------------------------------------- PDI INC COM 69329V100 22929 214550 SH SOLE 208250 0 0 PMA CAP CORP CL A 693419202 4845 5481324 SH SOLE 5054229 0 281600 PPG INDS INC COM 693506107 5975 1128572 SH SOLE 1128572 0 0 PRAECIS PHARMACEUTICALS INC COM NEW 739421402 314 1623700 SH SOLE 1616000 0 0 PRG-SCHULTZ INTERNATIONAL IN COM 69357C107 2117 300000 SH SOLE 300000 0 0 PACIFIC PREMIER BANCORP COM 69478X105 240 361600 SH SOLE 349600 0 900 PAR PHARMACEUTICAL COS INC COM 69888P106 6346 100000 SH SOLE 100000 0 0 PARAMETRIC TECHNOLOGY CORP COM NEW 699173209 7185 1419563 SH SOLE 1358245 0 46118 PAREXEL INTL CORP COM 699462107 8038 206665 SH SOLE 206665 0 0 PARKERVISION INC COM 701354102 16365 168840 SH SOLE 168840 0 0 PATRICK INDS INC COM 703343103 4757 5466300 SH SOLE 5105000 0 353200 PATTERSON UTI ENERGY INC COM 703481101 1246 10400 SH SOLE 9000 0 0 PERMA-FIX ENVIRONMENTAL SVCS COM 714157104 287 275200 SH SOLE 275200 0 0 PEROT SYS CORP CL A 714265105 7780 1100000 SH SOLE 1100000 0 0 PFIZER INC COM 717081103 7607 304025 SH SOLE 304025 0 0 PHOENIX COS INC NEW COM 71902E109 4890 398625 SH SOLE 362325 0 36300 PHOENIX FOOTWEAR GROUP INC COM 71903M100 4183 121000 SH SOLE 110600 0 0 PLAINS EXPL& PRODTN CO COM 726505100 13930 525000 SH SOLE 525000 0 0 PLATO LEARNING INC COM 72764Y100 14147 70686 SH SOLE 70686 0 0 POORE BROS INC COM 732813100 5851 213050 SH SOLE 207500 0 200 POWELL INDS INC COM 739128106 6852 300000 SH SOLE 300000 0 0 PRESIDENTIAL LIFE CORP COM 740884101 32629 656200 SH SOLE 656200 0 0 PRINCETON REVIEW INC COM 742352107 10647 357900 SH SOLE 347400 0 9700 PROVIDENT FINL SVCS INC COM 74386T105 4978 1499499 SH SOLE 1378799 0 111400 PURECYCLE CORP COM NEW 746228303 7547 2025300 SH SOLE 2019300 0 0 QUAKER CHEM CORP COM 747316107 1794 300966 SH SOLE 300966 0 0 QUANTUM FUEL SYS TECH WORLDW COM 74765E109 2148 1285700 SH SOLE 1242400 0 43300 QUINTANA MARITIME LTD SHS Y7169G109 4457 1380600 SH SOLE 1338600 0 42000 QUOVADX INC COM 74913K106 18824 275000 SH SOLE 275000 0 0 RCM TECHNOLOGIES INC COM NEW 749360400 9968 500000 SH SOLE 500000 0 0 RPM INTL INC COM 749685103 4841 10000 SH SOLE 10000 0 0 RAILAMERICA INC COM 750753105 19004 824200 SH SOLE 814200 0 0 REALNETWORKS INC COM 75605L104 771 28700 SH SOLE 28700 0 0 REGIS CORP MINN COM 758932107 13826 5754700 SH SOLE 5287900 0 220000 RENASANT CORP COM 75970E107 4363 1539800 SH SOLE 1416200 0 118800 RENT A CTR INC NEW COM 76009N100 11927 251500 SH SOLE 243800 0 1500 RIVERVIEW BANCORP INC COM 769397100 830 169500 SH SOLE 168500 0 10000 ROBBINS & MYERS INC COM 770196103 9653 401000 SH SOLE 400600 0 0 RUBY TUESDAY INC COM 781182100 1538 233450 SH SOLE 227150 0 0 RYDER SYS INC COM 783549108 7288 21500 SH SOLE 21500 0 0 SCPIE HLDGS INC COM 78402P104 8808 288200 SH SOLE 283200 0 0 SCS