13F-HR 1 v313338_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: March 31, 2012 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, 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: 240 ----------- Form 13F Information Table Value Total: $ 5,041,444 ----------- (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 21608 4558636 SH SOLE 4427636 0 131000 ABB LTD SPONSORED ADR 000375204 19061 933887 SH SOLE 869907 0 63980 ABBOTT LABS COM 002824100 26636 434592 SH SOLE 402477 0 32115 ARCHER DANIELS MIDLAND CO COM 039483102 25241 797239 SH SOLE 745299 0 51940 AEGION CORP COM 00770F104 3566 200000 SH SOLE 200000 0 0 AGNICO EAGLE MINES LTD COM 008474108 9003 270170 SH SOLE 245385 0 24785 AGCO CORP COM 001084102 22577 478224 SH SOLE 443799 0 34425 GALLAGHER ARTHUR J & CO COM 363576109 43782 1249540 SH SOLE 1249540 0 0 ANALOGIC CORP COM PAR $0.05 032657207 103419 1531230 SH SOLE 1531230 0 0 ALCATEL-LUCENT SPONSORED ADR 013904305 550 242500 SH SOLE 242500 0 0 AMERICAN GREETINGS CORP CL A 026375105 587 38237 SH SOLE 24137 0 14100 ANALYSTS INTL CORP CL A 032681207 2559 473000 SH SOLE 473000 0 0 ACCURAY INC COM 004397105 48453 6863086 SH SOLE 6647192 0 215894 ASSOCIATED BANC CORP COM 045487105 54158 3879500 SH SOLE 3879500 0 0 ASTEC INDS INC COM 046224101 7296 200000 SH SOLE 200000 0 0 ATMI INC COM 00207R101 25677 1102005 SH SOLE 1025158 0 76847 AURICO GOLD INC COM 05155C105 95119 10672231 SH SOLE 10308691 0 363540 AMERICAN VANGUARD CORP COM 030371108 88293 4070680 SH SOLE 4070680 0 0 AVNET INC COM 053807103 27887 766337 SH SOLE 716360 0 49977 AVX CORP NEW COM 002444107 24238 1827895 SH SOLE 1827895 0 0 AVERY DENNISON CORP COM 053611109 1322 43870 SH SOLE 43870 0 0 BARNES GROUP INC COM 067806109 45705 1737155 SH SOLE 1737155 0 0 BARRETT BILL CORP COM 06846N104 10404 400000 SH SOLE 400000 0 0 BLACK BOX CORP DEL COM 091826107 27282 1069465 SH SOLE 1069465 0 0 BARRETT BUSINESS SERVICES IN COM 068463108 10907 550000 SH SOLE 550000 0 0 BB&T CORP COM 054937107 30159 960773 SH SOLE 895838 0 64935 BUNGE LIMITED COM G16962105 26801 391598 SH SOLE 366904 0 24694 BGC PARTNERS INC CL A 05541T101 30848 4174250 SH SOLE 4174250 0 0 BENCHMARK ELECTRS INC COM 08160H101 27052 1640536 SH SOLE 1532934 0 107602 BERKSHIRE HILLS BANCORP INC COM 084680107 27997 1221490 SH SOLE 1221490 0 0 BIOCLINICA INC COM 09071B100 6978 1257303 SH SOLE 1257303 0 0 BIOSCRIP INC COM 09069N108 29437 4335351 SH SOLE 4099151 0 236200 ACTUATE CORP COM 00508B102 1570 250000 SH SOLE 250000 0 0 BANK OF NEW YORK MELLON CORP COM 064058100 19422 804880 SH SOLE 750275 0 54605 BLACK HILLS CORP COM 092113109 31277 932815 SH SOLE 871920 0 60895 BOFI HLDG INC COM 05566U108 3559 208370 SH SOLE 208370 0 0 LACROSSE FOOTWEAR INC COM 505688101 2261 175000 SH SOLE 175000 0 0 BP PLC SPONSORED ADR 055622104 985 22204 SH SOLE 14604 0 7600 BROWN & BROWN INC COM 115236101 25821 1085825 SH SOLE 1085825 0 0 BOSTON SCIENTIFIC CORP COM 101137107 25564 4274861 SH SOLE 3999701 0 275160 BROWN SHOE INC NEW COM 115736100 9230 1000000 