13F-HR 1 pcm13f1209.txt POLARIS 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: December 31, 2009 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: 028-11073 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 December 31, 2009 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: 51 Form 13F Information Table Value Total: $ 616,305,000 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 16,844 515,424sh sole 505,724 AMERIS BANCORP Common 03076K108 9,2831,296,510sh sole 1,259,126 AMETEK INC Common 031100100 19,827 518,479sh sole 510,603 ASTORIA FINANCIAL CORP Common 046265104 21,9301,764,267sh sole 1,737,008 CAMBRIDGE BANCORP Common 132152109 786 25,782sh sole 25,782 COLONY BANKCORP INC. Common 19623P101 2,071 449,187sh sole 429,236 COMMUNITY CAPITAL CORP. Common 20363C102 61 20,954sh sole 20,954 COMMUNITY FINANCIAL CORPORATION Common 20365L100 104 23,936sh sole 23,936 DANVERS BANCORP INC. Common 236442109 260 20,000sh sole 20,000 FPL GROUP INC. Common 302571104 18,379 347,960sh sole 342,147 GENERAL DYNAMICS CORP. Common 369550108 19,329 283,543sh sole 278,161 H.J. HEINZ COMPANY Common 423074103 17,644 412,623sh sole 403,523 HEALTH NET INC COM Common 42222G108 23,5481,011,067sh sole 997,020 INDEPENDENT BANK CORP/MS Common 453836108 185 8,850sh sole 8,850 INTERNATIONAL BANCSHARES CORP Common 459044103 21,3621,129,643sh sole 1,117,422 JM SMUCKER CO/THE Common US8326964 21,019 340,382sh sole 333,482 MAC-GRAY CORP Common 554153106 13,4751,308,288sh sole 1,267,885 MARATHON OIL CORP Common 565849106 17,627 564,609sh sole 551,347 NEW ENGLAND BANCSHARES, INC. Common 643863202 69 15,000sh sole 15,000 NORTHRIM BANCORP INC. Common 666762109 573 33,957sh sole 33,957 PEOPLES BANCORP INC Common 709789101 212 21,850sh sole 21,850 PRAXAIR INC. Common 74005P104 19,216 239,275sh sole 234,347 QUEST DIAGNOSTICS Common US74834L1 15,257 252,688sh sole 247,928 SOUND FINANCIAL INC Common 83607Y108 85 20,000sh sole 20,000 SOUTHWEST BANCORP INC. Common 844767103 11,4671,652,336sh sole 1,622,777 THE CHUBB CORPORATION Common 171232101 19,361 393,669sh sole 386,214 TORO CO Common 891092108 18,463 441,583sh sole 429,523 UNITEDHEALTH GROUP INC Common 91324P102 18,071 592,893sh sole 583,677 UNIVEST CORP OF PENNSYLVANIA Common US9152711 19,0501,086,697sh sole 1,069,597 VERIZON COMMUNICATIONS Common 92343V104 17,424 525,924sh sole 516,916 WEBSTER FINANCIAL CORP - CT Common 947890109 16,0251,350,048sh sole 1,332,087 WELLPOINT INC (NEW) Common 94973V107 22,550 386,853sh sole 375,664 WESCO INTERNATIONAL INC Common 95082P105 15,991 592,048sh sole 576,836 144A KRBL LIMITED DERIVATIVE Derivative 48125D811 2,817 612,300sh sole 612,300 144A LIC HOUSING FINANCE DERIVATIVE Derivative US46627U737 1,775 102,900sh sole 102,900 144A NIIT TECHNOLOGIES DERIVATIVE Derivative 48125D761 2,461 637,400sh sole 637,400 144A SOUTH INDIAN BANK LIMITED DERIVATDerivative 48125D779 2,029 631,600sh sole 631,600 144A USHA MARTIN LTD Derivative 48125D787 2,0591,196,900sh sole 1,196,900 AUTOLIV INC. ADR 052800109 52,9131,220,324sh sole 987,570 BHP BILLITON LTD - SPON ADR (AU) Spon ADR 088606108 12,554 163,939sh sole 150,703 BHP BILLITON PLC - ADR (UK) ADR 05545E209 26,120 409,078sh sole 246,728 INFOSYS TECHNOLOGIES-SP ADR ADR 456788108 14,707 266,100sh sole 218,600 METHANEX CORPORATION (US SHARES) ADR 59151K108 315 16,150sh sole 9,450 NOVARTIS AG-ADR ADR 66987V109 82 1,500sh sole 0 SAMSUNG ELECTRONICS COMMON-GDR GDR 796050888 15,472 45,099sh sole 16,407 SAMSUNG ELECTRONICS PFD N/V-GDR GDR 796050201 113 500sh sole 500 SK TELECOM CO LTD ADR ADR 78440P108 6,564 403,712sh sole 73,935 STATE BANK OF INDIA - SPON GDR GDR 856552203 51,997 533,200sh sole 433,100 ISHARES MSCI EAFE INDEX FUND Exchange Fund464287465 2,642 47,800sh sole 0 ISHARES MSCI EAFE SMALL CAP Exchange Fund464288273 1,884 52,600sh sole 52,600 SPDR S&P INTL SMALL CAP Exchange Fund78463X871 1,900 75,000sh sole 75,000