0001140361-12-034478.txt : 20120731 0001140361-12-034478.hdr.sgml : 20120731 20120731165424 ACCESSION NUMBER: 0001140361-12-034478 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120731 DATE AS OF CHANGE: 20120731 EFFECTIVENESS DATE: 20120731 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: 12997476 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: 6/30/2012 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 7/31/2012 --------------------------------- --------------------------------- ---------- [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: 248 Form 13F Information Table Value Total: $ 4,457,298 -------------- (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 6,262 332,177 SH SOLE 332,177 0 0 AGL RESOURCES INC COMMON STOCKS 001204106 13,476 347,765 SH SOLE 347,765 0 0 AT&T INC COMMON STOCKS 00206R102 233 6,522 SH SOLE 6,522 0 0 AARONS INC CL A COMMON STOCKS 002535300 5,701 201,369 SH SOLE 201,369 0 0 ABAXIS INC COMMON STOCKS 002567105 69,818 1,886,986 SH SOLE 1,886,986 0 0 ABBOTT LABS COMMON STOCKS 002824100 567 8,788 SH SOLE 8,788 0 0 ADTRAN INC COM COMMON STOCKS 00738A106 45,049 1,492,170 SH SOLE 1,492,170 0 0 ADVANCE AUTO PARTS INC COMMON STOCKS 00751Y106 2,385 34,966 SH SOLE 34,966 0 0 ADVISORY BOARD CO COMMON STOCKS 00762W107 21,301 429,548 SH SOLE 429,548 0 0 AIRGAS INC COMMON STOCKS 009363102 1,974 23,499 SH SOLE 23,499 0 0 AMERICAN EXPRESS CO COMMON STOCKS 025816109 12,878 221,238 SH SOLE 221,238 0 0 AMPHENOL CORP NEW CL A COMMON STOCKS 032095101 27,216 495,554 SH SOLE 495,554 0 0 ANSYS INC COMMON STOCKS 03662Q105 126,212 1,999,869 SH SOLE 1,999,869 0 0 APACHE CORP COMMON STOCKS 037411105 6,085 69,239 SH SOLE 69,239 0 0 APPLE INC COMMON STOCKS 037833100 57,497 98,454 SH SOLE 98,454 0 0 APTARGROUP INC COMMON STOCKS 038336103 44,593 873,520 SH SOLE 873,520 0 0 ARES CAPITAL CORPORATION COMMON STOCKS 04010L103 1,562 97,879 SH SOLE 97,879 0 0 AUTOMATIC DATA PROCESSING COMMON STOCKS 053015103 345 6,206 SH SOLE 6,206 0 0 BP ADR COMMON STOCKS 055622104 555 13,701 SH SOLE 13,701 0 0 BADGER METER INC COMMON STOCKS 056525108 24,411 650,100 SH SOLE 650,100 0 0 BALCHEM CORPORATION COMMON STOCKS 057665200 18,618 570,926 SH SOLE 570,926 0 0 BARD C R INC COMMON STOCKS 067383109 1,493 13,894 SH SOLE 13,894 0 0 IPATH DJ UBS COMMODITY INDEX TOTAL ETF/ISHARE - 06738C778 2,474 61,579 SH SOLE 61,579 0 0 RET ETN EQUITY BARRICK GOLD CORPORATION COMMON STOCKS 067901108 6,859 182,573 SH SOLE 182,573 0 0 BECTON DICKINSON & CO COMMON STOCKS 075887109 12,147 162,508 SH SOLE 162,508 0 0 BED BATH & BEYOND INC COMMON STOCKS 075896100 14,832 240,006 SH SOLE 240,006 0 0 BERKSHIRE HATHAWAY