SH SOLE 1000000 0 0 CAMBREX CORP COM 132011107 15398 2202914 SH SOLE 2180714 0 22200 CONCURRENT COMPUTER CORP NEW COM PAR $.01 206710402 1580 432961 SH SOLE 432961 0 0 COEUR D ALENE MINES CORP IDA COM NEW 192108504 7122 300000 SH SOLE 300000 0 0 C D I CORP COM 125071100 29255 1631610 SH SOLE 1631610 0 0 CHEMED CORP NEW COM 16359R103 28206 467375 SH SOLE 467375 0 0 CLOUD PEAK ENERGY INC COM 18911Q102 17064 1071178 SH SOLE 996413 0 74765 COMMERCIAL METALS CO COM 201723103 26262 1772040 SH SOLE 1772040 0 0 CASUAL MALE RETAIL GRP INC COM NEW 148711302 2016 600000 SH SOLE 600000 0 0 CONMED CORP COM 207410101 65833 2203980 SH SOLE 2203980 0 0 CON-WAY INC COM 205944101 23703 726855 SH SOLE 726855 0 0 CAPITAL ONE FINL CORP COM 14040H105 36105 647739 SH SOLE 607929 0 39810 COVIDIEN PLC SHS G2554F113 30861 564387 SH SOLE 527357 0 37030 CHINA PHARMA HLDGS INC COM 16941T104 275 1210498 SH SOLE 1166316 0 44182 CISCO SYS INC COM 17275R102 12932 611455 SH SOLE 566800 0 44655 CENTERSTATE BANKS INC COM 15201P109 14696 1801035 SH SOLE 1801035 0 0 COMPUTER TASK GROUP INC COM 205477102 29421 1920450 SH SOLE 1870900 0 49550 CTS CORP COM 126501105 25694 2442390 SH SOLE 2442390 0 0 CVS CAREMARK CORPORATION COM 126650100 25887 577827 SH SOLE 539660 0 38167 WILLIAMS CLAYTON ENERGY INC COM 969490101 9930 125000 SH SOLE 125000 0 0 CORRECTIONS CORP AMER NEW COM NEW 22025Y407 2731 100000 SH SOLE 100000 0 0 CYBEROPTICS CORP COM 232517102 966 100000 SH SOLE 100000 0 0 DENNYS CORP COM 24869P104 8080 2000000 SH SOLE 2000000 0 0 QUEST DIAGNOSTICS INC COM 74834L100 30185 493629 SH SOLE 460979 0 32650 DUN & BRADSTREET CORP DEL NE COM 26483E100 3331 39316 SH SOLE 39316 0 0 DIGIRAD CORP COM 253827109 3762 1800000 SH SOLE 1800000 0 0 DYNAMICS RESH CORP COM 268057106 14386 1492319 SH SOLE 1421925 0 70394 DUCKWALL-ALCO STORES INC NEW COM 264142100 3401 380400 SH SOLE 380400 0 0 DEVON ENERGY CORP NEW COM 25179M103 25547 359212 SH SOLE 335132 0 24080 ENCORE CAP GROUP INC COM 292554102 9020 400000 SH SOLE 400000 0 0 ELECTRO RENT CORP COM 285218103 20677 1123125 SH SOLE 1123125 0 0 EMCOR GROUP INC COM 29084Q100 25413 916778 SH SOLE 856309 0 60469 ENDURANCE SPECIALTY HLDGS LT SHS G30397106 2129 52370 SH SOLE 52370 0 0 ENSIGN GROUP INC COM 29358P101 28779 1059601 SH SOLE 1022811 0 36790 ESCO TECHNOLOGIES INC COM 296315104 28620 778355 SH SOLE 778355 0 0 ENSCO PLC SPONSORED ADR 29358Q109 27489 519347 SH SOLE 485102 0 34245 EXTREME NETWORKS INC COM 30226D106 7660 2000000 SH SOLE 2000000 0 0 FIRSTCITY FINL CORP COM 33761X107 13303 1522100 SH SOLE 1438100 0 84000 FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 17854 1221173 SH SOLE 1138723 0 82450 FREDS INC CL A 356108100 58341 3993195 SH SOLE 3943245 0 49950 FEDERAL SIGNAL CORP COM 313855108 45828 8242400 SH SOLE 8242400 0 0 FOREST OIL CORP COM PAR $0.01 346091705 9149 754900 SH SOLE 754900 0 0 FOSTER L B CO COM 350060109 2851 100000 SH SOLE 100000 0 0 GLACIER BANCORP INC NEW COM 37637Q105 27887 1866590 SH SOLE 1866590 0 0 GEOEYE INC COM 37250W108 