# EDGAR Filing Document

**Accession Number:** 0000937394
**File Stem:** 0000892712-23-000019
**Filing Date:** 2023-2
**Character Count:** 22052
**Document Hash:** 32c5221d28de2d7ad6c003e7cacecc9a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000892712-23-000019.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0000892712-23-000019

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**EFFECTIVENESS DATE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HEARTLAND ADVISORS INC
- **CENTRAL INDEX KEY:** 0000937394
- **IRS NUMBER:** 391078128
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-04131
- **FILM NUMBER:** 23597414

**BUSINESS ADDRESS:**
- **STREET 1:** 790 N WATER STREET
- **STREET 2:** SUITE 1200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-347-7777

**MAIL ADDRESS:**
- **STREET 1:** 790 N WATER STREET
- **STREET 2:** SUITE 1200
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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<br>**Address:** 790 N WATER STREET<br>SUITE 1200<br>MILWAUKEE, WI 53202

**Form 13F File Number:** 028-04131

**CRD Number (if applicable):** 000029433

**SEC File Number (if applicable):** 801-19074

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:** Vinita K. Paul<br>**Title:** Vice President General Counsel  Secretary<br>**Phone:** 414-347-7777

**Signature, Place, and Date of Signing:**

/s/ Vinita K. Paul  Milwaukee, WI  02-08-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[x] **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:** 182

**Form 13F Information Table Value Total:** $1578540888

      (round to nearest dollar)