INC CL A COMMON STOCKS 084670108 375 3 SH SOLE 3 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW COMMON STOCKS 084670702 354 4,250 SH SOLE 4,250 0 0 BLACKBAUD INC COMMON STOCKS 09227Q100 38,808 1,511,786 SH SOLE 1,511,786 0 0 BRITISH AMERICAN TOBACCO PLC COMMON STOCKS 110448107 555 5,437 SH SOLE 5,437 0 0 SPONSORED ADR BRITISH SKY BROADCASTING GRP COMMON STOCKS 111013108 395 9,037 SH SOLE 9,037 0 0 SPONSORED ADR BROWN & BROWN INC COMMON STOCKS 115236101 71,667 2,628,041 SH SOLE 2,628,041 0 0 BROWN FORMAN CORP CL B COMMON STOCKS 115637209 3,714 38,347 SH SOLE 38,347 0 0 C H ROBINSON WORLDWIDE INC COMMON STOCKS 12541W209 16,444 280,947 SH SOLE 280,947 0 0 CNOOC LIMITED SPONSORED ADR COMMON STOCKS 126132109 623 3,094 SH SOLE 3,094 0 0 CRH PLC COMMON STOCKS 12626K203 756 39,275 SH SOLE 39,275 0 0 CABOT MICROELECTRONICS CORP COMMON STOCKS 12709P103 32,167 1,101,236 SH SOLE 1,101,236 0 0 CAMERON INTERNATIONAL CORP COMMON STOCKS 13342B105 1,573 36,838 SH SOLE 36,838 0 0 CARBO CERAMICS INC COMMON STOCKS 140781105 33,872 441,447 SH SOLE 441,447 0 0 CASS INFORMATION SYSTEMS INC COMMON STOCKS 14808P109 36,505 906,952 SH SOLE 906,952 0 0 CHEFS WHSE INC COM COMMON STOCKS 163086101 365 20,228 SH SOLE 20,228 0 0 CHEVRON CORPORATION COMMON STOCKS 166764100 864 8,189 SH SOLE 8,189 0 0 CHINA CLEAN ENERGY INC COM COMMON STOCKS 16939E101 11 210,000 SH SOLE 210,000 0 0 CHOICE HOTELS INTERNATIONAL INC COMMON STOCKS 169905106 1,513 37,882 SH SOLE 37,882 0 0 THE CHUBB CORPORATION COMMON STOCKS 171232101 414 5,684 SH SOLE 5,684 0 0 CHUNGHWA TELECOM COM LTD SPON ADR NEW COMMON STOCKS 17133Q502 574 18,254 SH SOLE 18,254 0 0 CHURCH & DWIGHT CO COMMON STOCKS 171340102 21,952 395,752 SH SOLE 395,752 0 0 CINCINNATI FINANCIAL CORP COMMON STOCKS 172062101 250 6,569 SH SOLE 6,569 0 0 CLARCOR INC COMMON STOCKS 179895107 55,683 1,156,215 SH SOLE 1,156,215 0 0 COACH INC COMMON STOCKS 189754104 19,405 331,826 SH SOLE 331,826 0 0 COCA-COLA CO COMMON STOCKS 191216100 37,464 479,144 SH SOLE 479,144 0 0 COHEN & STEERS INC COMMON STOCKS 19247A100 86,212 2,498,185 SH SOLE 2,498,185 0 0 COLGATE-PALMOLIVE COMPANY COMMON STOCKS 194162103 28,789 276,552 SH SOLE 276,552 0 0 COMPUTER PROGRAMS AND SYSTEMS INC COMMON STOCKS 205306103 60,748 1,061,664 SH SOLE 1,061,664 0 0 CONOCOPHILLIPS COMMON STOCKS 20825C104 422 7,547 SH SOLE 7,547 0 0 COPART INC COMMON STOCKS 217204106 102,611 4,331,406 SH SOLE 4,331,406 0 0 CORPORATE EXECUTIVE BOARD CO COMMON STOCKS 21988R102 39,902 976,082 SH SOLE 976,082 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 ------------------------------------- -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- COSTCO