0001140361-12-022777.txt : 20120503 0001140361-12-022777.hdr.sgml : 20120503 20120503163400 ACCESSION NUMBER: 0001140361-12-022777 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120503 DATE AS OF CHANGE: 20120503 EFFECTIVENESS DATE: 20120503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC CENTRAL INDEX KEY: 0001021223 IRS NUMBER: 954575414 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-05792 FILM NUMBER: 12810209 BUSINESS ADDRESS: STREET 1: 1800 AVE OF THE STAR 2ND FL CITY: LOS ANGELES STATE: CA ZIP: 90067 BUSINESS PHONE: 3105562721 MAIL ADDRESS: STREET 1: 1800 AVENUE OF THE STARS 2ND FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90067 FORMER COMPANY: FORMER CONFORMED NAME: KAYNE ANDERSON INVESTMENT MANAGEMENT LLC DATE OF NAME CHANGE: 19990326 FORMER COMPANY: FORMER CONFORMED NAME: KAIM TRADITIONAL L L C DATE OF NAME CHANGE: 19980223 13F-HR 1 form13fhr.txt NONE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 3/31/2012 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: Kayne Anderson Rudnick Investment Management, LLC Address: 1800 Avenue of the Stars Second Floor Los Angeles, CA 90067 Form 13F File Number: 28-05792 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 submission. Persons Signing this Report on Behalf of Reporting Manager: Name: Judith Ridder Title: Chief Compliance Officer Phone: 310-712-2909 Signature, Place, and Date of Signing: /s/ Judith Ridder Los Angeles, CA 5/3/2012 --------------------------------- --------------------------------- ---------- [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).) List of Other Managers Reporting for this Manager: Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 249 Form 13F Information Table Value Total: $ 4,630,209 -------------- (In Thousands) List of Other Included Managers: Provide a numbered list of the name(s) and 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 COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------------- -------------- --------- -------- ------------------ ---------- -------- --------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------------- -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- AAON INC COM PAR $0.004 COMMON STOCKS 000360206 7,284 360,760 SH SOLE 360,760 0 0 AGL RESOURCES INC COMMON STOCKS 001204106 13,286 338,753 SH SOLE 338,753 0 0 AARONS INC CL A COMMON STOCKS 002535300 5,155 199,054 SH SOLE 199,054 0 0 ABAXIS INC COMMON STOCKS 002567105 55,299 1,898,360 SH SOLE 1,898,360 0 0 ABBOTT LABS COMMON STOCKS 002824100 539 8,788 SH SOLE 8,788 0 0 ADTRAN INC COM COMMON STOCKS 00738A106 45,425 1,456,388 SH SOLE 1,456,388 0 0 ADVANCE AUTO PARTS INC COMMON STOCKS 00751Y106 2,977 33,610 SH SOLE 33,610 0 0 ADVISORY BOARD CO COMMON STOCKS 00762W107 18,577 209,625 SH SOLE 209,625 0 0 AIRGAS INC COMMON STOCKS 009363102 3,036 34,125 SH SOLE 34,125 0 0 AMERICAN EXPRESS CO COMMON STOCKS 025816109 12,627 218,239 SH SOLE 218,239 0 0 AMPHENOL CORP