TRANSN INC COM 81111T102 7278 183590 SH SOLE 178190 0 0 SM&A COM 78465D105 1950 140760 SH SOLE 137060 0 0 SRI/SURGICAL EXPRESS INC COM 78464W104 5000 360000 SH SOLE 360000 0 0 SAFENET INC COM 78645R107 6437 250000 SH SOLE 250000 0 0 SCOTTISH RE GROUP LTD ORD G7885T104 5481 855300 SH SOLE 791400 0 63900 SEAGATE TECHNOLOGY SHS G7945J104 6277 12200 SH SOLE 12200 0 0 SEGMENTZ INC COM 815801105 194 12500 SH SOLE 12100 0 0 SENESCO TECHNOLOGIES INC COM NEW 817208408 3032 223500 SH SOLE 220100 0 2600 SENSIENT TECHNOLOGIES CORP COM 81725T100 20390 239950 SH SOLE 234450 0 0 SHOE CARNIVAL INC COM 824889109 13213 100000 SH SOLE 100000 0 0 SIMMONS 1ST NATL CORP CL A $1 PAR 828730200 2235 1438300 SH SOLE 1432800 0 10000 SIMPLETECH INC COM 828823104 482 1136225 SH SOLE 1104324 0 30900 SIRNA THERAPEUTICS INC COM 829669100 50175 629130 SH SOLE 618130 0 11000 SITEL CORP COM 82980K107 24032 75100 SH SOLE 75100 0 0 SKYWORKS SOLUTIONS INC COM 83088M102 13192 8293860 SH SOLE 8293860 0 160020

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 ----------------------------------------------------------------------------------------------------------------------------- SMITH & WOLLENSKY RESTAURANT COM 831758107 3816 6786800 SH SOLE 6124000 0 476200 SMITHFIELD FOODS INC COM 832248108 5743 1266600 SH SOLE 1212200 0 2600 SMITHWAY MTR XPRESS CORP CL A 832653109 1235 665400 SH SOLE 654900 0 0 SMURFIT-STONE CONTAINER CORP COM 832727101 2090 127975 SH SOLE 127375 0 0 SOUTHWEST AIRLS CO COM 844741108 3750 129676 SH SOLE 129676 0 0 SPAR GROUP INC COM 784933103 1596 138300 SH SOLE 128200 0 0 SPECIALTY UNDERWRITERS ALLIA COM 84751T309 1534 400000 SH SOLE 400000 0 0 STAAR SURGICAL CO COM PAR $0.01 852312305 28353 200638 SH SOLE 200638 0 0 STANDARD MTR PRODS INC COM 853666105 2184 1228000 SH SOLE 1228000 0 0 STEPAN CO COM 858586100 2979 853200 SH SOLE 853200 0 0 STERLING FINL CORP WASH COM 859319105 17802 3381354 SH SOLE 3088354 0 205500 STEWART & STEVENSON SVCS INC COM 860342104 303 451100 SH SOLE 451100 0 0 STEWART ENTERPRISES INC CL A 860370105 308 100000 SH SOLE 100000 0 0 STIFEL FINL CORP COM 860630102 9235 575658 SH SOLE 575658 0 0 STRIDE RITE CORP COM 863314100 8781 93000 SH SOLE 93000 0 0 SUMMIT BK CORP GA COM 866013105 1556 613847 SH SOLE 613847 0 0 SUNOPTA INC COM 8676EP108 1750 1203200 SH SOLE 1167400 0 24600 SUNTERRA CORP COM NEW 86787D208 17921 261866 SH SOLE 253133 0 8733 SUNTRUST BKS INC COM 867914103 7150 183216 SH SOLE 183216 0 0 SUPERIOR INDS INTL INC COM 868168105 4855 651300 SH SOLE 651300 0 0 SWIFT ENERGY CO COM 870738101 3753 104100 SH SOLE 104100 0 0 SWIFT TRANSN CO COM 870756103 6519 202200 SH SOLE 202200 0 0 SYCAMORE NETWORKS INC COM 871206108 47 1186500 SH SOLE 1117000 0 62100 TD BANKNORTH INC COM 87235A101 293 66625 SH SOLE 64725 