WHOLESALE CORP COMMON STOCKS 22160K105 20,333 214,032 SH SOLE 214,032 0 0 DANAHER CORP COMMON STOCKS 235851102 12,876 247,226 SH SOLE 247,226 0 0 DEERE & CO COMMON STOCKS 244199105 7,125 88,107 SH SOLE 88,107 0 0 DENTSPLY INTERNATIONAL INC COMMON STOCKS 249030107 2,821 74,615 SH SOLE 74,615 0 0 DIAGEO PLC SPONSORED ADR COMMON STOCKS 25243Q205 9,770 94,792 SH SOLE 94,792 0 0 DONALDSON INC COMMON STOCKS 257651109 17,210 515,722 SH SOLE 515,722 0 0 DOVER CORP COMMON STOCKS 260003108 268 5,000 SH SOLE 5,000 0 0 DRESSER-RAND GROUP INC COMMON STOCKS 261608103 18,725 420,407 SH SOLE 420,407 0 0 EQT CORPORATION COMMON STOCKS 26884L109 2,538 47,316 SH SOLE 47,316 0 0 EATON VANCE CORP COMMON STOCKS 278265103 37,413 1,388,237 SH SOLE 1,388,237 0 0 EMERSON ELEC CO COMMON STOCKS 291011104 22,548 484,061 SH SOLE 484,061 0 0 ENTERTAINMENT PROPERTIES TRUST COMMON STOCKS 29380T105 27,797 676,165 SH SOLE 676,165 0 0 EQUIFAX INC COMMON STOCKS 294429105 986 21,167 SH SOLE 21,167 0 0 EXPEDITORS INTERNATIONAL OF COMMON STOCKS 302130109 16,415 423,601 SH SOLE 423,601 0 0 WASHINGTON INC EXPONENT INC COMMON STOCKS 30214U102 64,925 1,228,935 SH SOLE 1,228,935 0 0 EXXON MOBIL CORPORATION COMMON STOCKS 30231G102 16,238 189,767 SH SOLE 189,767 0 0 FLIR SYSTEMS INC COMMON STOCKS 302445101 11,290 578,993 SH SOLE 578,993 0 0 FMC TECHNOLOGIES INC COMMON STOCKS 30249U101 1,395 35,557 SH SOLE 35,557 0 0 FACTSET RESEARCH SYSTEMS INC COMMON STOCKS 303075105 63,975 688,350 SH SOLE 688,350 0 0 FASTENAL COMPANY COMMON STOCKS 311900104 7,045 174,760 SH SOLE 174,760 0 0 FEDERATED INVESTORS INC CL B COMMON STOCKS 314211103 91,282 4,177,650 SH SOLE 4,177,650 0 0 FEDEX CORP COMMON STOCKS 31428X106 495 5,400 SH SOLE 5,400 0 0 FINANCIAL ENGINES INC COM COMMON STOCKS 317485100 9,254 431,420 SH SOLE 431,420 0 0 FIRST CASH FINL SVCS INC COM COMMON STOCKS 31942D107 61,762 1,537,512 SH SOLE 1,537,512 0 0 FRANKLIN RESOURCES INC COMMON STOCKS 354613101 12,250 110,372 SH SOLE 110,372 0 0 GARTNER GROUP INC NEW CL A COMMON STOCKS 366651107 1,676 38,941 SH SOLE 38,941 0 0 GENERAL ELECTRIC COMPANY COMMON STOCKS 369604103 811 38,909 SH SOLE 38,909 0 0 GENUINE PARTS CO COMMON STOCKS 372460105 7,720 128,127 SH SOLE 128,127 0 0 GLAXOSMITHKLINE ADR COMMON STOCKS 37733W105 798 17,508 SH SOLE 17,508 0 0 GRACO INC COMMON STOCKS 384109104 55,602 1,206,647 SH SOLE 1,206,647 0 0 HAEMONETICS CORP COMMON STOCKS 405024100 67,870 915,802 SH SOLE 915,802 0 0 HANG SENG BK LTD ADR SPONSORED COMMON STOCKS 41043C304 877 64,170 SH SOLE 64,170 0 0 HEARTLAND EXPRESS INC COMMON STOCKS 422347104 4,385 306,433 SH SOLE 306,433 0 0 HEICO CORPORATION CL A COMMON STOCKS 