NEW CL A COMMON STOCKS 032095101 29,858 499,541 SH SOLE 499,541 0 0 ANSYS INC COMMON STOCKS 03662Q105 132,158 2,032,569 SH SOLE 2,032,569 0 0 APACHE CORP COMMON STOCKS 037411105 6,928 68,979 SH SOLE 68,979 0 0 APPLE INC COMMON STOCKS 037833100 47,659 79,491 SH SOLE 79,491 0 0 APTARGROUP INC COMMON STOCKS 038336103 46,050 840,789 SH SOLE 840,789 0 0 ARES CAPITAL CORPORATION COMMON STOCKS 04010L103 54,002 3,302,859 SH SOLE 3,302,859 0 0 AUTOMATIC DATA PROCESSING COMMON STOCKS 053015103 365 6,606 SH SOLE 6,606 0 0 BP ADR COMMON STOCKS 055622104 560 12,450 SH SOLE 12,450 0 0 BADGER METER INC COMMON STOCKS 056525108 21,451 631,109 SH SOLE 631,109 0 0 BALCHEM CORPORATION COMMON STOCKS 057665200 16,213 535,952 SH SOLE 535,952 0 0 BARD C R INC COMMON STOCKS 067383109 2,010 20,362 SH SOLE 20,362 0 0 IPATH DJ UBS COMMODITY INDEX TOTAL ETF/ISHARE - 06738C778 2,030 47,957 SH SOLE 47,957 0 0 RET ETN EQUITY BARRICK GOLD CORPORATION COMMON STOCKS 067901108 7,796 179,292 SH SOLE 179,292 0 0 BECTON DICKINSON & CO COMMON STOCKS 075887109 12,233 157,547 SH SOLE 157,547 0 0 BED BATH & BEYOND INC COMMON STOCKS 075896100 16,164 245,768 SH SOLE 245,768 0 0 BERKSHIRE HATHAWAY INC CL A COMMON STOCKS 084670108 366 3 SH SOLE 3 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW COMMON STOCKS 084670702 345 4,250 SH SOLE 4,250 0 0 BLACKBAUD INC COMMON STOCKS 09227Q100 51,595 1,552,667 SH SOLE 1,552,667 0 0 BRITISH AMERICAN TOBACCO PLC COMMON STOCKS 110448107 500 4,944 SH SOLE 4,944 0 0 SPONSORED ADR BRITISH SKY BROADCASTING GRP COMMON STOCKS 111013108 351 8,131 SH SOLE 8,131 0 0 SPONSORED ADR BROWN & BROWN INC COMMON STOCKS 115236101 66,824 2,810,105 SH SOLE 2,810,105 0 0 BROWN FORMAN CORP CL B COMMON STOCKS 115637209 3,213 38,532 SH SOLE 38,532 0 0 C H ROBINSON WORLDWIDE INC COMMON STOCKS 12541W209 10,184 155,504 SH SOLE 155,504 0 0 CNOOC LIMITED SPONSORED ADR COMMON STOCKS 126132109 577 2,822 SH SOLE 2,822 0 0 CRH PLC COMMON STOCKS 12626K203 732 35,675 SH SOLE 35,675 0 0 CABOT MICROELECTRONICS CORP COMMON STOCKS 12709P103 41,315 1,062,641 SH SOLE 1,062,641 0 0 CAMERON INTERNATIONAL CORP COMMON STOCKS 13342B105 1,944 36,803 SH SOLE 36,803 0 0 CARBO CERAMICS INC COMMON STOCKS 140781105 46,117 437,333 SH SOLE 437,333 0 0 CASS INFORMATION SYSTEMS INC COMMON STOCKS 14808P109 34,045 852,199 SH SOLE 852,199 0 0 CHEVRON CORPORATION COMMON STOCKS 166764100 358 3,339 SH SOLE 3,339 0 0 CHOICE HOTELS INTERNATIONAL INC COMMON STOCKS 169905106 1,365 36,548 SH SOLE 36,548 0 0 THE CHUBB CORPORATION COMMON STOCKS 171232101 395 5,710 SH SOLE 5,710 0 0 CHUNGHWA TELECOM COM LTD SPON ADR NEW COMMON STOCKS 17133Q502 515 16,732 SH SOLE 16,732 0 0 CHURCH & DWIGHT CO COMMON STOCKS 171340102 18,754 381,260 SH SOLE 381,260 0 0 CLARCOR INC COMMON STOCKS 179895107 54,735 1,114,998 SH SOLE 1,114,998 0 0 COACH INC COMMON STOCKS 189754104 25,946 335,740 SH SOLE 335,740 0 0 COCA-COLA CO COMMON STOCKS 191216100 29,475 398,259 SH SOLE 398,259 0 