0001140361-12-005882.txt : 20120207 0001140361-12-005882.hdr.sgml : 20120207 20120207161032 ACCESSION NUMBER: 0001140361-12-005882 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120207 DATE AS OF CHANGE: 20120207 EFFECTIVENESS DATE: 20120207 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: 12578054 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: 12/31/2011 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 2/7/2012 --------------------------------- --------------------------------- ---------- [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: 242 Form 13F Information Table Value Total: $ 3,860,481 -------------- (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 6,605 322,373 SH SOLE 322,373 0 0 AFLAC INC COMMON STOCKS 001055102 1,042 24,087 SH SOLE 24,087 0 0 AGL RESOURCES INC COMMON STOCKS 001204106 9,150 216,523 SH SOLE 216,523 0 0 AARONS INC CL A COMMON STOCKS 002535300 5,691 213,308 SH SOLE 213,308 0 0 ABAXIS INC COMMON STOCKS 002567105 50,010 1,807,383 SH SOLE 1,807,383 0 0 ABBOTT LABS COMMON STOCKS 002824100 494 8,788 SH SOLE 8,788 0 0 ADTRAN INC COM COMMON STOCKS 00738A106 38,522 1,277,257 SH SOLE 1,277,257 0 0 ADVANCE AUTO PARTS INC COMMON STOCKS 00751Y106 1,396 20,042 SH SOLE 20,042 0 0 ADVISORY BOARD CO COMMON STOCKS 00762W107 14,708 198,192 SH SOLE 198,192 0 0 AIR LIQUIDE ADR COMMON STOCKS 009126202 1,047 42,180 SH SOLE 42,180 0 0 AMERICAN EXPRESS CO COMMON STOCKS 025816109 8,087 171,446 SH SOLE 171,446 0 0 AMPHENOL CORP NEW CL A COMMON STOCKS 032095101 21,513 473,956 SH SOLE 473,956 0 0 ANSYS INC COMMON STOCKS 03662Q105 105,788 1,846,864 SH SOLE 1,846,864 0 0 APACHE CORP COMMON STOCKS 037411105 8,336 92,030 SH SOLE 92,030 0 0 APPLE INC COMMON STOCKS 037833100 29,819 73,628 SH SOLE 73,628 0 0 APTARGROUP INC COMMON STOCKS 038336103 26,139 501,041 SH SOLE 501,041 0 0 ARES CAPITAL CORPORATION COMMON STOCKS 04010L103 47,124 3,050,125 SH SOLE 3,050,125 0 0 AUTOMATIC DATA PROCESSING COMMON STOCKS 053015103 357 6,606 SH SOLE 6,606 0 0 BP ADR COMMON STOCKS 055622104 461 10,790 SH SOLE 10,790 0 0 BADGER METER INC COMMON STOCKS 056525108 17,661 600,109 SH SOLE 600,109 0 0 BALCHEM CORPORATION COMMON STOCKS 057665200 20,016 493,745 SH SOLE 493,745 0 0 BARD C R INC COMMON STOCKS 067383109 4,427 51,775 SH SOLE 51,775 0 0 IPATH DJ UBS COMMODITY INDEX TOTAL ETF/ISHARE - 06738C778 2,036 48,207 SH SOLE 48,207 0 0 RET ETN EQUITY BARRICK GOLD CORPORATION COMMON STOCKS 067901108 6,862 151,637 SH SOLE 151,637 0 0 BECTON DICKINSON & CO COMMON STOCKS 075887109 10,022 134,129 SH SOLE 134,129 0 0 BED BATH & BEYOND INC COMMON STOCKS 075896100 15,482 267,062 SH SOLE 267,062 0 0 BERKSHIRE HATHAWAY INC CL A COMMON STOCKS 084670108 