13F-HR 1 v302562_13f-hr.txt HOLDINGS REPORT 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, 2011 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, 2012 ------------------ -------------------- ----------------- [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: 232 ----------- Form 13F Information Table Value Total: $ 4543381 ----------- (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 FORM 13F INFORMATION TABLE

Adjusted SHARES SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (X $1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------- -------------- --------- ---------- ---------- --- ---- ------- -------- ------ ------ ------- ASSET ACCEP CAP CORP COM 04543P100 16998 4,347,416 SH SOLE 4231716 - 115700 ABB LTD SPONSORED ADR 000375204 18808 998,827 SH SOLE 908722 - 90105 ABBOTT LABS COM 002824100 29655 527,393 SH SOLE 474723 - 52670 ARCH COAL INC COM 039380100 502 34,600 SH SOLE 34600 - 0 ARCHER DANIELS MIDLAND CO COM 039483102 23175 810,323 SH SOLE 736563 - 73760 AEGION CORP COM 00770F104 3068 200,000 SH SOLE 200000 - 0 AGNICO EAGLE MINES LTD COM 008474108 9416 268,905 SH SOLE 238695 - 30210 AGCO CORP COM 001084102 21515 500,689 SH SOLE 451689 - 49000 GALLAGHER ARTHUR J & CO COM 363576109 41791 1,249,720 SH SOLE 1249720 - 0 ANALOGIC CORP COM PAR $0.05 032657207 84933 1,481,735 SH SOLE 1481735 - 0 AMERICAN GREETINGS CORP CL A 026375105 6697 535,360 SH SOLE 480595 - 54765 ANALYSTS INTL CORP COM 032681207 2639 473,000 SH SOLE 473000 - 0 ACCURAY INC COM 004397105 31846 7,528,572 SH SOLE 7246428 - 282144 ASSOCIATED BANC CORP COM 045487105 47576 4,259,310 SH SOLE 4218410 - 40900 ASTEC INDS INC COM 046224101 6442 200,000 SH SOLE 200000 - 0 ATMI INC COM 00207R101 30539 1,524,640 SH SOLE 1382243 - 142397 AURICO GOLD INC COM 05155C105 77808 9,678,499 SH SOLE 9553384 - 125115 AMERICAN VANGUARD CORP COM 030371108 64175 4,810,745 SH SOLE 4810745 - 0 AVNET INC COM 053807103 24929 801,832 SH SOLE 730795 - 71037 AVX CORP NEW COM 002444107 22070 1,729,640 SH SOLE 1729640 - 0 AVERY DENNISON CORP COM 053611109 1255 43,746 SH SOLE 43216 - 530 ALEXCO RESOURCE CORP COM 01535P106 4547 667,700 SH SOLE 586500 - 81200 BARNES GROUP INC COM 067806109 40689 1,687,635 SH SOLE 1687635 - 0 BARRETT BILL CORP COM 06846N104 13628 400,000 SH SOLE 400000 - 0 BLACK BOX CORP DEL COM 091826107 29971 1,068,880 SH SOLE 1068880 - 0 BARRETT BUSINESS SERVICES IN COM 068463108 10978 550,000 SH SOLE 550000 - 0 BB&T CORP COM 054937107 26763 1,063,308 SH SOLE 964243 - 99065 BUNGE LIMITED COM G16962105 22663 396,203 SH SOLE 361119 - 35084 BGC PARTNERS INC CL A 05541T101 23018 3,875,140 SH SOLE 3875140 - 0 BENCHMARK ELECTRS INC COM 08160H101 25895 1,922,449 SH SOLE 1747777 - 174672 BERKSHIRE HILLS BANCORP INC COM 084680107 27116 1,221,995 