422806208 9,676 299,952 SH SOLE 299,952 0 0 HEINZ H J COMPANY COMMON STOCKS 423074103 11,867 218,226 SH SOLE 218,226 0 0 JACK HENRY & ASSOCIATES INC COMMON STOCKS 426281101 152,873 4,428,545 SH SOLE 4,428,545 0 0 HERSHEY FOODS CORP COMMON STOCKS 427866108 403 5,600 SH SOLE 5,600 0 0 HIBBETT SPORTS INC COM COMMON STOCKS 428567101 6,425 111,336 SH SOLE 111,336 0 0 HILLENBRAND INC COMMON STOCKS 431571108 68,526 3,728,305 SH SOLE 3,728,305 0 0 HITTITE MICROWAVE CORP COMMON STOCKS 43365Y104 89,262 1,746,135 SH SOLE 1,746,135 0 0 HORMEL FOODS CORP COMMON STOCKS 440452100 9,384 308,473 SH SOLE 308,473 0 0 ILLINOIS TOOL WORKS INC COMMON STOCKS 452308109 434 8,213 SH SOLE 8,213 0 0 INTERNATIONAL BUSINESS MACHINES CO COMMON STOCKS 459200101 690 3,530 SH SOLE 3,530 0 0 INTERNATIONAL FLAVORS AND FRAGRANCES COMMON STOCKS 459506101 9,040 164,964 SH SOLE 164,964 0 0 INC INTUIT INC COMMON STOCKS 461202103 1,906 32,108 SH SOLE 32,108 0 0 INTUITIVE SURGICAL INC COMMON STOCKS 46120E602 25,985 46,922 SH SOLE 46,922 0 0 ISHARES MSCI BRIC INDEX FUND ETF/ISHARE - 464286657 385 10,726 SH SOLE 10,726 0 0 EQUITY ISHARES MSCI SINGAPORE INDEX FUND ETF/ISHARE - 464286673 1,708 138,662 SH SOLE 138,662 0 0 EQUITY ISHARES MSCI TAIWAN INDEX FUND ETF/ISHARE - 464286731 788 64,408 SH SOLE 64,408 0 0 EQUITY ISHARES MSCI MALAYSIA INDEX FUND ETF/ISHARE - 464286830 1,867 130,843 SH SOLE 130,843 0 0 EQUITY ISHARES FTSE/XINHUA CHINA 25 INDEX ETF/ISHARE - 464287184 520 15,450 SH SOLE 15,450 0 0 FUND EQUITY ISHARES S&P 500 INDEX FUND ETF/ISHARE - 464287200 1,959 14,326 SH SOLE 14,326 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 638 5,729 SH SOLE 5,729 0 0 FIXED ISHARES MSCI EMERGING MARKETS INDEX ETF/ISHARE - 464287234 4,827 123,339 SH SOLE 123,339 0 0 FUND EQUITY ISHARES IBOXX INVESTMENT GRADE ETF/ISHARE - 464287242 941 8,006 SH SOLE 8,006 0 0 CORPORATE BD FIXED ISHARES MSCI EAFE INDEX FUND ETF/ISHARE - 464287465 1,984 39,706 SH SOLE 39,706 0 0 EQUITY ISHARES RUSSELL MIDCAP VALUE INDEX ETF/ISHARE - 464287473 260 5,610 SH SOLE 5,610 0 0 FUND EQUITY ISHARES RUSSELL MIDCAP INDEX FUND ETF/ISHARE - 464287499 4,654 44,176 SH SOLE 44,176 0 0 EQUITY ISHARES NASDAQ BIOTECHNOLOGY INDEX ETF/ISHARE - 464287556 561 4,315 SH SOLE 4,315 0 0 FUND EQUITY ISHARES COHEN & STEERS REALTY MAJ ETF/ISHARE - 464287564 3,664 46,589 SH SOLE 46,589 0 0 INDEX FD EQUITY ISHARES RUSSELL 1000 VALUE INDEX FUND ETF/ISHARE - 464287598 2,031 29,765 SH SOLE 29,765 0 0 EQUITY ISHARES RUSSELL 1000 GROWTH INDEX ETF/ISHARE - 464287614 5,163 81,652 SH SOLE 81,652 0 0 FUND EQUITY ISHARES RUSSELL 1000 INDEX FUND ETF/ISHARE - 464287622 2,135 28,382 SH SOLE 28,382 0 0 EQUITY