6018 250000 SH SOLE 250000 0 0 GULF ISLAND FABRICATION INC COM 402307102 37552 1282955 SH SOLE 1282955 0 0 G & K SVCS INC CL A 361268105 11228 328300 SH SOLE 328300 0 0 CORNING INC COM 219350105 12348 877010 SH SOLE 819800 0 57210 GATX CORP COM 361448103 51849 1286575 SH SOLE 1286575 0 0 GOLDEN STAR RES LTD CDA COM 38119T104 41261 22183250 SH SOLE 21403225 0 780025 GRANITE CONSTR INC COM 387328107 40308 1402505 SH SOLE 1402505 0 0 HAWAIIAN HOLDINGS INC COM 419879101 695 132900 SH SOLE 132900 0 0 HARDINGE INC COM 412324303 4730 500000 SH SOLE 500000 0 0 HESS CORP COM 42809H107 22374 379541 SH SOLE 352856 0 26685 HOLLYFRONTIER CORP COM 436106108 56694 1763430 SH SOLE 1763430 0 0 HF FINL CORP COM 404172108 4197 350000 SH SOLE 350000 0 0 HERITAGE FINL CORP WASH COM 42722X106 3400 250000 SH SOLE 250000 0 0 HOOPER HOLMES INC COM 439104100 9021 13074201 SH SOLE 12334194 0 740007 HUDSON HIGHLAND GROUP INC COM 443792106 20071 3730671 SH SOLE 3589471 0 141200 HARTE-HANKS INC COM 416196103 28753 3177110 SH SOLE 3177110 0 0 HORACE MANN EDUCATORS CORP N COM 440327104 25558 1450510 SH SOLE 1450510 0 0 HILL ROM HLDGS INC COM 431475102 15870 475000 SH SOLE 475000 0 0 HARRIS CORP DEL COM 413875105 2029 45005 SH SOLE 45005 0 0 HORIZON TECHNOLOGY FIN CORP COM 44045A102 646 38963 SH SOLE 26163 0 12800 HEIDRICK & STRUGGLES INTL IN COM 422819102 44416 2016144 SH SOLE 1981144 0 35000 HOSPIRA INC COM 441060100 12701 339700 SH SOLE 316080 0 23620 HEALTHWAYS INC COM 422245100 3680 500000 SH SOLE 500000 0 0 HAWTHORN BANCSHARES INC COM 420476103 1774 236184 SH SOLE 236184 0 0 INTERDIGITAL INC COM 45867G101 10458 300000 SH SOLE 300000 0 0 SEARCHMEDIA HOLDINGS LTD SHS G8005Y106 2100 1200000 SH SOLE 1200000 0 0 INTERMEC INC COM 458786100 1647 213100 SH SOLE 213100 0 0 INDEPENDENT BANK CORP MASS COM 453836108 29559 1028860 SH SOLE 1028860 0 0 INTEL CORP COM 458140100 24941 887248 SH SOLE 830029 0 57219 INTERSECTIONS INC COM 460981301 15851 1240312 SH SOLE 1240312 0 0 INLAND REAL ESTATE CORP COM NEW 457461200 28680 3233352 SH SOLE 3034922 0 198430 IRIDEX CORP COM 462684101 2140 500000 SH SOLE 500000 0 0 INVACARE CORP COM 461203101 63865 3854230 SH SOLE 3815855 0 38375 JOHNSON CTLS INC COM 478366107 30196 929692 SH SOLE 868813 0 60879 JANUS CAP GROUP INC COM 47102X105 18596 2087100 SH SOLE 2040000 0 47100 KAISER ALUMINUM CORP COM PAR $0.01 483007704 58218 1231860 SH SOLE 1231860 0 0 KAYDON CORP COM 486587108 28582 1120430 SH SOLE 1120430 0 0 KID BRANDS INC COM 49375T100 2025 750000 SH SOLE 750000 0 0 KENSEY NASH CORP COM 490057106 2122 72513 SH SOLE 72513 0 0 KOPIN CORP COM 500600101 2513 617564 SH SOLE 617564 0 0 KOHS CORP COM 500255104 1022 20418 SH SOLE 13918 0 6500 LAKELAND INDS INC COM 511795106 5268 516500 SH SOLE 516500 0 0 LAYNE CHRISTENSEN CO COM 521050104 8070 362689 SH SOLE 362689 0 0 LYDALL INC DEL COM 550819106 7133 700000 SH SOLE 700000 0 0 LHC GROUP INC COM 50187A107 9265 500000 SH SOLE 500000 0 0 LINCOLN EDL SVCS CORP COM 533535100 13112 1657640 SH SOLE 1592940 0 64700 GRAND CANYON