SH SOLE 1221995 - 0 BIOCLINICA INC COM 09071B100 5344 1,257,303 SH SOLE 1257303 - 0 BIOSCRIP INC COM 09069N108 23948 4,386,076 SH SOLE 4148876 - 237200 ACTUATE CORP COM 00508B102 1465 250,000 SH SOLE 250000 - 0 BLACK HILLS CORP COM 092113109 31944 951,280 SH SOLE 864930 - 86350 BOFI HLDG INC COM 05566U108 3250 200,000 SH SOLE 200000 - 0 LACROSSE FOOTWEAR INC COM 505688101 2209 175,000 SH SOLE 175000 - 0 BP PLC SPONSORED ADR 055622104 967 22,629 SH SOLE 15129 - 7500 BROWN & BROWN INC COM 115236101 23378 1,033,045 SH SOLE 1033045 - 0 BOSTON SCIENTIFIC CORP COM 101137107 22589 4,230,121 SH SOLE 3840711 - 389410 BROWN SHOE INC NEW COM 115736100 8900 1,000,000 SH SOLE 1000000 - 0 CAMBREX CORP COM 132011107 14360 2,000,000 SH SOLE 2000000 - 0 CONCURRENT COMPUTER CORP NEW COM PAR $.01 206710402 1641 432,961 SH SOLE 432961 - 0 COEUR D ALENE MINES CORP IDA COM NEW 192108504 7242 300,000 SH SOLE 300000 - 0 C D I CORP COM 125071100 22176 1,605,770 SH SOLE 1605770 - 0 CHEMED CORP NEW COM 16359R103 44737 873,600 SH SOLE 873600 - 0 CLOUD PEAK ENERGY INC COM 18911Q102 21512 1,113,441 SH SOLE 1007886 - 105555 CASUAL MALE RETAIL GRP INC COM 148711302 2052 600,000 SH SOLE 600000 - 0 CONMED CORP COM 207410101 54681 2,130,160 SH SOLE 2130160 - 0 CAPITAL ONE FINL CORP COM 14040H105 27246 644,269 SH SOLE 587284 - 56985 COVIDIEN PLC SHS G2554F113 25781 572,777 SH SOLE 520337 - 52440 CHINA PHARMA HLDGS INC COM 16941T104 1604 2,435,388 SH SOLE 2301855 - 133533 COMSTOCK RES INC COM NEW 205768203 6120 400,000 SH SOLE 400000 - 0 CENTERSTATE BANKS INC COM 15201P109 11864 1,792,120 SH SOLE 1792120 - 0 COMPUTER TASK GROUP INC COM 205477102 28446 2,020,300 SH SOLE 1949000 - 71300 CTS CORP COM 126501105 22474 2,442,775 SH SOLE 2442775 - 0 CVS CAREMARK CORPORATION COM 126650100 27194 666,836 SH SOLE 605669 - 61167 WILLIAMS CLAYTON ENERGY INC COM 969490101 9485 125,000 SH SOLE 125000 - 0 CORRECTIONS CORP AMER NEW COM 22025Y407 2037 100,000 SH SOLE 100000 - 0 DENNYS CORP COM 24869P104 7520 2,000,000 SH SOLE 2000000 - 0 QUEST DIAGNOSTICS INC COM 74834L100 29856 514,234 SH SOLE 467709 - 46525 DUN & BRADSTREET CORP DEL NE COM 26483E100 2950 39,420 SH SOLE 38915 - 505 DIGIRAD CORP COM 253827109 3528 1,800,000 SH SOLE 1800000 - 0 DYNAMICS RESH CORP COM 268057106 15783 1,391,819 SH SOLE 1326025 - 65794 DUCKWALL-ALCO STORES INC NEW COM 264142100 3176 380,400 SH SOLE 380400 - 0 DEVON ENERGY CORP NEW COM 25179M103 22112 356,647 SH SOLE 322752 - 33895 ENCORE CAP GROUP INC COM 292554102 8504 400,000 SH SOLE 400000 - 0 ELECTRO RENT CORP COM 285218103 19270 1,123,630 SH SOLE 1123630 - 0 EMCOR GROUP INC COM 29084Q100 25492 950,838 SH SOLE 865264 - 85574 ENSIGN GROUP INC COM 29358P101 26696 1,089,626 SH SOLE 1052236 - 37390 ESCO TECHNOLOGIES INC COM 296315104 17992 625,160 SH