ISHARES RUSSELL 2000 INDEX FUND ETF/ISHARE - 464287655 6,726 84,540 SH SOLE 84,540 0 0 EQUITY ISHARES RUSSELL 3000 GROWTH INDEX ETF/ISHARE - 464287671 217 4,215 SH SOLE 4,215 0 0 FUND EQUITY ISHARES RUSSELL 3000 INDEX FUND ETF/ISHARE - 464287689 723 8,994 SH SOLE 8,994 0 0 EQUITY ISHARES DJ US HEALTHCARE SEC INDEX FD ETF/ISHARE - 464287762 921 11,582 SH SOLE 11,582 0 0 EQUITY ISHARES AGENCY BOND FUND ETF/ISHARE - 464288166 206 1,817 SH SOLE 1,817 0 0 FIXED ISHARES S&P CALIFORNIA MUNICIPAL ETF/ISHARE - 464288356 1,810 15,960 SH SOLE 15,960 0 0 BOND FUND FIXED ISHARES S&P NATL AMT-FREE MUNI BOND ETF/ISHARE - 464288414 769 6,983 SH SOLE 6,983 0 0 FUND FIXED ISHARES IBOXX HIGH YLD CORPORATE ETF/ISHARE - 464288513 3,903 42,751 SH SOLE 42,751 0 0 BOND FD FIXED ISHARES BARCLAYS MBS BOND FUND ETF/ISHARE - 464288588 1,431 13,200 SH SOLE 13,200 0 0 FIXED ISHARES BARCLAYS INTERMEDIATE GOV ETF/ISHARE - 464288612 719 6,410 SH SOLE 6,410 0 0 CREDIT BD FIXED ISHARES BARCLAYS INTERMEDIATE CREDIT ETF/ISHARE - 464288638 373 3,415 SH SOLE 3,415 0 0 BD FD FIXED ISHARES BARCLAYS 1-3YR CREDIT BOND ETF/ISHARE - 464288646 2,278 21,754 SH SOLE 21,754 0 0 FUND FIXED ISHARES S&P GLOBAL UTILITIES ETF/ISHARE - 464288711 1,834 43,635 SH SOLE 43,635 0 0 EQUITY JPMORGAN CHASE & CO COMMON STOCKS 46625H100 322 9,004 SH SOLE 9,004 0 0 JPMORGAN ALERIAN MLP INDEX ETN ETF/ISHARE - 46625H365 2,944 75,953 SH SOLE 75,953 0 0 EQUITY JOHNSON & JOHNSON COMMON STOCKS 478160104 13,514 200,028 SH SOLE 200,028 0 0 KAYNE ANDERSON MLP INVT CO - KYN ETF/ISHARE - 486606106 25,624 832,763 SH SOLE 832,763 0 0 EQUITY KAYNE ANDERSON ENERGY TOT RET FD - ETF/ISHARE - 48660P104 3,875 146,663 SH SOLE 146,663 0 0 KYE EQUITY KAYNE ANDERSON ENERGY DEV CO - KED ETF/ISHARE - 48660Q102 3,092 124,463 SH SOLE 124,463 0 0 EQUITY KAYNE ANDERSON MDSTM ENERGY COM ETF/ISHARE - 48661E108 2,518 94,404 SH SOLE 94,404 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 ------------------------------------- -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- KIMBERLY CLARK CORPORATION COMMON STOCKS 494368103 7,964 95,066 SH SOLE 95,066 0 0 LANDSTAR SYSTEM INC COMMON STOCKS 515098101 128,620 2,486,847 SH SOLE 2,486,847 0 0 LINCOLN ELECTRIC HOLDINGS INC COMMON STOCKS 533900106 86,518 1,975,744 SH SOLE 1,975,744 0 0 LORILLARD INC COMMON STOCKS 544147101 17,463 132,342 SH SOLE 132,342 0 0 MSC INDUSTRIAL DIRECT CO INC - A COMMON STOCKS 553530106 33,478 510,725 SH SOLE 510,725 0 0 MSCI INC CL A COMMON STOCKS 55354G100 2,787 81,917 SH SOLE 81,917 0 0 MAKITA CORP ADR COMMON STOCKS 560877300 1,330 37,964 SH SOLE 37,964 0 0 MATTEL INC COMMON STOCKS 577081102 10,351 319,082 