**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.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

|   No. | Name                         | Form 13F File Number   | CRD Number   | SEC File Number   |
|---:|:---|:---|:---|:---|
|     1 | Bank of New York Mellon Corp | 028-12592              |  |  |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ACCURAY INC | COM | 004397105 |  | 5386975 | 2577500 | SH |  | DFND |  | 2375000 | 0 | 202500 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 |  | 3625255 | 47358 | SH |  | DFND |  | 47358 | 0 | 0 |
| ADVANCE AUTO PARTS INC | COM | 00751Y106 |  | 4001568 | 27216 | SH |  | DFND |  | 27216 | 0 | 0 |
| ADVANCED ENERGY INDS | COM | 007973100 |  | 9838966 | 114700 | SH |  | DFND |  | 109425 | 0 | 5275 |
| AEROJET ROCKETDYNE HLDGS INC | COM | 007800105 |  | 11773265 | 210500 | SH |  | DFND |  | 206875 | 0 | 3625 |
| ALLETE INC | COM NEW | 018522300 |  | 17296744 | 268125 | SH |  | DFND |  | 261975 | 0 | 6150 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 |  | 5258531 | 126407 | SH |  | DFND |  | 126407 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2884680 | 32695 | SH |  | DFND |  | 32695 | 0 | 0 |
| ALPINE INCOME PPTY TR INC | COM | 02083X103 |  | 5724000 | 300000 | SH |  | DFND |  | 300000 | 0 | 0 |
| AMERICAN VANGUARD CORP | COM | 030371108 |  | 15519480 | 714854 | SH |  | DFND |  | 714854 | 0 | 0 |
| AMERICOLD REALTY TRUST INC | COM | 03064D108 |  | 29245306 | 1033038 | SH |  | DFND |  | 1018038 | 0 | 15000 |
| AMERISOURCBERGEN CORP | COM | 03073E105 |  | 6070786 | 36635 | SH |  | DFND |  | 36635 | 0 | 0 |
| AMTECH SYS INC | COM PAR $0.01N | 032332504 |  | 2333200 | 307000 | SH |  | DFND |  | 307000 | 0 | 0 |
| ANGIODYNAMICS INC | COM | 03475V101 |  | 8423412 | 611722 | SH |  | DFND |  | 611722 | 0 | 0 |
| ASSOCIATED BANC CORP | COM | 045487105 |  | 6927000 | 300000 | SH |  | DFND |  | 300000 | 0 | 0 |
| ASTEC INDS INC | COM | 046224101 |  | 10382206 | 255342 | SH |  | DFND |  | 255342 | 0 | 0 |
| ATN INTL INC | COM | 00215F107 |  | 10419669 | 229964 | SH |  | DFND |  | 229964 | 0 | 0 |
| AUDIOCODES LTD | ORD | M15342104 |  | 6297280 | 352000 | SH |  | DFND |  | 329600 | 0 | 22400 |
| AVANOS MED INC | COM | 05350V106 |  | 11727155 | 433376 | SH |  | DFND |  | 433376 | 0 | 0 |
| B. RILEY FINANCIAL INC | COM | 05580M108 |  | 4717069 | 137926 | SH |  | DFND |  | 137926 | 0 | 0 |
| BANCORP INC DEL | COM | 05969A105 |  | 4257000 | 150000 | SH |  | DFND |  | 150000 | 0 | 0 |
| BARRETT BUSINESS SVCS INC | COM | 068463108 |  | 13059200 | 140000 | SH |  | DFND |  | 140000 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 3611060 | 14200 | SH |  | DFND |  | 14200 | 0 | 0 |
| BERKSHIRE HATHAWY INC DEL | CL B NEW | 084670702 |  | 3721627 | 12048 | SH |  | DFND |  | 12048 | 0 | 0 |
| BERRY CORP | COM | 08579X101 |  | 9060800 | 1132600 | SH |  | DFND |  | 1087700 | 0 | 44900 |
| BOSTON BEER INC | CL A | 100557107 |  | 1440332 | 4371 | SH |  | DFND |  | 4371 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 16373623 | 281915 | SH |  | DFND |  | 281915 | 0 | 0 |