689 6 SH SOLE 6 0 0 BERKSHIRE HATHAWAY INC DEL CL B NEW COMMON STOCKS 084670702 324 4,250 SH SOLE 4,250 0 0 BLACKBAUD INC COMMON STOCKS 09227Q100 64,250 2,319,484 SH SOLE 2,319,484 0 0 BRITISH AMERICAN TOBACCO PLC COMMON STOCKS 110448107 441 4,651 SH SOLE 4,651 0 0 SPONSORED ADR BRITISH SKY BROADCASTING GRP COMMON STOCKS 111013108 345 7,585 SH SOLE 7,585 0 0 SPONSORED ADR BROWN & BROWN INC COMMON STOCKS 115236101 71,454 3,157,501 SH SOLE 3,157,501 0 0 BROWN FORMAN CORP CL B COMMON STOCKS 115637209 491 6,101 SH SOLE 6,101 0 0 C H ROBINSON WORLDWIDE INC COMMON STOCKS 12541W209 9,099 130,397 SH SOLE 130,397 0 0 CNOOC LIMITED SPONSORED ADR COMMON STOCKS 126132109 467 2,672 SH SOLE 2,672 0 0 CRH PLC COMMON STOCKS 12626K203 602 30,366 SH SOLE 30,366 0 0 CABOT MICROELECTRONICS CORP COMMON STOCKS 12709P103 46,557 985,334 SH SOLE 985,334 0 0 CARBO CERAMICS INC COMMON STOCKS 140781105 43,113 349,572 SH SOLE 349,572 0 0 CASS INFORMATION SYSTEMS INC COMMON STOCKS 14808P109 28,570 785,112 SH SOLE 785,112 0 0 CHEROKEE INC COMMON STOCKS 16444H102 6,903 591,485 SH SOLE 591,485 0 0 CHEVRON CORPORATION COMMON STOCKS 166764100 304 2,854 SH SOLE 2,854 0 0 CHOICE HOTELS INTERNATIONAL INC COMMON STOCKS 169905106 11,655 306,298 SH SOLE 306,298 0 0 THE CHUBB CORPORATION COMMON STOCKS 171232101 393 5,684 SH SOLE 5,684 0 0 CHUNGHWA TELECOM COM LTD SPON ADR NEW COMMON STOCKS 17133Q502 523 15,720 SH SOLE 15,720 0 0 CHURCH & DWIGHT CO COMMON STOCKS 171340102 16,881 368,906 SH SOLE 368,906 0 0 CISCO SYSTEMS INC COMMON STOCKS 17275R102 4,060 224,580 SH SOLE 224,580 0 0 CLARCOR INC COMMON STOCKS 179895107 52,452 1,049,255 SH SOLE 1,049,255 0 0 COACH INC COMMON STOCKS 189754104 18,073 296,088 SH SOLE 296,088 0 0 COCA-COLA CO COMMON STOCKS 191216100 23,730 339,142 SH SOLE 339,142 0 0 COHEN & STEERS INC COMMON STOCKS 19247A100 70,307 2,432,774 SH SOLE 2,432,774 0 0 COLGATE-PALMOLIVE COMPANY COMMON STOCKS 194162103 17,531 189,750 SH SOLE 189,750 0 0 COMPUTER PROGRAMS AND SYSTEMS INC COMMON STOCKS 205306103 36,519 714,522 SH SOLE 714,522 0 0 COMPUTER SERVICES INC COMMON STOCKS 20539A105 20,219 709,447 SH SOLE 709,447 0 0 COMPUTERSHARE LTD SPONSORED ADR COMMON STOCKS 20557R105 1,091 132,866 SH SOLE 132,866 0 0 CONOCOPHILLIPS COMMON STOCKS 20825C104 200 2,747 SH SOLE 2,747 0 0 COPART INC COMMON STOCKS 217204106 100,496 2,098,468 SH SOLE 2,098,468 0 0 CORPORATE EXECUTIVE BOARD CO COMMON STOCKS 21988R102 20,030 525,727 SH SOLE 525,727 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 18,995 227,974 SH SOLE 227,974 0 0 DANAHER CORP COMMON STOCKS 235851102 11,266 239,489 SH SOLE 239,489 0 0 DEERE & CO COMMON STOCKS 244199105 4,179 54,032 SH SOLE 54,032 0 0 DENTSPLY INTERNATIONAL INC