SH SOLE 319,082 0 0 MCDONALDS CORP COMMON STOCKS 580135101 14,964 169,024 SH SOLE 169,024 0 0 MEAD JOHNSON NUTRITION CO COM CL A COMMON STOCKS 582839106 1,038 12,896 SH SOLE 12,896 0 0 MERCADOLIBRE INC COM COMMON STOCKS 58733R102 11,424 150,718 SH SOLE 150,718 0 0 MERCK & COMPANY COMMON STOCKS 58933Y105 494 11,832 SH SOLE 11,832 0 0 MESA LABS INC COM COMMON STOCKS 59064R109 1,994 42,892 SH SOLE 42,892 0 0 MICROS SYS INC COMMON STOCKS 594901100 1,308 25,542 SH SOLE 25,542 0 0 MICROSOFT CORP COMMON STOCKS 594918104 17,565 574,200 SH SOLE 574,200 0 0 MICROCHIP TECHNOLOGY INC COMMON STOCKS 595017104 21,637 654,088 SH SOLE 654,088 0 0 MITSUBISHI ELEC CORP ADR COMMON STOCKS 606776201 1,364 82,442 SH SOLE 82,442 0 0 MONRO MUFFLER BRAKE INC COM COMMON STOCKS 610236101 5,708 171,730 SH SOLE 171,730 0 0 MORNINGSTAR INC COMMON STOCKS 617700109 9,057 156,583 SH SOLE 156,583 0 0 NVE CORP COM NEW COMMON STOCKS 629445206 8,054 149,843 SH SOLE 149,843 0 0 NVR INC COMMON STOCKS 62944T105 972 1,143 SH SOLE 1,143 0 0 NATIONAL BEVERAGE CORP COM COMMON STOCKS 635017106 27,572 1,845,533 SH SOLE 1,845,533 0 0 NATIONAL GRID PLC SPON ADR COMMON STOCKS 636274300 504 9,509 SH SOLE 9,509 0 0 NATIONAL INSTRUMENTS CORPORATION COMMON STOCKS 636518102 17,337 645,468 SH SOLE 645,468 0 0 NATIONAL-OILWELL VARCO INC COMMON STOCKS 637071101 28,455 441,576 SH SOLE 441,576 0 0 NATIONAL RESEARCH CORP COMMON STOCKS 637372103 19,419 370,938 SH SOLE 370,938 0 0 NIKE INC CL B COMMON STOCKS 654106103 16,695 190,196 SH SOLE 190,196 0 0 NORDSON CORP COMMON STOCKS 655663102 9,297 181,267 SH SOLE 181,267 0 0 NOVARTIS AG ADR COMMON STOCKS 66987V109 9,331 166,929 SH SOLE 166,929 0 0 OMNICOM GROUP COMMON STOCKS 681919106 11,742 241,606 SH SOLE 241,606 0 0 OMEGA FLEX INC COMMON STOCKS 682095104 2,298 192,970 SH SOLE 192,970 0 0 ORACLE CORP COMMON STOCKS 68389X105 17,346 584,038 SH SOLE 584,038 0 0 OWENS & MINOR INC COMMON STOCKS 690732102 133,209 4,348,967 SH SOLE 4,348,967 0 0 PNC FINANCIAL CORP COMMON STOCKS 693475105 14,172 231,916 SH SOLE 231,916 0 0 PPG INDUSTRIES INC COMMON STOCKS 693506107 9,217 86,850 SH SOLE 86,850 0 0 PEPSICO INC COMMON STOCKS 713448108 1,032 14,605 SH SOLE 14,605 0 0 PERRIGO COMPANY COMMON STOCKS 714290103 16,474 139,695 SH SOLE 139,695 0 0 PLAINS ALL AMER PIPELINE L UNIT L P COMMON STOCKS 726503105 305 3,769 SH SOLE 3,769 0 0 INT POOL CORP COMMON STOCKS 73278L105 103,741 2,564,038 SH SOLE 2,564,038 0 0 PRAXAIR INC COMMON STOCKS 74005P104 19,742 181,566 SH SOLE 181,566 0 0 PRECISION CASTPARTS CORP COM COMMON STOCKS 740189105 11,767 71,536 SH SOLE 71,536 0 0 T ROWE PRICE GROUP INC COMMON STOCKS 74144T108 26,181 415,842 