| CABLE ONE INC | COM | 12685J105 |  | 4873394 | 6846 | SH |  | DFND |  | 6846 | 0 | 0 |
| CAL MAINE FOODS INC | COM NEW | 128030202 |  | 4425859 | 81283 | SH |  | DFND |  | 81283 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 1894591 | 15937 | SH |  | DFND |  | 15937 | 0 | 0 |
| CANTALOUPE INC | COM | 138103106 |  | 3480000 | 800000 | SH |  | DFND |  | 800000 | 0 | 0 |
| CAPITAL CITY BK GROUP INC | COM | 139674105 |  | 18067075 | 555910 | SH |  | DFND |  | 536760 | 0 | 19150 |
| CARMAX INC | COM | 143130102 |  | 9956246 | 163512 | SH |  | DFND |  | 163512 | 0 | 0 |
| CARRIAGE SVCS INC | COM | 143905107 |  | 6376887 | 231550 | SH |  | DFND |  | 227650 | 0 | 3900 |
| CARTERS INC | COM | 146229109 |  | 22673457 | 303893 | SH |  | DFND |  | 303893 | 0 | 0 |
| CASS INFORMATION SYS INC | COM | 14808P109 |  | 15301681 | 333952 | SH |  | DFND |  | 333952 | 0 | 0 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 6310388 | 50294 | SH |  | DFND |  | 50294 | 0 | 0 |
| CECO ENVIRONMENTAL CORP | COM | 125141101 |  | 9344000 | 800000 | SH |  | DFND |  | 800000 | 0 | 0 |
| CENTENE CORP DEL | COM | 15135B101 |  | 5790234 | 70604 | SH |  | DFND |  | 70604 | 0 | 0 |
| CENTERRA GOLD INC | COM | 152006102 |  | 10455312 | 2018400 | SH |  | DFND |  | 1912000 | 0 | 106400 |
| CENTURY CMNTYS INC | COM | 156504300 |  | 16817963 | 336292 | SH |  | DFND |  | 327192 | 0 | 9100 |
| CHAMPIONX CORPORATION | COM | 15872M104 |  | 17763622 | 612750 | SH |  | DFND |  | 612750 | 0 | 0 |
| CHASE CORP | COM | 16150R104 |  | 2327467 | 26982 | SH |  | DFND |  | 26982 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 1916510 | 40229 | SH |  | DFND |  | 40229 | 0 | 0 |
| COMMUNITY TR BANCORP INC | COM | 204149108 |  | 1890249 | 41155 | SH |  | DFND |  | 41155 | 0 | 0 |
| COMPUTER PROGRAMS  SYS INC | COM | 205306103 |  | 4083000 | 150000 | SH |  | DFND |  | 150000 | 0 | 0 |
| COMSTOCK RES INC | COM | 205768302 |  | 5940214 | 433276 | SH |  | DFND |  | 433276 | 0 | 0 |
| CONAGRA BRANDS INC | COM | 205887102 |  | 10604690 | 274023 | SH |  | DFND |  | 274023 | 0 | 0 |
| CONSOLIDATED WATER CO INC | ORD | G23773107 |  | 6660000 | 450000 | SH |  | DFND |  | 450000 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 15279860 | 177240 | SH |  | DFND |  | 177240 | 0 | 0 |
| CORE MOLDING TECHNOLGIES INC | COM | 218683100 |  | 5260950 | 405000 | SH |  | DFND |  | 405000 | 0 | 0 |
| CORECIVIC INC | COM | 21871N101 |  | 6782437 | 586716 | SH |  | DFND |  | 586716 | 0 | 0 |
| COWEN INC | CL A NEW | 223622606 |  | 19310000 | 500000 | SH |  | DFND |  | 500000 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 2135081 | 23952 | SH |  | DFND |  | 23952 | 0 | 0 |
| DENBURY INC | COM | 24790A101 |  | 8702000 | 100000 | SH |  | DFND |  | 100000 | 0 | 0 |
| DOUGLAS DYNAMICS INC | COM | 25960R105 |  | 9415956 | 260397 | SH |  | DFND |  | 260397 | 0 | 0 |
| DRIL-QUIP INC | COM | 262037104 |  | 12999378 | 478446 | SH |  | DFND |  | 478446 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 1924150 | 3751 | SH |  | DFND |  | 3751 | 0 | 0 |