SOLE 625160 - 0 ENSCO PLC SPONSORED ADR 29358Q109 24746 527,400 SH SOLE 478915 - 48485 EXTREME NETWORKS INC COM 30226D106 14152 4,846,581 SH SOLE 4712281 - 134300 FIRSTCITY FINL CORP COM 33761X107 12428 1,545,800 SH SOLE 1460600 - 85200 FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 16420 1,260,142 SH SOLE 1142362 - 117780 FREDS INC CL A 356108100 58334 4,000,975 SH SOLE 3959075 - 41900 FEDERAL SIGNAL CORP COM 313855108 33767 8,136,650 SH SOLE 8136650 - 0 FOREST OIL CORP COM PAR $0.01 346091705 10943 807,620 SH SOLE 807620 - 0 FOSTER L B CO COM 350060109 2829 100,000 SH SOLE 100000 - 0 FULLER H B CO COM 359694106 6933 300,000 SH SOLE 300000 - 0 GLACIER BANCORP INC NEW COM 37637Q105 22441 1,865,430 SH SOLE 1865430 - 0 GULF ISLAND FABRICATION INC COM 402307102 37445 1,281,925 SH SOLE 1281925 - 0 GATX CORP COM 361448103 56250 1,288,355 SH SOLE 1288355 - 0 GOLDEN STAR RES LTD CDA COM 38119T104 34803 21,093,025 SH SOLE 20450100 - 642925 GRANITE CONSTR INC COM 387328107 33248 1,401,690 SH SOLE 1401690 - 0 HARDINGE INC COM 412324303 3220 400,000 SH SOLE 400000 - 0 HAWAIIAN ELEC INDUSTRIES COM 419870100 26106 985,872 SH SOLE 893545 - 92327 HOLLYFRONTIER CORP COM 436106108 42449 1,814,049 SH SOLE 1814049 - 0 HF FINL CORP COM 404172108 3752 350,000 SH SOLE 350000 - 0 HERITAGE FINL CORP WASH COM 42722X106 3140 250,000 SH SOLE 250000 - 0 HOOPER HOLMES INC COM 439104100 7921 13,201,701 SH SOLE 12461694 - 740007 HUDSON HIGHLAND GROUP INC COM 443792106 17731 3,701,671 SH SOLE 3560471 - 141200 HARTE-HANKS INC COM 416196103 28886 3,177,790 SH SOLE 3177790 - 0 HORACE MANN EDUCATORS CORP N COM 440327104 19958 1,455,695 SH SOLE 1455695 - 0 HILL ROM HLDGS INC COM 431475102 18530 550,000 SH SOLE 550000 - 0 HORIZON TECHNOLOGY FIN CORP COM 44045A102 694 42,513 SH SOLE 29713 - 12800 HEIDRICK & STRUGGLES INTL IN COM 422819102 43064 1,999,264 SH SOLE 1964264 - 35000 HEALTHWAYS INC COM 422245100 5488 800,000 SH SOLE 800000 - 0 HAWTHORN BANCSHARES INC COM 420476103 1448 236,184 SH SOLE 236184 - 0 INTERDIGITAL INC COM 45867G101 17428 400,000 SH SOLE 400000 - 0 SEARCHMEDIA HOLDINGS LTD SHS G8005Y106 780 1,200,000 SH SOLE 1200000 - 0 INDEPENDENT BANK CORP MASS COM 453836108 28084 1,029,100 SH SOLE 1029100 - 0 INTEL CORP COM 458140100 27102 1,117,592 SH SOLE 1015222 - 102370 INTERSECTIONS INC COM 460981301 13858 1,249,562 SH SOLE 1249562 - 0 INLAND REAL ESTATE CORP COM NEW 457461200 24871 3,268,252 SH SOLE 2984937 - 283315 IRIDEX CORP COM 462684101 1870 500,000 SH SOLE 500000 - 0 INVACARE CORP COM 461203101 48518 3,173,185 SH SOLE 3148385 - 24800 JOHNSON CTLS INC COM 478366107 29868 955,482 SH SOLE 868728 - 86754 JANUS CAP GROUP INC COM 47102X105 13115 2,078,400 SH SOLE 2032800 - 45600 KAISER ALUMINUM CORP COM PAR $0.01 483007704 50774 1,106,675 