0 COHEN & STEERS INC COMMON STOCKS 19247A100 83,189 2,607,801 SH SOLE 2,607,801 0 0 COLGATE-PALMOLIVE COMPANY COMMON STOCKS 194162103 19,745 201,929 SH SOLE 201,929 0 0 COMPUTER PROGRAMS AND SYSTEMS INC COMMON STOCKS 205306103 58,564 1,036,170 SH SOLE 1,036,170 0 0 CONOCOPHILLIPS COMMON STOCKS 20825C104 209 2,747 SH SOLE 2,747 0 0 COPART INC COMMON STOCKS 217204106 115,690 4,437,666 SH SOLE 4,437,666 0 0 CORPORATE EXECUTIVE BOARD CO COMMON STOCKS 21988R102 24,555 570,907 SH SOLE 570,907 0 0 COSTCO WHOLESALE CORP COMMON STOCKS 22160K105 19,671 216,636 SH SOLE 216,636 0 0 DANAHER CORP COMMON STOCKS 235851102 14,103 251,842 SH SOLE 251,842 0 0 DEERE & CO COMMON STOCKS 244199105 6,951 85,920 SH SOLE 85,920 0 0 DENTSPLY INTERNATIONAL INC COMMON STOCKS 249030107 2,877 71,683 SH SOLE 71,683 0 0

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------------- -------------- --------- -------- ------------------ ---------- -------- --------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------------- -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- DIAGEO PLC SPONSORED ADR COMMON STOCKS 25243Q205 9,045 93,727 SH SOLE 93,727 0 0 DONALDSON INC COMMON STOCKS 257651109 17,468 488,881 SH SOLE 488,881 0 0 DOVER CORP COMMON STOCKS 260003108 315 5,000 SH SOLE 5,000 0 0 DRESSER-RAND GROUP INC COMMON STOCKS 261608103 18,509 398,987 SH SOLE 398,987 0 0 EQT CORPORATION COMMON STOCKS 26884L109 2,167 44,951 SH SOLE 44,951 0 0 EATON VANCE CORP COMMON STOCKS 278265103 14,200 496,858 SH SOLE 496,858 0 0 EMERSON ELEC CO COMMON STOCKS 291011104 25,328 485,405 SH SOLE 485,405 0 0 ENTERTAINMENT PROPERTIES TRUST COMMON STOCKS 29380T105 30,335 654,061 SH SOLE 654,061 0 0 EQUIFAX INC COMMON STOCKS 294429105 907 20,487 SH SOLE 20,487 0 0 EXPEDITORS INTERNATIONAL OF COMMON STOCKS 302130109 18,761 403,385 SH SOLE 403,385 0 0 WASHINGTON INC EXPONENT INC COMMON STOCKS 30214U102 56,977 1,174,299 SH SOLE 1,174,299 0 0 EXXON MOBIL CORPORATION COMMON STOCKS 30231G102 36,586 421,835 SH SOLE 421,835 0 0 FLIR SYSTEMS INC COMMON STOCKS 302445101 7,742 305,889 SH SOLE 305,889 0 0 FMC TECHNOLOGIES INC COMMON STOCKS 30249U101 1,776 35,219 SH SOLE 35,219 0 0 FACTSET RESEARCH SYSTEMS INC COMMON STOCKS 303075105 64,025 646,452 SH SOLE 646,452 0 0 FASTENAL COMPANY COMMON STOCKS 311900104 8,615 159,246 SH SOLE 159,246 0 0 FEDERATED INVESTORS INC CL B COMMON STOCKS 314211103 115,749 5,165,076 SH SOLE 5,165,076 0 0 FEDEX CORP COMMON STOCKS 31428X106 497 5,400 SH SOLE 5,400 0 0 FINANCIAL ENGINES INC COM COMMON STOCKS 317485100 11,795 527,520 SH SOLE 527,520 0 0 FIRST CASH FINL SVCS INC COM COMMON STOCKS 31942D107 63,028 1,469,516 SH SOLE 1,469,516 0 0 FRANKLIN RESOURCES INC COMMON STOCKS 354613101 8,657 69,797 SH SOLE 69,797 0 0 GARTNER GROUP INC NEW CL A COMMON STOCKS 366651107 1,665 39,041 SH SOLE 39,041 0 0 GENERAL DYNAMICS CORP COMMON STOCKS 369550108 11,910 162,308 SH SOLE 162,308 0 0 GENERAL ELECTRIC COMPANY COMMON STOCKS 