13F-HR 1 pcm13f0908.txt POLARIS CAPITAL MANAGEMENT, LLC 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FROM 13F-HR/A FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2008 Check here if Amendment [ ]; Amendment Number This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing the Report: Name: Polaris Capital Management, LLC. Address: 125 Summer Street Suite 1470 Boston, MA 02110 13F File Number: 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 the Report on Behalf of Reporting Manager: Name: Bernard R. Horn Title: President Phone: 617-951-1365 Signature, Place, and Date of Signing: Bernard R. Horn Boston, MA November 10, 2008 Report Type (Check only one.): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 45 Form 13F Information Table Value Total: $ 547,930,851 List of Other Included Managers: None FORM 13F INFORMATION TABLE Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column8 VALUE SHARES/ SH/PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASCUSIP (x$1000) PRN AMT PRNCALL DISCRETION MANAGERS SOLE SHARED NONE ALLETE Common 018522300 20,043 450,400sh sole 431,900 AMERIS BANCORP Common 03076K108 16,6001,117,831sh sole 1,070,363 AMETEK INC Common 031100100 22,396 549,333sh sole 532,157 ASTORIA FINANCIAL CORP Common 046265104 17,510 844,656sh sole 817,397 BENJAMIN FRANKLIN BANCORP ICommon 082073107 175 15,000sh sole 15,000 CAMBRIDGE BANCORP Common 132152109 675 25,782sh sole 25,782 COLONY BANKCORP INC. Common 19623P101 4,684 450,387sh sole 429,236 COMMUNITY CAPITAL CORP. Common 20363C102 77 8,050sh sole 8,050 COMMUNITY FINANCIAL CORPORACommon 20365L100 140 23,936sh sole 23,936 DANVERS BANCORP INC. Common 236442109 255 20,000sh sole 20,000 FPL GROUP INC. Common 302571104 20,372 405,003sh sole 392,240 GENERAL DYNAMICS CORP. Common 369550108 21,631 293,820sh sole 284,438 HEALTH NET INC COM Common 42222G108 14,918 632,100sh sole 606,900 INTERNATIONAL BANCSHARES COCommon 459044103 21,037 779,150sh sole 751,422 MAC-GRAY CORP Common 554153106 15,4061,467,258sh sole 1,395,656 MARATHON OIL CORP Common 565849106 21,843 547,858sh sole 531,096 NEW ENGLAND BANCSHARES, INCCommon 643863202 131 15,000sh sole 15,000 NORTHRIM BANCORP INC. Common 666762109 562 33,957sh sole 33,957 PEOPLES BANCORP INC Common 709789101 476 21,850sh sole 21,850 PRAXAIR INC. Common 74005P104 21,215 295,718sh sole 286,060 SOUND FINANCIAL INC Common 83607Y108 147 20,000sh sole 20,000 SOUTHWEST BANCORP INC. Common 844767103 22,6271,280,506sh sole 1,243,877 SOVEREIGN BANCORP INC Common 845905108 8,0392,035,232sh sole 1,971,727 STEWART INFORMATION SERVICECommon 860372101 19,793 665,299sh sole 640,660 THE CHUBB CORPORATION Common 171232101 20,052 365,250sh sole 356,000 TORO CO Common 891092108 19,476 471,577sh sole 453,665 UNITEDHEALTH GROUP INC Common 91324P102 15,564 612,987sh sole 589,963 VERIZON COMMUNICATIONS Common 92343V104 17,009 530,632sh sole 508,524 WEBSTER FINANCIAL CORP - CTCommon 947890109 19,853 786,248sh sole 759,687 WELLPOINT INC (NEW) Common 94973V107 22,480 480,641sh sole 463,502 WESCO INTERNATIONAL INC Common 95082P105 14,343 445,711sh sole 426,399 144A KRBL LIMITED DERIVATIVDerivative 000000000 343 160,000sh sole 160,000 144A LIC HOUSING FINANCE DEDerivative US46627U737 398 65,500sh sole 65,500 144A NIIT TECHNOLOGIES DERIDerivative 46627U125 364 197,000sh sole 197,000 144A SOUTH INDIAN BANK LIMIDerivative US46632N124 432 196,000sh sole 196,000 144A USHA MARTIN LTD Derivative US46632N140 249 220,000sh sole 220,000 AUTOLIV INC. ADR 052800109 39,7231,176,992sh sole 1,007,399 BHP BILLITON LTD - SPON ADRADR 088606108 34,334 660,404sh sole 463,101 CEMEX SA - SPONS ADR PART CSpsrd ADR 151290889 47,5222,759,672sh sole 2,339,777 METHANEX CORPORATION (US SHADR 59151K108 241 12,100sh sole 5,950 SAMSUNG ELECTRONICS COMMON-GDR 796050888 12,368 55,213sh sole 23,371 SAMSUNG ELECTRONICS PFD N/VGDR 796050201 77 500sh sole 500 SK TELECOM CO LTD ADR ADR 78440P108 10,523 559,162sh sole 198,035 ISHARES MSCI EAFE SMALL CAPExchange Fund464288273 659 19,500sh sole 19,500 SPDR S&P INTL SMALL CAP Exchange Fund78463X871 674 27,600sh sole 27,600