SH SOLE 415,842 0 0 PRICELINE INC COMMON STOCKS 741503403 16,087 24,209 SH SOLE 24,209 0 0 PRICESMART INC COM COMMON STOCKS 741511109 10,531 155,987 SH SOLE 155,987 0 0 PROCTER & GAMBLE COMPANY COMMON STOCKS 742718109 803 13,105 SH SOLE 13,105 0 0 QUALCOMM INC COMMON STOCKS 747525103 25,195 452,503 SH SOLE 452,503 0 0 QUALITY SYSTEMS INC COMMON STOCKS 747582104 1,714 62,308 SH SOLE 62,308 0 0 QUESTAR CORP COM COMMON STOCKS 748356102 3,549 170,126 SH SOLE 170,126 0 0 RLI CORP COMMON STOCKS 749607107 103,911 1,523,621 SH SOLE 1,523,621 0 0 RBC BEARINGS INC COMMON STOCKS 75524B104 47,612 1,006,606 SH SOLE 1,006,606 0 0 REALTY INCOME CORP COMMON STOCKS 756109104 1,290 30,890 SH SOLE 30,890 0 0 REED ELSEVIER N V SPONS ADR COMMON STOCKS 758204200 1,208 53,034 SH SOLE 53,034 0 0 RIO TINTO PLC SPONSORED ADR COMMON STOCKS 767204100 553 11,566 SH SOLE 11,566 0 0 ROCKWELL COLLINS INC COMMON STOCKS 774341101 1,469 29,767 SH SOLE 29,767 0 0 ROLLINS INC COMMON STOCKS 775711104 29,207 1,305,639 SH SOLE 1,305,639 0 0 ROPER INDUSTRIES INC COMMON STOCKS 776696106 16,678 169,181 SH SOLE 169,181 0 0 ROSS STORES INC COMMON STOCKS 778296103 36,727 587,912 SH SOLE 587,912 0 0 ROYAL DUTCH SHELL PLC SPONSORED ADR B COMMON STOCKS 780259107 792 11,324 SH SOLE 11,324 0 0 ROYAL DUTCH SHELL PLC SPONSORED ADR A COMMON STOCKS 780259206 1,688 25,037 SH SOLE 25,037 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 ------------------------------------- -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- SPDR GOLD TRUST ETF/ISHARE - 78463V107 7,920 51,034 SH SOLE 51,034 0 0 EQUITY SALESFORCE COM INC COM COMMON STOCKS 79466L302 8,341 60,331 SH SOLE 60,331 0 0 SANOFI-AVENTIS SPON ADR COMMON STOCKS 80105N105 1,482 39,219 SH SOLE 39,219 0 0 SAP AG SPONSORED ADR COMMON STOCKS 803054204 1,135 19,115 SH SOLE 19,115 0 0 SCANSOURCE INC COMMON STOCKS 806037107 8,385 273,666 SH SOLE 273,666 0 0 SCHLUMBERGER LIMITED COMMON STOCKS 806857108 16,583 255,474 SH SOLE 255,474 0 0 SIGMA ALDRICH CORP COMMON STOCKS 826552101 26,462 357,933 SH SOLE 357,933 0 0 SILGAN HOLDINGS INC COMMON STOCKS 827048109 10,676 250,087 SH SOLE 250,087 0 0 SIRONA DENTAL SYSTEMS INC COM COMMON STOCKS 82966C103 37,337 829,517 SH SOLE 829,517 0 0 SOLARWINDS INC COM COMMON STOCKS 83416B109 1,180 27,091 SH SOLE 27,091 0 0 STATE STREET CORP COMMON STOCKS 857477103 416 9,320 SH SOLE 9,320 0 0 STERICYCLE INC COMMON STOCKS 858912108 3,141 34,260 SH SOLE 34,260 0 0 SYNGENTA AG ADR COMMON STOCKS 87160A100 346 5,050 SH SOLE 5,050 0 0 SYNTEL INC COMMON STOCKS 87162H103 59,400 978,583 SH SOLE 978,583 0 0 SYSCO CORP COMMON STOCKS 871829107 278 9,338 SH SOLE 9,338 0 0 THE TJX