369604103 761 37,909 SH SOLE 37,909 0 0 GENUINE PARTS CO COMMON STOCKS 372460105 7,934 126,433 SH SOLE 126,433 0 0 GLAXOSMITHKLINE ADR COMMON STOCKS 37733W105 696 15,489 SH SOLE 15,489 0 0 GOLUB CAP BDC INC COM COMMON STOCKS 38173M102 11,023 721,896 SH SOLE 721,896 0 0 GRACO INC COMMON STOCKS 384109104 62,191 1,172,088 SH SOLE 1,172,088 0 0 HAEMONETICS CORP COMMON STOCKS 405024100 61,421 881,471 SH SOLE 881,471 0 0 HANG SENG BK LTD ADR SPONSORED COMMON STOCKS 41043C304 774 58,266 SH SOLE 58,266 0 0 HEARTLAND EXPRESS INC COMMON STOCKS 422347104 5,202 359,723 SH SOLE 359,723 0 0 HEICO CORPORATION CL A COMMON STOCKS 422806208 11,252 280,247 SH SOLE 280,247 0 0 HEINZ H J COMPANY COMMON STOCKS 423074103 11,377 212,451 SH SOLE 212,451 0 0 JACK HENRY & ASSOCIATES INC COMMON STOCKS 426281101 139,920 4,100,823 SH SOLE 4,100,823 0 0 HERSHEY FOODS CORP COMMON STOCKS 427866108 343 5,600 SH SOLE 5,600 0 0 HIBBETT SPORTS INC COM COMMON STOCKS 428567101 8,195 150,222 SH SOLE 150,222 0 0 HILLENBRAND INC COMMON STOCKS 431571108 79,795 3,476,908 SH SOLE 3,476,908 0 0 HITTITE MICROWAVE CORP COMMON STOCKS 43365Y104 88,729 1,633,755 SH SOLE 1,633,755 0 0 HORMEL FOODS CORP COMMON STOCKS 440452100 8,897 301,402 SH SOLE 301,402 0 0 IDEXX LABORATORIES CORP COMMON STOCKS 45168D104 3,078 35,196 SH SOLE 35,196 0 0 ILLINOIS TOOL WORKS INC COMMON STOCKS 452308109 593 10,381 SH SOLE 10,381 0 0 INTERNATIONAL BUSINESS MACHINES CO COMMON STOCKS 459200101 737 3,530 SH SOLE 3,530 0 0 INTERNATIONAL FLAVORS AND FRAGRANCES COMMON STOCKS 459506101 896 15,297 SH SOLE 15,297 0 0 INC INTUIT INC COMMON STOCKS 461202103 1,853 30,806 SH SOLE 30,806 0 0 INTUITIVE SURGICAL INC COMMON STOCKS 46120E602 25,825 47,670 SH SOLE 47,670 0 0 ISHARES MSCI BRIC INDEX FUND ETF/ISHARE - 464286657 473 11,561 SH SOLE 11,561 0 0 EQUITY ISHARES MSCI SINGAPORE INDEX FUND ETF/ISHARE - 464286673 1,636 126,943 SH SOLE 126,943 0 0 EQUITY ISHARES MSCI TAIWAN INDEX FUND ETF/ISHARE - 464286731 780 58,147 SH SOLE 58,147 0 0 EQUITY ISHARES MSCI MALAYSIA INDEX FUND ETF/ISHARE - 464286830 1,757 120,351 SH SOLE 120,351 0 0 EQUITY ISHARES BARCLAYS US TREAS INFLA PROT ETF/ISHARE - 464287176 1,511 12,846 SH SOLE 12,846 0 0 SEC FD FIXED ISHARES FTSE/XINHUA CHINA 25 INDEX ETF/ISHARE - 464287184 566 15,450 SH SOLE 15,450 0 0 FUND EQUITY ISHARES S&P 500 INDEX FUND ETF/ISHARE - 464287200 1,987 14,071 SH SOLE 14,071 0 0 EQUITY

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------------- -------------- --------- -------- ------------------ ---------- -------- --------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------------- -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- ISHARES BARCLAYS AGGREGATE BOND FUND ETF/ISHARE - 464287226 505 4,595 SH SOLE 4,595 0 0 FIXED ISHARES MSCI EMERGING MARKETS INDEX ETF/ISHARE - 464287234 5,391 125,532 SH SOLE 125,532 0 0 FUND EQUITY ISHARES IBOXX INVESTMENT GRADE ETF/ISHARE - 464287242 930 8,041 SH SOLE 8,041 0 0 CORPORATE