COMMON STOCKS 249030107 1,430 40,875 SH SOLE 40,875 0 0 DIAGEO PLC SPONSORED ADR COMMON STOCKS 25243Q205 6,409 73,311 SH SOLE 73,311 0 0 DONALDSON INC COMMON STOCKS 257651109 14,255 209,381 SH SOLE 209,381 0 0 DOVER CORP COMMON STOCKS 260003108 290 5,000 SH SOLE 5,000 0 0 DRESSER-RAND GROUP INC COMMON STOCKS 261608103 16,247 325,528 SH SOLE 325,528 0 0 EQT CORPORATION COMMON STOCKS 26884L109 1,529 27,914 SH SOLE 27,914 0 0 EATON VANCE CORP COMMON STOCKS 278265103 11,281 477,187 SH SOLE 477,187 0 0 EMERSON ELEC CO COMMON STOCKS 291011104 22,126 474,911 SH SOLE 474,911 0 0 ENTERTAINMENT PROPERTIES TRUST COMMON STOCKS 29380T105 25,686 587,641 SH SOLE 587,641 0 0 EQUIFAX INC COMMON STOCKS 294429105 1,732 44,719 SH SOLE 44,719 0 0 EXPEDITORS INTERNATIONAL OF COMMON STOCKS 302130109 8,690 212,167 SH SOLE 212,167 0 0 WASHINGTON INC EXPONENT INC COMMON STOCKS 30214U102 51,592 1,122,304 SH SOLE 1,122,304 0 0 EXXON MOBIL CORPORATION COMMON STOCKS 30231G102 34,959 412,443 SH SOLE 412,443 0 0 FLIR SYSTEMS INC COMMON STOCKS 302445101 7,241 288,843 SH SOLE 288,843 0 0 FACTSET RESEARCH SYSTEMS INC COMMON STOCKS 303075105 41,539 475,933 SH SOLE 475,933 0 0 FASTENAL COMPANY COMMON STOCKS 311900104 11,985 274,814 SH SOLE 274,814 0 0 FEDERATED INVESTORS INC CL B COMMON STOCKS 314211103 69,803 4,607,459 SH SOLE 4,607,459 0 0 FEDEX CORP COMMON STOCKS 31428X106 451 5,400 SH SOLE 5,400 0 0 FINANCIAL ENGINES INC COM COMMON STOCKS 317485100 8,816 394,813 SH SOLE 394,813 0 0 FIRST CASH FINL SVCS INC COM COMMON STOCKS 31942D107 46,567 1,327,085 SH SOLE 1,327,085 0 0 FRANKLIN RESOURCES INC COMMON STOCKS 354613101 5,369 55,892 SH SOLE 55,892 0 0 GENERAL DYNAMICS CORP COMMON STOCKS 369550108 8,009 120,606 SH SOLE 120,606 0 0 GENERAL ELECTRIC COMPANY COMMON STOCKS 369604103 697 38,919 SH SOLE 38,919 0 0 GENUINE PARTS CO COMMON STOCKS 372460105 4,823 78,813 SH SOLE 78,813 0 0 GLAXOSMITHKLINE ADR COMMON STOCKS 37733W105 657 14,404 SH SOLE 14,404 0 0 GOLUB CAP BDC INC COM COMMON STOCKS 38173M102 9,838 634,681 SH SOLE 634,681 0 0 GOOGLE INC CL A COMMON STOCKS 38259P508 245 380 SH SOLE 380 0 0 GRACO INC COMMON STOCKS 384109104 42,707 1,044,437 SH SOLE 1,044,437 0 0 HAEMONETICS CORP COMMON STOCKS 405024100 50,990 832,893 SH SOLE 832,893 0 0 HEARTLAND EXPRESS INC COMMON STOCKS 422347104 4,938 345,563 SH SOLE 345,563 0 0 HEICO CORPORATION CL A COMMON STOCKS 422806208 10,514 267,191 SH SOLE 267,191 0 0 HEINZ H J COMPANY COMMON STOCKS 423074103 7,262 134,390 SH SOLE 134,390 0 0 JACK HENRY & ASSOCIATES INC COMMON STOCKS 426281101 127,123 3,782,300 SH SOLE 3,782,300 0 0 HERSHEY FOODS CORP COMMON STOCKS 427866108 346 5,600 SH SOLE 5,600 0 0 HIBBETT SPORTS INC COM COMMON STOCKS 428567101 