SH SOLE 1106675 - 0 KAYDON CORP COM 486587108 28054 919,800 SH SOLE 919800 - 0 KID BRANDS INC COM 49375T100 2370 750,000 SH SOLE 750000 - 0 KENSEY NASH CORP COM 490057106 1919 100,000 SH SOLE 100000 - 0 KOPIN CORP COM 500600101 6798 1,752,100 SH SOLE 1662200 - 89900 KOHLS CORP COM 500255104 717 14,535 SH SOLE 11485 - 3050 LAKELAND INDS INC COM 511795106 4778 516,500 SH SOLE 516500 - 0 LAYNE CHRISTENSEN CO COM 521050104 4840 200,000 SH SOLE 200000 - 0 LYDALL INC DEL COM 550819106 6643 700,000 SH SOLE 700000 - 0 LEGGETT & PLATT INC COM 524660107 1900 82,481 SH SOLE 81036 - 1445 LHC GROUP INC COM 50187A107 3849 300,000 SH SOLE 300000 - 0 LINCOLN EDL SVCS CORP COM 533535100 11884 1,504,289 SH SOLE 1463789 - 40500 SNYDERS-LANCE INC COM 833551104 17799 791,065 SH SOLE 791065 - 0 GRAND CANYON ED INC COM 38526M106 11970 750,000 SH SOLE 750000 - 0 LANTRONIX INC COM NEW 516548203 2552 1,004,557 SH SOLE 1004557 - 0 MAGNETEK INC COM NEW 559424403 2583 299,999 SH SOLE 299999 - 0 MANPOWERGROUP INC COM 56418H100 10835 303,065 SH SOLE 272855 - 30210 MICREL INC COM 594793101 45044 4,455,371 SH SOLE 4455371 - 0 MEREDITH CORP COM 589433101 30623 937,930 SH SOLE 937930 - 0 MEDTRONIC INC COM 585055106 776 20,300 SH SOLE 20300 - 0 MFRI INC COM 552721102 3997 576,000 SH SOLE 576000 - 0 MEADOWBROOK INS GROUP INC COM 58319P108 2670 250,000 SH SOLE 250000 - 0 MOCON INC COM 607494101 2988 187,436 SH SOLE 187436 - 0 MARATHON PETE CORP COM 56585A102 21406 643,017 SH SOLE 581968 - 61049 MET PRO CORP COM 590876306 704 77,900 SH SOLE 77900 - 0 MARATHON OIL CORP COM 565849106 27754 948,207 SH SOLE 860337 - 87870 MARTEN TRANS LTD COM 573075108 5397 300,000 SH SOLE 300000 - 0 MICROSOFT CORP COM 594918104 1019 39,244 SH SOLE 25729 - 13515 MIDSOUTH BANCORP INC COM 598039105 5204 400,000 SH SOLE 400000 - 0 MATERION CORP COM 576690101 32781 1,350,135 SH SOLE 1350135 - 0 MASTEC INC COM 576323109 18734 1,078,506 SH SOLE 971675 - 106831 NAVIGANT CONSULTING INC COM 63935N107 47931 4,200,800 SH SOLE 4200800 - 0 NCR CORP NEW COM 62886E108 4187 254,365 SH SOLE 254365 - 0 NORTH VALLEY BANCORP COM NEW 66304M204 6067 633,333 SH SOLE 633333 - 0 NATIONAL PENN BANCSHARES INC COM 637138108 13485 1,597,795 SH SOLE 1597795 - 0 NEWPARK RES INC COM PAR $.01NEW 651718504 54445 5,731,101 SH SOLE 5579700 - 151401 NORTHWEST PIPE CO COM 667746101 15236 666,500 SH SOLE 647900 - 18600 OMNICARE INC COM 681904108 113159 3,284,745 SH SOLE 3259745 - 25000 OIL DRI CORP AMER COM 677864100 4048 200,000 SH SOLE 200000 - 0 OLIN CORP COM PAR $1 680665205 60835 3,095,915 SH SOLE 3095915 - 0 OLD NATL BANCORP IND COM 680033107 48824 4,190,910 SH SOLE 4190910 - 0 OVERSEAS SHIPHOLDING GROUP l COM 690368105 18432 1,686,390 SH SOLE 1686390 - 0 PACER INTL INC TENN COM 69373H106 2675 500,000 SH SOLE 500000 - 0 PACIFIC CONTINENTAL CORP COM 69412V108 2213 250,000 SH SOLE 250000 - 0 P C CONNECTION COM 69318J100 1109 100,000 SH SOLE 100000 - 0 PC-TEL INC COM 69325Q105 4583 670,000 SH SOLE 670000 - 0 PIONEER DRILLING CO COM 723655106 9274 958,100 SH SOLE 958100 - 0 PDI INC COM 69329V100 14430 2,237,257 SH SOLE 2157157 - 80100 PERMA-FIX ENVIRONMENTAL SVCS COM 714157104 13585 8,764,700 SH SOLE 8257600 - 507100 PFIZER INC COM 717081103 28378 1,311,351 SH SOLE 1185768 - 125583 PROVIDENT FINL SVCS INC COM 74386T105 23743 1,773,225 SH SOLE 1773225 - 0 PARK ELECTROCHEMICAL CORP COM 700416209 38017 1,483,870 SH SOLE 1483870 - 0 EPLUS INC COM 294268107 11312 400,000 SH SOLE 400000 - 0 PHARMERICA CORP COM 71714F104 29274 1,928,490 SH SOLE 1928490 - 0 PNC FINL SVCS GROUP INC COM 693475105 24765 429,425 SH SOLE 391424 - 38001 PNM RES INC COM 69349H107 31974 1,753,909 SH SOLE 1595494 - 158415 POWELL INDS INC COM 739128106 9384 300,000 SH SOLE 300000 - 0 PAR PHARMACEUTICAL COS INC COM 69888P106 10297 314,610 SH SOLE 307910 - 6700 PATTERSON UTI ENERGY INC COM 703481101 53844 2,694,880 SH SOLE 2694880 - 0 POWER ONE INC NEW COM 73930R102 366 93,545 SH SOLE 93545 - 0 QUANTA SVCS INC COM 74762E102 22737 1,055,551 SH SOLE 953431 - 102120 FREIGHTCAR AMER INC COM 357023100 24984 1,192,540 SH SOLE 1192540 - 0 ROBBINS & MYERS INC COM 770196103 83412 1,718,060 SH SOLE 1718060 - 0 RCM TECHNOLOGIES INC COM NEW 749360400 5698 1,100,000 SH SOLE 1100000 - 0 RICHARDSON ELECTRS LTD COM 763165107 6145 500,000 SH SOLE 500000 - 0 RF MICRODEVICES INC COM 749941100 18714 3,465,464 SH SOLE 3128409 - 337055 RAYMOND JAMES FINANCIAL INC COM 754730109 22537 727,924 SH SOLE 664577 - 63347 RENASANT CORP COM 75970E107 25321 1,688,040 SH SOLE 1688040 - 0 RTI INTL METALS INC COM 74973W107 24742 1,066,003 SH SOLE 961803 - 104200 RTI BIOLOGICS INC COM 74975N105 3330 750,000 SH SOLE 750000 - 0 RUTHS HOSPITALITY GROUP INC COM 783332109 2485 500,000 SH SOLE 500000 - 0 SAIA INC COM 78709Y105 4992 400,000 SH SOLE 400000 - 0 COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 2944 52,900 SH SOLE 52900 - 0 SIMMONS 1ST NATL CORP CL A $1 PAR 828730200 34194 1,257,595 SH SOLE 1257595 - 0 SWIFT ENERGY CO COM 870738101 12466 419,450 SH SOLE 400550 - 18900 SAGA COMMUNICATIONS INC CL A NEW 786598300 4173 111,626 SH SOLE 111626 - 0 STONE ENERGY CORP COM 861642106 56903 2,157,035 SH SOLE 2157035 - 0 SCHULMAN A INC COM 808194104 10590 500,000 SH SOLE 500000 - 0 INVENTURE FOODS INC COM 461212102 7014 1,875,300 SH SOLE 1875300 - 0 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 18247 878,100 SH SOLE 856400 - 21700 STARTEK INC COM 85569C107 2880 1,500,000 SH SOLE 1500000 - 0 STAAR SURGICAL CO COM PAR $0.01 852312305 13113 1,250,000 SH SOLE 1250000 - 0 STERIS CORP COM 859152100 65485 2,196,005 