BD FIXED ISHARES MSCI EAFE INDEX FUND ETF/ISHARE - 464287465 2,330 42,441 SH SOLE 42,441 0 0 EQUITY ISHARES RUSSELL MIDCAP VALUE INDEX ETF/ISHARE - 464287473 270 5,610 SH SOLE 5,610 0 0 FUND EQUITY ISHARES RUSSELL MIDCAP INDEX FUND ETF/ISHARE - 464287499 4,842 43,736 SH SOLE 43,736 0 0 EQUITY ISHARES NASDAQ BIOTECHNOLOGY INDEX ETF/ISHARE - 464287556 532 4,315 SH SOLE 4,315 0 0 FUND EQUITY ISHARES COHEN & STEERS REALTY MAJ ETF/ISHARE - 464287564 2,193 28,615 SH SOLE 28,615 0 0 INDEX FD EQUITY ISHARES RUSSELL 1000 VALUE INDEX FUND ETF/ISHARE - 464287598 2,429 34,665 SH SOLE 34,665 0 0 EQUITY ISHARES RUSSELL 1000 GROWTH INDEX ETF/ISHARE - 464287614 5,414 81,932 SH SOLE 81,932 0 0 FUND EQUITY ISHARES RUSSELL 1000 INDEX FUND ETF/ISHARE - 464287622 2,213 28,382 SH SOLE 28,382 0 0 EQUITY ISHARES RUSSELL 2000 INDEX FUND ETF/ISHARE - 464287655 1,062 12,830 SH SOLE 12,830 0 0 EQUITY ISHARES RUSSELL 3000 INDEX FUND ETF/ISHARE - 464287689 752 9,034 SH SOLE 9,034 0 0 EQUITY ISHARES DJ US HEALTHCARE SEC INDEX FD ETF/ISHARE - 464287762 806 10,305 SH SOLE 10,305 0 0 EQUITY ISHARES AGENCY BOND FUND ETF/ISHARE - 464288166 211 1,872 SH SOLE 1,872 0 0 FIXED ISHARES S&P CALIFORNIA MUNICIPAL ETF/ISHARE - 464288356 2,149 19,078 SH SOLE 19,078 0 0 BOND FUND FIXED ISHARES S&P NATL AMT-FREE MUNI BOND ETF/ISHARE - 464288414 806 7,364 SH SOLE 7,364 0 0 FUND FIXED ISHARES IBOXX HIGH YLD CORPORATE ETF/ISHARE - 464288513 2,270 25,018 SH SOLE 25,018 0 0 BOND FD FIXED ISHARES BARCLAYS MBS BOND FUND ETF/ISHARE - 464288588 977 9,050 SH SOLE 9,050 0 0 FIXED ISHARES BARCLAYS INTERMEDIATE GOV ETF/ISHARE - 464288612 714 6,424 SH SOLE 6,424 0 0 CREDIT BD FIXED ISHARES BARCLAYS INTERMEDIATE CREDIT ETF/ISHARE - 464288638 372 3,415 SH SOLE 3,415 0 0 BD FD FIXED ISHARES BARCLAYS 1-3YR CREDIT BOND ETF/ISHARE - 464288646 2,302 21,905 SH SOLE 21,905 0 0 FUND FIXED ISHARES S&P GLOBAL UTILITIES ETF/ISHARE - 464288711 1,524 35,715 SH SOLE 35,715 0 0 EQUITY JPMORGAN CHASE & CO COMMON STOCKS 46625H100 13,698 297,913 SH SOLE 297,913 0 0 JPMORGAN ALERIAN MLP INDEX ETN ETF/ISHARE - 46625H365 2,687 68,646 SH SOLE 68,646 0 0 EQUITY JOHNSON & JOHNSON COMMON STOCKS 478160104 13,000 197,091 SH SOLE 197,091 0 0 KAYNE ANDERSON MLP INVT CO - KYN ETF/ISHARE - 486606106 23,615 758,111 SH SOLE 758,111 0 0 EQUITY KAYNE ANDERSON ENERGY TOT RET FD - ETF/ISHARE - 48660P104 4,041 147,036 SH SOLE 147,036 0 0 KYE EQUITY KAYNE ANDERSON ENERGY DEV CO - KED ETF/ISHARE - 48660Q102 2,916 113,679 SH SOLE 113,679 0 0 EQUITY KAYNE ANDERSON MDSTM ENERGY COM ETF/ISHARE - 48661E108 1,779 64,820 SH SOLE 64,820 0 0 EQUITY KELLOGG CO COMMON STOCKS 487836108 12,825 239,130 SH SOLE 239,130 0 0 KIMBERLY CLARK CORPORATION COMMON STOCKS 494368103 6,816 92,239 SH SOLE 92,239 0 0