7,096 157,055 SH SOLE 157,055 0 0 HILLENBRAND INC COMMON STOCKS 431571108 53,225 2,384,631 SH SOLE 2,384,631 0 0 HITTITE MICROWAVE CORP COMMON STOCKS 43365Y104 64,853 1,313,338 SH SOLE 1,313,338 0 0 ILLINOIS TOOL WORKS INC COMMON STOCKS 452308109 3,374 72,242 SH SOLE 72,242 0 0 INTERNATIONAL BUSINESS MACHINES CO COMMON STOCKS 459200101 435 2,366 SH SOLE 2,366 0 0 INTUIT INC COMMON STOCKS 461202103 1,897 36,072 SH SOLE 36,072 0 0 INTUITIVE SURGICAL INC COMMON STOCKS 46120E602 17,975 38,821 SH SOLE 38,821 0 0 ISHARES MSCI BRIC INDEX FUND ETF/ISHARE - 464286657 444 12,247 SH SOLE 12,247 0 0 EQUITY ISHARES MSCI SINGAPORE INDEX FUND ETF/ISHARE - 464286673 994 91,786 SH SOLE 91,786 0 0 EQUITY ISHARES MSCI TAIWAN INDEX FUND ETF/ISHARE - 464286731 634 54,179 SH SOLE 54,179 0 0 EQUITY ISHARES MSCI MALAYSIA INDEX FUND ETF/ISHARE - 464286830 1,460 108,989 SH SOLE 108,989 0 0 EQUITY ISHARES BARCLAYS US TREAS INFLA PROT ETF/ISHARE - 464287176 1,493 12,791 SH SOLE 12,791 0 0 SEC FD FIXED ISHARES FTSE/XINHUA CHINA 25 INDEX ETF/ISHARE - 464287184 599 17,185 SH SOLE 17,185 0 0 FUND EQUITY ISHARES S&P 500 INDEX FUND ETF/ISHARE - 464287200 2,258 17,923 SH SOLE 17,923 0 0 EQUITY ISHARES BARCLAYS AGGREGATE BOND FUND ETF/ISHARE - 464287226 416 3,777 SH SOLE 3,777 0 0 FIXED

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 MSCI EMERGING MARKETS INDEX ETF/ISHARE - 464287234 5,213 137,388 SH SOLE 137,388 0 0 FUND EQUITY ISHARES IBOXX INVESTMENT GRADE ETF/ISHARE - 464287242 920 8,089 SH SOLE 8,089 0 0 CORPORATE BD FIXED ISHARES MSCI EAFE INDEX FUND ETF/ISHARE - 464287465 2,525 50,972 SH SOLE 50,972 0 0 EQUITY ISHARES RUSSELL MIDCAP VALUE INDEX ETF/ISHARE - 464287473 243 5,610 SH SOLE 5,610 0 0 FUND EQUITY ISHARES RUSSELL MIDCAP INDEX FUND ETF/ISHARE - 464287499 4,201 42,687 SH SOLE 42,687 0 0 EQUITY ISHARES NASDAQ BIOTECHNOLOGY INDEX ETF/ISHARE - 464287556 455 4,360 SH SOLE 4,360 0 0 FUND EQUITY ISHARES COHEN & STEERS REALTY MAJ ETF/ISHARE - 464287564 1,996 28,428 SH SOLE 28,428 0 0 INDEX FD EQUITY ISHARES RUSSELL 1000 VALUE INDEX FUND ETF/ISHARE - 464287598 2,077 32,715 SH SOLE 32,715 0 0 EQUITY ISHARES RUSSELL 1000 GROWTH INDEX ETF/ISHARE - 464287614 4,633 80,177 SH SOLE 80,177 0 0 FUND EQUITY ISHARES RUSSELL 1000 INDEX FUND ETF/ISHARE - 464287622 2,050 29,546 SH SOLE 29,546 0 0 EQUITY ISHARES RUSSELL 2000 VALUE INDEX FUND ETF/ISHARE - 464287630 315 4,805 SH SOLE 4,805 0 0 EQUITY ISHARES RUSSELL 2000 INDEX FUND ETF/ISHARE - 464287655 2,060 27,929 SH SOLE 27,929 0 0 EQUITY ISHARES RUSSELL 3000 INDEX FUND ETF/ISHARE - 464287689 670 9,029 SH SOLE 9,029 0 0 EQUITY ISHARES DJ US HEALTHCARE SEC INDEX FD ETF/ISHARE - 464287762 752 10,505 SH SOLE 10,505 0 0 EQUITY ISHARES