| ENCOMPASS HEALTH CORP | COM | 29261A100 |  | 29313060 | 490103 | SH |  | DFND |  | 490103 | 0 | 0 |
| ENERPAC TOOL GROUP CORP | CL A COM | 292765104 |  | 9748012 | 383026 | SH |  | DFND |  | 383026 | 0 | 0 |
| ENVELA CORP | COM | 29402E102 |  | 1029251 | 195675 | SH |  | DFND |  | 195675 | 0 | 0 |
| EQUITY COMWLTH | COM SH BEN INT | 294628102 |  | 4903684 | 196383 | SH |  | DFND |  | 196383 | 0 | 0 |
| ESSEX PPTY TR INC | COM | 297178105 |  | 11237058 | 53025 | SH |  | DFND |  | 53025 | 0 | 0 |
| EVERI HLDGS INC | COM | 30034T103 |  | 5740000 | 400000 | SH |  | DFND |  | 400000 | 0 | 0 |
| EVERTEC INC | COM | 30040P103 |  | 7897482 | 243900 | SH |  | DFND |  | 229300 | 0 | 14600 |
| EXELON CORP | COM | 30161N101 |  | 1892566 | 43779 | SH |  | DFND |  | 43779 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 4032841 | 46037 | SH |  | DFND |  | 46037 | 0 | 0 |
| EZCORP INC | CL A NON VTG | 302301106 |  | 8217645 | 1008300 | SH |  | DFND |  | 933800 | 0 | 74500 |
| F5 INC | COM | 315616102 |  | 1036142 | 7220 | SH |  | DFND |  | 7220 | 0 | 0 |
| FARMLAND PARTNERS INC | COM | 31154R109 |  | 6351397 | 509743 | SH |  | DFND |  | 509743 | 0 | 0 |
| FIRST INTERNET BANCORP | COM | 320557101 |  | 8664318 | 356850 | SH |  | DFND |  | 338650 | 0 | 18200 |
| FIRST INTST BANCSYSTEM INC | COM CL A | 32055Y201 |  | 16312039 | 422045 | SH |  | DFND |  | 413320 | 0 | 8725 |
| FIRSTENERGY CORP | COM | 337932107 |  | 7314126 | 174395 | SH |  | DFND |  | 174395 | 0 | 0 |
| FLOWSERVE CORP | COM | 34354P105 |  | 9975203 | 325137 | SH |  | DFND |  | 325137 | 0 | 0 |
| FMC CORP | COM NEW | 302491303 |  | 9285494 | 74403 | SH |  | DFND |  | 74403 | 0 | 0 |
| FORESTAR GROUP INC | COM | 346232101 |  | 9148917 | 593700 | SH |  | DFND |  | 552050 | 0 | 41650 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 1903230 | 50085 | SH |  | DFND |  | 50085 | 0 | 0 |
| GENPACT LIMITED | SHS | G3922B107 |  | 11356923 | 245184 | SH |  | DFND |  | 245184 | 0 | 0 |
| GLACIER BANCORP INC NEW | COM | 37637Q105 |  | 10098186 | 204334 | SH |  | DFND |  | 204334 | 0 | 0 |
| GRAND CANYON ED INC | COM | 38526M106 |  | 2173638 | 20572 | SH |  | DFND |  | 20572 | 0 | 0 |
| GRANITE CONSTR INC | COM | 387328107 |  | 11636156 | 331798 | SH |  | DFND |  | 331798 | 0 | 0 |
| HAEMONETICS CORP MASS | COM | 405024100 |  | 27016668 | 343505 | SH |  | DFND |  | 340355 | 0 | 3150 |
| HANOVER INS GROUP INC | COM | 410867105 |  | 12758299 | 94415 | SH |  | DFND |  | 94415 | 0 | 0 |
| HARLEY DAVIDSON INC | COM | 412822108 |  | 8499795 | 204322 | SH |  | DFND |  | 204322 | 0 | 0 |
| HARVARD BIOSCIENCE INC | COM | 416906105 |  | 3086885 | 1114399 | SH |  | DFND |  | 1114399 | 0 | 0 |
| HEALTHCARE SVCS GROUP INC | COM | 421906108 |  | 5627640 | 468970 | SH |  | DFND |  | 468970 | 0 | 0 |
| HEALTHSTREAM INC | COM | 42222N103 |  | 11167418 | 449574 | SH |  | DFND |  | 449574 | 0 | 0 |
| HEARTLAND EXPRESS INC | COM | 422347104 |  | 6267126 | 408548 | SH |  | DFND |  | 408548 | 0 | 0 |
| HELMERICH  PAYNE INC | COM | 423452101 |  | 10125763 | 204272 | SH |  | DFND |  | 204272 | 0 | 0 |