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------------- -------------- --------- -------- ------------------ ---------- -------- --------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------------- -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- LABORATORY CORP OF AMERICA HOLDINGS COMMON STOCKS 50540R409 19,281 210,629 SH SOLE 210,629 0 0 LANDSTAR SYSTEM INC COMMON STOCKS 515098101 146,754 2,542,519 SH SOLE 2,542,519 0 0 LINCOLN ELECTRIC HOLDINGS INC COMMON STOCKS 533900106 101,563 2,239,540 SH SOLE 2,239,540 0 0 LORILLARD INC COMMON STOCKS 544147101 17,344 133,950 SH SOLE 133,950 0 0 MSC INDUSTRIAL DIRECT CO INC - A COMMON STOCKS 553530106 40,267 483,509 SH SOLE 483,509 0 0 MSCI INC CL A COMMON STOCKS 55354G100 3,012 81,839 SH SOLE 81,839 0 0 MAKITA CORP ADR COMMON STOCKS 560877300 1,404 34,862 SH SOLE 34,862 0 0 MATTEL INC COMMON STOCKS 577081102 10,416 309,454 SH SOLE 309,454 0 0 MCDONALDS CORP COMMON STOCKS 580135101 16,996 173,251 SH SOLE 173,251 0 0 MEAD JOHNSON NUTRITION CO COM CL A COMMON STOCKS 582839106 1,063 12,885 SH SOLE 12,885 0 0 MERCADOLIBRE INC COM COMMON STOCKS 58733R102 9,407 96,192 SH SOLE 96,192 0 0 MERCK & COMPANY COMMON STOCKS 58933Y105 394 10,259 SH SOLE 10,259 0 0 MESA LABS INC COM COMMON STOCKS 59064R109 1,040 21,084 SH SOLE 21,084 0 0 METLIFE INC COMMON STOCKS 59156R108 8,247 220,816 SH SOLE 220,816 0 0 MICROSOFT CORP COMMON STOCKS 594918104 18,412 570,819 SH SOLE 570,819 0 0 MICROCHIP TECHNOLOGY INC COMMON STOCKS 595017104 23,154 622,410 SH SOLE 622,410 0 0 MITSUBISHI ELEC CORP ADR COMMON STOCKS 606776201 1,336 75,074 SH SOLE 75,074 0 0 MORNINGSTAR INC COMMON STOCKS 617700109 10,596 168,065 SH SOLE 168,065 0 0 NVE CORP COM NEW COMMON STOCKS 629445206 7,000 132,076 SH SOLE 132,076 0 0 NVR INC COMMON STOCKS 62944T105 2,914 4,012 SH SOLE 4,012 0 0 NATIONAL BEVERAGE CORP COM COMMON STOCKS 635017106 22,371 1,394,676 SH SOLE 1,394,676 0 0 NATIONAL GRID PLC SPON ADR COMMON STOCKS 636274300 443 8,768 SH SOLE 8,768 0 0 NATIONAL INSTRUMENTS CORPORATION COMMON STOCKS 636518102 17,588 616,706 SH SOLE 616,706 0 0 NATIONAL-OILWELL VARCO INC COMMON STOCKS 637071101 35,069 441,281 SH SOLE 441,281 0 0 NATIONAL RESEARCH CORP COMMON STOCKS 637372103 15,546 362,050 SH SOLE 362,050 0 0 NIKE INC CL B COMMON STOCKS 654106103 20,919 192,904 SH SOLE 192,904 0 0 NOVARTIS AG ADR COMMON STOCKS 66987V109 8,900 160,628 SH SOLE 160,628 0 0 OMNICOM GROUP COMMON STOCKS 681919106 12,035 237,613 SH SOLE 237,613 0 0 OMEGA FLEX INC COMMON STOCKS 682095104 2,425 190,914 SH SOLE 190,914 0 0 ORACLE CORP COMMON STOCKS 68389X105 17,349 594,954 SH SOLE 594,954 0 0 OWENS & MINOR INC COMMON STOCKS 690732102 127,313 4,186,545 SH SOLE 4,186,545 0 0 PNC FINANCIAL CORP COMMON STOCKS 693475105 14,662 227,347 SH SOLE 227,347 0 0 PPG INDUSTRIES INC COMMON STOCKS 693506107 10,038 104,782 SH SOLE 104,782 0 0 PEPSICO INC COMMON STOCKS 713448108 1,045 15,744 SH SOLE 15,744 0 0 PLAINS ALL AMER PIPELINE L UNIT L P COMMON STOCKS 726503105 296 3,769 SH SOLE 3,769 0 0 INT POOL CORP COMMON STOCKS 73278L105 101,461 2,711,403 SH SOLE 2,711,403 0 0 POWER ASSETS HOLDINGS LTD SPONSOR ADR COMMON