SH SOLE 2196005 - 0 STELLARONE CORP COM 85856G100 18928 1,663,235 SH SOLE 1663235 - 0 STATE AUTO FINL CORP COM 855707105 16201 1,192,120 SH SOLE 1192120 - 0 SCORPIO TANKERS INC SHS Y7542C106 1956 400,000 SH SOLE 400000 - 0 SRI/SURGICAL EXPRESS INC COM 78464W104 2380 560,000 SH SOLE 560000 - 0 SUPREME INDS INC CL A 868607102 3087 1,230,000 SH SOLE 1230000 - 0 SUPERIOR INDS INTL INC COM 868168105 24106 1,457,455 SH SOLE 1457455 - 0 SAFEWAY INC COM NEW 786514208 28029 1,332,198 SH SOLE 1207743 - 124455 SENSIENT TECHNOLOGIES CORP COM 81725T100 43942 1,159,415 SH SOLE 1159415 - 0 SYMETRA FINL CORP COM 87151Q106 2302 253,761 SH SOLE 250046 - 3715 SYNOVIS LIFE TECHNOLOGIES IN COM 87162G105 8349 300,000 SH SOLE 300000 - 0 SYSCO CORP COM 871829107 1829 62,367 SH SOLE 61262 - 1105 AT&T INC COM 00206R102 25363 838,714 SH SOLE 762325 - 76389 MOLSON COORS BREWING CO COM 60871R209 1588 36,477 SH SOLE 35867 - 610 TRICO BANCSHARES COM 896095106 15574 1,095,185 SH SOLE 1095185 - 0 TIDEWATER INC COM 886423102 29595 600,308 SH SOLE 544588 - 55720 TIER TECHNOLOGIES INC CLB B 88650Q100 4142 950,000 SH SOLE 950000 - 0 TE CONNECTIVITY LTD REG SHS H84989104 22575 732,725 SH SOLE 666936 - 65789 TELEFLEX INC COM 879369106 64882 1,058,600 SH SOLE 1058600 - 0 TORCHMARK CORP COM 891027104 760 17,512 SH SOLE 17512 - 0 TRIQUINT SEMICONDUCTOR INC COM 89674K103 2435 500,000 SH SOLE 500000 - 0 TRINITY BIOTECH PLC SPON ADR NEW 896438306 14252 1,400,000 SH SOLE 1400000 - 0 TRC COS INC COM 872625108 14775 2,458,388 SH SOLE 2360031 - 98357 TETRA TECHNOLOGIES INC DEL COM 88162F105 6538 700,000 SH SOLE 700000 - 0 TUESDAY MORNING CORP COM NEW 899035505 1725 500,000 SH SOLE 500000 - 0 UNIVERSAL FST PRODS INC COM 913543104 51435 1,666,189 SH SOLE 1584254 - 81935 ULTRALIFE CORP COM 903899102 2010 500,000 SH SOLE 500000 - 0 UMPQUA HLDGS CORP COM 904214103 45495 3,671,915 SH SOLE 3671915 - 0 UNUM GROUP COM 91529Y106 20362 966,419 SH SOLE 884491 - 81928 UNIT CORP COM 909218109 100963 2,175,925 SH SOLE 2165075 - 10850 URS CORP NEW COM 903236107 21243 604,874 SH SOLE 551329 - 53545 WILLBROS GROUP INC DEL COM 969203108 7340 2,000,000 SH SOLE 2000000 - 0 ENCORE WIRE CORP COM 292562105 33089 1,277,550 SH SOLE 1277550 - 0 WEIS MKTS INC COM 948849104 29055 727,470 SH SOLE 727470 - 0 WMS INDS INC COM 929297109 24682 1,202,840 SH SOLE 1088295 - 114545 WORTHINGTON INDS INC COM 981811102 30931 1,888,340 SH SOLE 1888340 - 0 WESTELL TECHNOLOGIES INC CL A 957541105 10656 4,800,000 SH SOLE 4800000 - 0 ZEP INC COM 98944B108 18853 1,348,540 SH SOLE 1348540 - 0 OLYMPIC STEEL INC COM 68162K106 8162 350,000 SH SOLE 350000 - 0 ZIONS BANCOPORATION COM 989701107 598 36,725 SH SOLE 36725 - 0 ZIMMER HLDGS INC COM 98956P102 23607 441,909 SH SOLE 399689 - 42220 TOTAL 4543381 TOTAL ENTRIES 232