COMPANIES INC COMMON STOCKS 872540109 15,732 366,447 SH SOLE 366,447 0 0 TECHNE CORP COMMON STOCKS 878377100 98,770 1,331,127 SH SOLE 1,331,127 0 0 TERADATA CORP COMMON STOCKS 88076W103 15,321 212,757 SH SOLE 212,757 0 0 TEVA PHARMACEUTICAL INDS ADR COMMON STOCKS 881624209 1,272 32,244 SH SOLE 32,244 0 0 3M COMPANY COMMON STOCKS 88579Y101 13,538 151,090 SH SOLE 151,090 0 0 TORO CO COMMON STOCKS 891092108 29,821 813,743 SH SOLE 813,743 0 0 TOTAL SA SPONSORED ADR COMMON STOCKS 89151E109 2,011 44,747 SH SOLE 44,747 0 0 THE TRAVELERS COMPANIES INC COMMON STOCKS 89417E109 14,378 225,217 SH SOLE 225,217 0 0 U S BANCORP COMMON STOCKS 902973304 10,457 325,141 SH SOLE 325,141 0 0 UNILEVER N V ADR COMMON STOCKS 904784709 1,180 35,375 SH SOLE 35,375 0 0 UNION PACIFIC CORPORATION COMMON STOCKS 907818108 13,051 109,386 SH SOLE 109,386 0 0 VCA ANTECH INC COMMON STOCKS 918194101 12,349 561,841 SH SOLE 561,841 0 0 VF CORPORATION COMMON STOCKS 918204108 9,162 68,651 SH SOLE 68,651 0 0 VANGUARD EMERGING MARKETS ETF ETF/ISHARE - 922042858 9,287 232,580 SH SOLE 232,580 0 0 EQUITY VARIAN MED SYS INC COMMON STOCKS 92220P105 2,896 47,655 SH SOLE 47,655 0 0 VERSUS TECHNOLOGY INC COMMON STOCKS 925313108 4 100,000 SH SOLE 100,000 0 0 VISA INC CL A COMMON STOCKS 92826C839 23,817 192,646 SH SOLE 192,646 0 0 VODAFONE GROUP INC COMMON STOCKS 92857W209 999 35,444 SH SOLE 35,444 0 0 WD-40 COMPANY COMMON STOCKS 929236107 66,519 1,335,460 SH SOLE 1,335,460 0 0 WAL MART STORES INC COMMON STOCKS 931142103 1,475 21,156 SH SOLE 21,156 0 0 WALGREEN COMPANY COMMON STOCKS 931422109 554 18,739 SH SOLE 18,739 0 0 WATERS CORP COMMON STOCKS 941848103 21,036 264,708 SH SOLE 264,708 0 0 WELLS FARGO & CO COMMON STOCKS 949746101 275 8,230 SH SOLE 8,230 0 0 WESTAMERICA BANCORPORATION COMMON STOCKS 957090103 34,331 727,498 SH SOLE 727,498 0 0 WESTERN UNION COMPANY COMMON STOCKS 959802109 9,431 560,028 SH SOLE 560,028 0 0 JOHN WILEY & SONS COMMON STOCKS 968223206 86,468 1,765,017 SH SOLE 1,765,017 0 0 WOLVERINE WORLD WIDE INC COMMON STOCKS 978097103 16,255 419,162 SH SOLE 419,162 0 0 WORLD FUEL SERVICES CORPORATION COMMON STOCKS 981475106 75,365 1,981,718 SH SOLE 1,981,718 0 0 XILINX INC COMMON STOCKS 983919101 22,391 667,008 SH SOLE 667,008 0 0 YOUNG INNOVATIONS INC COMMON STOCKS 987520103 18,097 524,712 SH SOLE 524,712 0 0 ACCENTURE PLC CL A COMMON STOCKS G1151C101 14,024 233,390 SH SOLE 233,390 0 0 CLICKSOFTWARE TECHNOLOGIES LTD COMMON STOCKS M25082104 5,332 659,060 SH SOLE 659,060 0 0 CORE LABORATORIES N V COMMON STOCKS N22717107 13,977 120,595 SH SOLE 120,595 0 0 STEINER LEISURE LIMITED COMMON STOCKS P8744Y102 45,341 976,959 SH SOLE 976,959 0 0