STOCKS 739197200 1,208 164,595 SH SOLE 164,595 0 0 PRAXAIR INC COMMON STOCKS 74005P104 21,104 184,089 SH SOLE 184,089 0 0 PRECISION CASTPARTS CORP COM COMMON STOCKS 740189105 12,644 73,130 SH SOLE 73,130 0 0 T ROWE PRICE GROUP INC COMMON STOCKS 74144T108 27,239 417,136 SH SOLE 417,136 0 0 PRICELINE INC COMMON STOCKS 741503403 17,571 24,489 SH SOLE 24,489 0 0 PRICESMART INC COM COMMON STOCKS 741511109 15,008 206,122 SH SOLE 206,122 0 0 PROCTER & GAMBLE COMPANY COMMON STOCKS 742718109 909 13,527 SH SOLE 13,527 0 0 QUALCOMM INC COMMON STOCKS 747525103 22,295 327,580 SH SOLE 327,580 0 0 QUALITY SYSTEMS INC COMMON STOCKS 747582104 3,054 69,838 SH SOLE 69,838 0 0 QUESTAR CORP COM COMMON STOCKS 748356102 3,155 163,814 SH SOLE 163,814 0 0 RLI CORP COMMON STOCKS 749607107 101,939 1,422,938 SH SOLE 1,422,938 0 0 RBC BEARINGS INC COMMON STOCKS 75524B104 44,825 971,715 SH SOLE 971,715 0 0 REALTY INCOME CORP COMMON STOCKS 756109104 1,869 48,264 SH SOLE 48,264 0 0 REED ELSEVIER N V SPONS ADR COMMON STOCKS 758204200 918 35,976 SH SOLE 35,976 0 0 RIO TINTO PLC SPONSORED ADR COMMON STOCKS 767204100 574 10,333 SH SOLE 10,333 0 0 ROCKWELL COLLINS INC COMMON STOCKS 774341101 1,666 28,946 SH SOLE 28,946 0 0 ROLLINS INC COMMON STOCKS 775711104 26,992 1,268,406 SH SOLE 1,268,406 0 0 ROPER INDUSTRIES INC COMMON STOCKS 776696106 17,159 173,046 SH SOLE 173,046 0 0 ROSS STORES INC COMMON STOCKS 778296103 33,851 582,640 SH SOLE 582,640 0 0 ROYAL DUTCH SHELL PLC SPONSORED ADR B COMMON STOCKS 780259107 735 10,401 SH SOLE 10,401 0 0 ROYAL DUTCH SHELL PLC SPONSORED ADR A COMMON STOCKS 780259206 1,427 20,344 SH SOLE 20,344 0 0 SPDR GOLD TRUST ETF/ISHARE - 78463V107 8,168 50,384 SH SOLE 50,384 0 0 EQUITY

FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------------- -------------- --------- -------- ------------------ ---------- -------- --------------------- VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------------- -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- SPDR BARCLAYS CAPITAL HIGH YIELD ETF/ISHARE - 78464A417 219 5,570 SH SOLE 5,570 0 0 BOND ETF FIXED SPDR S&P MIDCAP 400 ETF TRUST ETF/ISHARE - 78467Y107 273 1,510 SH SOLE 1,510 0 0 EQUITY SALESFORCE COM INC COM COMMON STOCKS 79466L302 9,651 62,465 SH SOLE 62,465 0 0 SANOFI-AVENTIS SPON ADR COMMON STOCKS 80105N105 1,154 29,781 SH SOLE 29,781 0 0 SAP AG SPONSORED ADR COMMON STOCKS 803054204 1,223 17,522 SH SOLE 17,522 0 0 SCANSOURCE INC COMMON STOCKS 806037107 11,860 317,780 SH SOLE 317,780 0 0 SCHLUMBERGER LIMITED COMMON STOCKS 806857108 18,078 258,520 SH SOLE 258,520 0 0 SIGMA ALDRICH CORP COMMON STOCKS 826552101 26,432 361,784 SH SOLE 361,784 0 0 SILGAN HOLDINGS INC COMMON STOCKS 827048109 10,432 236,026 SH SOLE 236,026 0 0 SIRONA DENTAL SYSTEMS INC COM COMMON STOCKS 82966C103 38,270 742,531 SH SOLE 742,531 0 0 SOLARWINDS INC COM COMMON STOCKS 83416B109 1,044 27,017 SH SOLE 27,017 0 0 STATE STREET CORP COMMON STOCKS 857477103 424 9,320 SH SOLE 