ED INC COM 38526M106 13320 750000 SH SOLE 750000 0 0 LANTRONIX INC COM NEW 516548203 2813 1004557 SH SOLE 1004557 0 0 LEXMARK INTL NEW CL A 529771107 1805 54305 SH SOLE 54305 0 0 MAGNETEK INC COM NEW 559424403 5772 299999 SH SOLE 299999 0 0 MANPOWERGROUP INC COM 56418H100 17627 372105 SH SOLE 346850 0 25255 MANTECH INTL CORP CL A 564563104 2110 61296 SH SOLE 61296 0 0 MICREL INC COM 594793101 46078 4491025 SH SOLE 4491025 0 0 MEREDITH CORP COM 589433101 36963 1138715 SH SOLE 1138715 0 0 MFRI INC COM 552721102 4320 576000 SH SOLE 576000 0 0 MARATHON PETE CORP COM 56585A102 23308 537539 SH SOLE 501310 0 36229 MET PRO CORP COM 590876306 823 77900 SH SOLE 77900 0 0 MARATHON OIL CORP COM 565849106 29373 926582 SH SOLE 864687 0 61895 MARTEN TRANS LTD COM 573075108 6621 300000 SH SOLE 300000 0 0 MICROSOFT CORP COM 594918104 1263 39189 SH SOLE 26024 0 13165 MIDSOUTH BANCORP INC COM 598039105 5927 435810 SH SOLE 435810 0 0 MATERION CORP COM 576690101 43097 1500085 SH SOLE 1500085 0 0 MASTEC INC COM 576323109 19225 1062741 SH SOLE 986785 0 75956 NAVIGANT CONSULTING INC COM 63935N107 58402 4198550 SH SOLE 4198550 0 0 NORTH VALLEY BANCORP COM NEW 66304M204 7790 633333 SH SOLE 633333 0 0 NATIONAL PENN BANCSHARES INC COM 637138108 14354 1621870 SH SOLE 1621870 0 0 NEWPARK RES INC COM PAR $.01NEW 651718504 46650 5696001 SH SOLE 5550175 0 145826 NORTHWEST PIPE CO COM 667746101 14776 695675 SH SOLE 675725 0 19950 OMNICARE INC COM 681904108 115942 3259545 SH SOLE 3240595 0 18950 OIL DRI CORP AMER COM 677864100 4258 200000 SH SOLE 200000 0 0 OLIN CORP COM PAR $1 680665205 67869 3120435 SH SOLE 3120435 0 0 OLD NATL BANCORP IND COM 680033107 55282 4207120 SH SOLE 4207120 0 0 OFFICIAL PMTS HLDGS INC COM 67623R106 4817 950000 SH SOLE 950000 0 0 OVERSEAS SHIPHOLDING GROUP l COM 690368105 17279 1368075 SH SOLE 1368075 0 0 PACER INTL INC TENN COM 69373H106 3160 500000 SH SOLE 500000 0 0 PACIFIC CONTINENTAL CORP COM 69412V108 2355 250000 SH SOLE 250000 0 0 P C CONNECTION COM 69318J100 2466 300000 SH SOLE 300000 0 0 PC-TEL INC COM 69325Q105 4456 670000 SH SOLE 670000 0 0 PIONEER DRILLING CO COM 723655106 8431 958100 SH SOLE 958100 0 0 PDI INC COM 69329V100 16131 2418492 SH SOLE 2314892 0 103600 PERMA-FIX ENVIRONMENTAL SVCS COM 714157104 13873 8725400 SH SOLE 8218300 0 507100 PFIZER INC COM 717081103 28686 1265954 SH SOLE 1174271 0 91683 PROVIDENT FINL SVCS INC COM 74386T105 25763 1773120 SH SOLE 1773120 0 0 PARK ELECTROCHEMICAL CORP COM 700416209 47141 1559400 SH SOLE 1559400 0 0 EPLUS INC COM 294268107 12788 400000 SH SOLE 400000 0 0 PHARMERICA CORP COM 71714F104 32092 2581800 SH SOLE 2581800 0 0 PNC FINL SVCS GROUP INC COM 693475105 26578 412131 SH SOLE 385470 0 26661 POWELL INDS INC COM 739128106 13700 400000 SH SOLE 400000 0 0 PAR PHARMACEUTICAL COS INC COM 69888P106 11619 300000 SH SOLE 300000 0 0 PATTERSON UTI ENERGY INC COM 703481101 53438 3090705 SH SOLE 3090705 0 0 QUANTA SVCS INC COM 74762E102 21486 1028056 SH SOLE 955526 0 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