0 100 TODCO CL A 88889T107 7291 253100 SH SOLE 253100 0 0 TARO PHARMACEUTICAL INDS LTD ORD M8737E108 6622 175200 SH SOLE 175200 0 0 TASTY BAKING CO COM 876553306 3479 350000 SH SOLE 350000 0 0 TECHTEAM GLOBAL INC COM 878311109 5810 10000 SH SOLE 10000 0 0 TELETECH HOLDINGS INC COM 879939106 3496 10080 SH SOLE 7780 0 2300 TELEFONOS DE MEXICO S A SPON ADR ORD L 879403780 4813 190000 SH SOLE 190000 0 0 TEXAS UTD BANCSHARES INC COM 882838105 2147 308500 SH SOLE 308500 0 0 GEO GROUP INC COM 36159R103 12899 746400 SH SOLE 740900 0 3000 THIRD WAVE TECHNOLOGIES COM 88428W108 4368 204610 SH SOLE 196710 0 400 TIDEWATER INC COM 886423102 14705 386900 SH SOLE 386900 0 0 TIER TECHNOLOGIES INC CL B 88650Q100 20091 1129700 SH SOLE 1129700 0 0 TIMBERLAND BANCORP INC COM 887098101 633 288197 SH SOLE 282297 0 1000 TRINITY BIOTECH PLC SPON ADR NEW 896438306 5154 1761730 SH SOLE 1659170 0 74171 TRIUMPH GROUP INC NEW COM 896818101 8290 388000 SH SOLE 385900 0 0 TYCO INTL LTD NEW COM 902124106 7994 114450 SH SOLE 113150 0 700 TYSON FOODS INC CL A 902494103 1273 82500 SH SOLE 76400 0 0 URS CORP NEW COM 903236107 17613 463800 SH SOLE 456200 0 7300 UNION PAC CORP COM 907818108 7523 52500 SH SOLE 52500 0 0 UNITED AUTO GROUP INC COM 909440109 5228 80991 SH SOLE 78641 0 200 UNIVERSAL STAINLESS & ALLOY COM 913837100 3213 123575 SH SOLE 120975 0 0 UNUMPROVIDENT CORP COM 91529Y106 14568 125000 SH SOLE 125000 0 0 UROPLASTY INC COM NEW 917277204 1440 775757 SH SOLE 766257 0 300 URSTADT BIDDLE PPTYS INS CL A 917286205 373 555000 SH SOLE 0 0 0 VAIL BANKS INC COM 918779109 1447 20700 SH SOLE 16700 0 4000 VOLT INFORMATION SCIENCES IN COM 928703107 11709 2512800 SH SOLE 2430000 0 82800 W-H ENERGY SVCS INC COM 92925E109 458 300000 SH SOLE 300000 0 0 WCI CMNTYS INC COM 92923C104 6336 347500 SH SOLE 346300 0 0 WAL MART STORES INC COM 931142103 6220 10300 SH SOLE 6300 0 0 WASHINGTON GROUP INTL INC COM NEW 938862208 3906 193235 SH SOLE 188335 0 100 WASHINGTON MUT INC COM 939322103 4990 269475 SH SOLE 264025 0 0 WATCHGUARD TECHNOLOGIES INC COM 941105108 21664 125820 SH SOLE 111520 0 0 WAUSAU PAPER CORP COM 943315101 8161 73715 SH SOLE 71315 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 ----------------------------------------------------------------------------------------------------------------------------- WISCONSIN ENERGY CORP COM 976657106 3354 74872 SH SOLE 74672 0 0 WRIGHT MED GROUP INC COM 98235T107 4938 4258505 SH SOLE 3816305 0 251500 YOUBET COM INC COM 987413101 1382 550000 SH SOLE 550000 0 0 ZAREBA SYSTEMS INC COM 989131107 1541 1000400 SH SOLE 1000400 0 0 ZIX CORP COM 98974P100 2245 200500 SH SOLE 200500 0 0 EPLUS INC COM 294268107 2366 85430 SH SOLE 82880 0 200 ESPEED INC CL A 296643109 3985 228000 SH SOLE 0 0 0 TOTAL 2447111 TOTAL ENTRIES 343