9,320 0 0 STERICYCLE INC COMMON STOCKS 858912108 2,946 35,227 SH SOLE 35,227 0 0 SYNGENTA AG ADR COMMON STOCKS 87160A100 316 4,596 SH SOLE 4,596 0 0 SYNTEL INC COMMON STOCKS 87162H103 53,050 947,322 SH SOLE 947,322 0 0 SYSCO CORP COMMON STOCKS 871829107 279 9,338 SH SOLE 9,338 0 0 THE TJX COMPANIES INC COMMON STOCKS 872540109 14,133 355,917 SH SOLE 355,917 0 0 TECHNE CORP COMMON STOCKS 878377100 87,557 1,249,025 SH SOLE 1,249,025 0 0 TELEFONICA ADR COMMON STOCKS 879382208 1,199 73,081 SH SOLE 73,081 0 0 TEMPUR-PEDIC INTERNATIONAL INC COMMON STOCKS 88023U101 115,799 1,371,535 SH SOLE 1,371,535 0 0 TERADATA CORP COMMON STOCKS 88076W103 14,738 216,264 SH SOLE 216,264 0 0 TEVA PHARMACEUTICAL INDS ADR COMMON STOCKS 881624209 1,295 28,738 SH SOLE 28,738 0 0 3M COMPANY COMMON STOCKS 88579Y101 12,849 144,028 SH SOLE 144,028 0 0 TIFFANY & CO COMMON STOCKS 886547108 2,893 41,850 SH SOLE 41,850 0 0 TORO CO COMMON STOCKS 891092108 30,621 430,614 SH SOLE 430,614 0 0 TOTAL SA SPONSORED ADR COMMON STOCKS 89151E109 1,790 35,018 SH SOLE 35,018 0 0 THE TRAVELERS COMPANIES INC COMMON STOCKS 89417E109 13,056 220,548 SH SOLE 220,548 0 0 UNILEVER N V ADR COMMON STOCKS 904784709 1,110 32,625 SH SOLE 32,625 0 0 UNION PACIFIC CORPORATION COMMON STOCKS 907818108 11,584 107,778 SH SOLE 107,778 0 0 VCA ANTECH INC COMMON STOCKS 918194101 12,282 529,184 SH SOLE 529,184 0 0 VF CORPORATION COMMON STOCKS 918204108 9,797 67,115 SH SOLE 67,115 0 0 VANGUARD EMERGING MARKETS ETF ETF/ISHARE - 922042858 8,761 201,534 SH SOLE 201,534 0 0 EQUITY VERSUS TECHNOLOGY INC COMMON STOCKS 925313108 8 100,000 SH SOLE 100,000 0 0 VISA INC CL A COMMON STOCKS 92826C839 23,067 195,480 SH SOLE 195,480 0 0 VODAFONE GROUP INC COMMON STOCKS 92857W209 900 32,537 SH SOLE 32,537 0 0 WD-40 COMPANY COMMON STOCKS 929236107 61,587 1,358,036 SH SOLE 1,358,036 0 0 WAL MART STORES INC COMMON STOCKS 931142103 1,295 21,156 SH SOLE 21,156 0 0 WALGREEN COMPANY COMMON STOCKS 931422109 628 18,739 SH SOLE 18,739 0 0 WATERS CORP COMMON STOCKS 941848103 23,825 257,126 SH SOLE 257,126 0 0 WELLS FARGO & CO COMMON STOCKS 949746101 400 11,731 SH SOLE 11,731 0 0 WESTERN UNION COMPANY COMMON STOCKS 959802109 9,566 543,499 SH SOLE 543,499 0 0 JOHN WILEY & SONS COMMON STOCKS 968223206 80,883 1,699,590 SH SOLE 1,699,590 0 0 WOLVERINE WORLD WIDE INC COMMON STOCKS 978097103 12,109 325,679 SH SOLE 325,679 0 0 WORLD FUEL SERVICES CORPORATION COMMON STOCKS 981475106 78,269 1,909,004 SH SOLE 1,909,004 0 0 XILINX INC COMMON STOCKS 983919101 24,570 673,532 SH SOLE 673,532 0 0 YOUNG INNOVATIONS INC COMMON STOCKS 987520103 15,845 512,450 SH SOLE 512,450 0 0 ACCENTURE PLC CL A COMMON STOCKS G1151C101 15,490 240,149 SH SOLE 240,149 0 0 CLICKSOFTWARE TECHNOLOGIES LTD COMMON STOCKS M25082104 8,259 651,308 SH SOLE 651,308 0 0 CORE LABORATORIES N V COMMON STOCKS N22717107 16,113 122,469 SH SOLE 122,469 0 0 STEINER LEISURE LIMITED COMMON STOCKS P8744Y102 46,395 950,141 SH SOLE 950,141 0 0