| HERITAGE FINL CORP WASH | COM | 42722X106 |  | 10641272 | 347300 | SH |  | DFND |  | 336100 | 0 | 11200 |
| HF SINCLAIR CORP | COM | 403949100 |  | 16000645 | 308357 | SH |  | DFND |  | 302457 | 0 | 5900 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 2261858 | 57393 | SH |  | DFND |  | 57393 | 0 | 0 |
| HUDSON GLOBAL INC | COM NEW | 443787205 |  | 6822176 | 301466 | SH |  | DFND |  | 287626 | 0 | 13840 |
| I3 VERTICALS INC | COM CL A | 46571Y107 |  | 9736000 | 400000 | SH |  | DFND |  | 400000 | 0 | 0 |
| IHEARTMEDIA INC | COM CL A | 45174J509 |  | 1709271 | 278837 | SH |  | DFND |  | 229037 | 0 | 49800 |
| INDEPENDENT BK CORP MASS | COM | 453836108 |  | 12932143 | 153170 | SH |  | DFND |  | 153170 | 0 | 0 |
| INFUSYSTEM HLDGS INC | COM | 45685K102 |  | 2213400 | 255000 | SH |  | DFND |  | 255000 | 0 | 0 |
| INGREDION INC | COM | 457187102 |  | 3132683 | 31989 | SH |  | DFND |  | 31989 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 17215900 | 237953 | SH |  | DFND |  | 237953 | 0 | 0 |
| INTL GNRL INSURANCE HLDNGS L | SHS | G4809J106 |  | 2246400 | 280800 | SH |  | DFND |  | 260900 | 0 | 19900 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 5091583 | 28823 | SH |  | DFND |  | 28823 | 0 | 0 |
| KENNAMETAL INC | COM | 489170100 |  | 5208846 | 216494 | SH |  | DFND |  | 216494 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 12877109 | 94859 | SH |  | DFND |  | 94859 | 0 | 0 |
| KIRBY CORP | COM | 497266106 |  | 7053532 | 109612 | SH |  | DFND |  | 109612 | 0 | 0 |
| KNOWLES CORP | COM | 49926D109 |  | 7533431 | 458796 | SH |  | DFND |  | 458796 | 0 | 0 |
| LAMAR ADVERTISING CO NEW | CL A | 512816109 |  | 7228680 | 76575 | SH |  | DFND |  | 76575 | 0 | 0 |
| LIFECORE BIOMEDICAL INC | COM | 514766104 |  | 7788312 | 1201900 | SH |  | DFND |  | 1148425 | 0 | 53475 |
| LINCOLN EDL SVCS CORP | COM | 533535100 |  | 11971804 | 2067669 | SH |  | DFND |  | 1993006 | 0 | 74663 |
| LINDE PLC | SHS | G5494J103 |  | 2128651 | 6526 | SH |  | DFND |  | 6526 | 0 | 0 |
| M D C HLDGS INC | COM | 552676108 |  | 8075127 | 255542 | SH |  | DFND |  | 255542 | 0 | 0 |
| MARKEL CORP | COM | 570535104 |  | 6323952 | 4800 | SH |  | DFND |  | 4800 | 0 | 0 |
| MARTEN TRANS LTD | COM | 573075108 |  | 2967000 | 150000 | SH |  | DFND |  | 150000 | 0 | 0 |
| MATERION CORP | COM | 576690101 |  | 6705192 | 76622 | SH |  | DFND |  | 76622 | 0 | 0 |
| MDU RES GROUP INC | COM | 552690109 |  | 12136000 | 400000 | SH |  | DFND |  | 400000 | 0 | 0 |
| METHODE ELECTRS INC | COM | 591520200 |  | 12466462 | 280966 | SH |  | DFND |  | 280966 | 0 | 0 |
| MGIC INVT CORP WIS | COM | 552848103 |  | 6500000 | 500000 | SH |  | DFND |  | 500000 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 7100009 | 142057 | SH |  | DFND |  | 142057 | 0 | 0 |
| MOHAWK INDS INC | COM | 608190104 |  | 5339973 | 52240 | SH |  | DFND |  | 52240 | 0 | 0 |
| NORTHWEST PIPE CO | COM | 667746101 |  | 14966170 | 444100 | SH |  | DFND |  | 427100 | 0 | 17000 |
| NOV INC | COM | 62955J103 |  | 35280432 | 1688867 | SH |  | DFND |  | 1677467 | 0 | 11400 |
| NOW INC | COM | 67011P100 |  | 13648334 | 1074672 | SH |  | DFND |  | 1013172 | 0 | 61500 |
| OIL DRI CORP AMER | COM | 677864100 |  | 7195168 | 214525 | SH |  | DFND |  | 214525 | 0 | 0 |
| OLD NATL BANCORP IND | COM | 680033107 |  | 9183177 | 510744 | SH |  | DFND |  | 510744 | 0 | 0 |
| OLD REP INTL CORP | COM | 680223104 |  | 10438813 | 432249 | SH |  | DFND |  | 432249 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 2908800 | 35586 | SH |  | DFND |  | 35586 | 0 | 0 |
| ORION ENERGY SYS INC | COM | 686275108 |  | 2441439 | 1341450 | SH |  | DFND |  | 1197450 | 0 | 144000 |
| OSISKO GOLD ROYALTIES LTD | COM | 68827L101 |  | 8675373 | 718755 | SH |  | DFND |  | 678855 | 0 | 39900 |
| PACKAGING CORP AMER | COM | 695156109 |  | 1190842 | 9310 | SH |  | DFND |  | 9310 | 0 | 0 |
| PARK AEROSPACE CORP | COM | 70014A104 |  | 11349728 | 846363 | SH |  | DFND |  | 846363 | 0 | 0 |
| PATTERSON COS INC | COM | 703395103 |  | 11286280 | 402650 | SH |  | DFND |  | 385150 | 0 | 17500 |
| PERMA-FIX ENVIRONMENTAL SVCS | COM NEW | 714157203 |  | 3920065 | 1110500 | SH |  | DFND |  | 1015500 | 0 | 95000 |
| PERRIGO CO PLC | SHS | G97822103 |  | 21166038 | 620887 | SH |  | DFND |  | 595187 | 0 | 25700 |
| PHILBRO ANIMAL HEALTH CORP | CL A COM | 71742Q106 |  | 9568907 | 713565 | SH |  | DFND |  | 713565 | 0 | 0 |
| PHOTRONICS INC | COM | 719405102 |  | 10068968 | 598275 | SH |  | DFND |  | 565175 | 0 | 33100 |
| PIONEER NAT RES CO | COM | 723787107 |  | 6770622 | 29645 | SH |  | DFND |  | 29645 | 0 | 0 |
| POPULAR INC | COM NEW | 733174700 |  | 7927230 | 119530 | SH |  | DFND |  | 119530 | 0 | 0 |
| PORTLAND GEN ELEC CO | COM NEW | 736508847 |  | 12509945 | 255305 | SH |  | DFND |  | 255305 | 0 | 0 |
| POTBELLY CORP | COM | 73754Y100 |  | 4456000 | 800000 | SH |  | DFND |  | 800000 | 0 | 0 |
| POTLATCHDELTIC CORPORATION | COM | 737630103 |  | 16301110 | 370564 | SH |  | DFND |  | 370564 | 0 | 0 |
| POWELL INDS INC | COM | 739128106 |  | 17056003 | 484821 | SH |  | DFND |  | 484821 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 13179061 | 104812 | SH |  | DFND |  | 104812 | 0 | 0 |
| PRIMO WATER CORPORATION | COM | 74167P108 |  | 9625476 | 619400 | SH |  | DFND |  | 578900 | 0 | 40500 |
| PUBLIC STORAGE | COM | 74460D109 |  | 833005 | 2973 | SH |  | DFND |  | 2973 | 0 | 0 |
| PURE CYCLE CORP | COM NEW | 746228303 |  | 6028620 | 575250 | SH |  | DFND |  | 548850 | 0 | 26400 |
| QORVO INC | COM | 74736K101 |  | 10791145 | 119055 | SH |  | DFND |  | 119055 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 14854917 | 94956 | SH |  | DFND |  | 94956 | 0 | 0 |
| RADIAN GROUP INC | COM | 750236101 |  | 15933939 | 835550 | SH |  | DFND |  | 803750 | 0 | 31800 |
| REINSURANCE GRP OF AMERICA I | COM NEW | 759351604 |  | 11216585 | 78940 | SH |  | DFND |  | 78940 | 0 | 0 |
| RELIANCE STEEL  ALUMINUM CO | COM | 759509102 |  | 587683 | 2903 | SH |  | DFND |  | 2903 | 0 | 0 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 11460948 | 62210 | SH |  | DFND |  | 62210 | 0 | 0 |
| ROGERS CORP | COM | 775133101 |  | 5967000 | 50000 | SH |  | DFND |  | 50000 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 12664204 | 112351 | SH |  | DFND |  | 112351 | 0 | 0 |
| SCHNITZER STEEL INDS INC | CL A | 806882106 |  | 7809068 | 254782 | SH |  | DFND |  | 254782 | 0 | 0 |
| SEACOAST BKG CORP FLA | COM NEW | 811707801 |  | 13538581 | 434068 | SH |  | DFND |  | 434068 | 0 | 0 |
| SHYFT GROUP INC | COM | 825698103 |  | 13792328 | 554800 | SH |  | DFND |  | 536600 | 0 | 18200 |
| SIMPSON MFG INC | COM | 829073105 |  | 879419 | 9919 | SH |  | DFND |  | 9919 | 0 | 0 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 5998268 | 65821 | SH |  | DFND |  | 65821 | 0 | 0 |
| SMITH A O CORP | COM | 831865209 |  | 10454543 | 182644 | SH |  | DFND |  | 182644 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 1807920 | 18225 | SH |  | DFND |  | 18225 | 0 | 0 |
| STERLING INFRASTRUCTURE INC | COM | 859241101 |  | 6560000 | 200000 | SH |  | DFND |  | 200000 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 2202284 | 69407 | SH |  | DFND |  | 69407 | 0 | 0 |
| SUNOPTA INC | COM | 8676EP108 |  | 4220000 | 500000 | SH |  | DFND |  | 500000 | 0 | 0 |
| SUNSTONE HOTEL INVS INC NEW | COM | 867892101 |  | 9470664 | 980400 | SH |  | DFND |  | 936400 | 0 | 44000 |
| TERADATA CORP DEL | COM | 88076W103 |  | 13307077 | 395338 | SH |  | DFND |  | 395338 | 0 | 0 |
| TEXAS CAP BANCSHARES INC | COM | 88224Q107 |  | 35852365 | 594468 | SH |  | DFND |  | 586968 | 0 | 7500 |
| THERMON GROUP HLDGS INC | COM | 88362T103 |  | 9565108 | 476350 | SH |  | DFND |  | 449750 | 0 | 26600 |
| THOR INDS INC | COM | 885160101 |  | 13211958 | 175016 | SH |  | DFND |  | 175016 | 0 | 0 |
| TIPTREE INC | COM | 88822Q103 |  | 4152000 | 300000 | SH |  | DFND |  | 300000 | 0 | 0 |
| TOOTSIE ROLL INDS INC | COM | 890516107 |  | 5443425 | 127870 | SH |  | DFND |  | 127870 | 0 | 0 |
| TREEHOUSE FOODS INC | COM | 89469A104 |  | 17650881 | 357450 | SH |  | DFND |  | 357450 | 0 | 0 |
| TRICO BANCSHARES | COM | 896095106 |  | 10198000 | 200000 | SH |  | DFND |  | 200000 | 0 | 0 |
| TWIN DISC INC | COM | 901476101 |  | 3888000 | 400000 | SH |  | DFND |  | 400000 | 0 | 0 |
| U HAUL HOLDING COMPANY | COM | 023586100 |  | 1814488 | 30146 | SH |  | DFND |  | 30146 | 0 | 0 |
| U HAUL HOLDING COMPANY | COM SER N | 023586506 |  | 10508932 | 191141 | SH |  | DFND |  | 191141 | 0 | 0 |
| U S GLOBAL INVS INC | CL A | 902952100 |  | 1199477 | 415044 | SH |  | DFND |  | 415044 | 0 | 0 |
| UMH PPTYS INC | COM | 903002103 |  | 8760010 | 544100 | SH |  | DFND |  | 520750 | 0 | 23350 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 3127239 | 62110 | SH |  | DFND |  | 62110 | 0 | 0 |
| WATSCO INC | COM | 942622200 |  | 10533160 | 42234 | SH |  | DFND |  | 42234 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1193529 | 28906 | SH |  | DFND |  | 28906 | 0 | 0 |
| WIDEOPENWEST INC | COM | 96758W101 |  | 2979426 | 327050 | SH |  | DFND |  | 280250 | 0 | 46800 |
| WISDOMTREE TR | INTL SMCAP DIV | 97717W760 |  | 2181498 | 37638 | SH |  | DFND |  | 37638 | 0 | 0 |
| WORLD WRESTLING ENTMNT INC | CL A | 98156Q108 |  | 3426000 | 50000 | SH |  | DFND |  | 50000 | 0 | 0 |

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