AGENCY BOND FUND ETF/ISHARE - 464288166 252 2,232 SH SOLE 2,232 0 0 FIXED ISHARES S&P CALIFORNIA MUNICIPAL ETF/ISHARE - 464288356 2,500 22,562 SH SOLE 22,562 0 0 BOND FUND FIXED ISHARES S&P NATL AMT-FREE MUNI BOND ETF/ISHARE - 464288414 911 8,412 SH SOLE 8,412 0 0 FUND FIXED ISHARES IBOXX HIGH YLD CORPORATE ETF/ISHARE - 464288513 1,644 18,380 SH SOLE 18,380 0 0 BOND FD FIXED ISHARES BARCLAYS INTERMEDIATE GOV ETF/ISHARE - 464288612 1,036 9,312 SH SOLE 9,312 0 0 CREDIT BD FIXED ISHARES BARCLAYS 1-3YR CREDIT BOND ETF/ISHARE - 464288646 2,922 28,042 SH SOLE 28,042 0 0 FUND FIXED ISHARES S&P GLOBAL UTILITIES ETF/ISHARE - 464288711 1,597 38,115 SH SOLE 38,115 0 0 EQUITY JPMORGAN CHASE & CO COMMON STOCKS 46625H100 6,612 198,855 SH SOLE 198,855 0 0 JPMORGAN ALERIAN MLP INDEX ETN ETF/ISHARE - 46625H365 2,369 60,792 SH SOLE 60,792 0 0 EQUITY JOHNSON & JOHNSON COMMON STOCKS 478160104 13,255 202,116 SH SOLE 202,116 0 0 KAYNE ANDERSON MLP INVT CO - KYN ETF/ISHARE - 486606106 21,433 705,716 SH SOLE 705,716 0 0 EQUITY KAYNE ANDERSON ENERGY TOT RET FD - ETF/ISHARE - 48660P104 3,820 150,911 SH SOLE 150,911 0 0 KYE EQUITY KAYNE ANDERSON ENERGY DEV CO - KED ETF/ISHARE - 48660Q102 2,541 118,698 SH SOLE 118,698 0 0 EQUITY KAYNE ANDERSON MDSTM ENERGY COM ETF/ISHARE - 48661E108 547 21,925 SH SOLE 21,925 0 0 EQUITY KELLOGG CO COMMON STOCKS 487836108 11,410 225,619 SH SOLE 225,619 0 0 KIMBERLY CLARK CORPORATION COMMON STOCKS 494368103 7,725 105,014 SH SOLE 105,014 0 0 LABORATORY CORP OF AMERICA HOLDINGS COMMON STOCKS 50540R409 16,359 190,289 SH SOLE 190,289 0 0 LANDSTAR SYSTEM INC COMMON STOCKS 515098101 116,073 2,422,215 SH SOLE 2,422,215 0 0 LINCOLN ELECTRIC HOLDINGS INC COMMON STOCKS 533900106 92,696 2,369,519 SH SOLE 2,369,519 0 0 LORILLARD INC COMMON STOCKS 544147101 14,233 124,847 SH SOLE 124,847 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 ------------------------------------- -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- MSC INDUSTRIAL DIRECT CO INC - A COMMON STOCKS 553530106 30,956 432,652 SH SOLE 432,652 0 0 MAKITA CORP ADR COMMON STOCKS 560877300 1,045 32,318 SH SOLE 32,318 0 0 MATTEL INC COMMON STOCKS 577081102 7,907 284,841 SH SOLE 284,841 0 0 MCCORMICK & COMPANY COMMON STOCKS 579780206 3,444 68,314 SH SOLE 68,314 0 0 MCDONALDS CORP COMMON STOCKS 580135101 24,088 240,089 SH SOLE 240,089 0 0 MERCADOLIBRE INC COM COMMON STOCKS 58733R102 7,127 89,597 SH SOLE 89,597 0 0 MERCK & COMPANY COMMON STOCKS 58933Y105 373 9,881 SH SOLE 9,881 0 0 MESA LABS INC COM COMMON STOCKS 59064R109 842 20,307 SH SOLE 20,307 0 0 METLIFE INC COMMON STOCKS 59156R108 6,634 212,770 SH SOLE 212,770 0 0 MICROSOFT CORP COMMON STOCKS 594918104 15,045 579,527 SH SOLE 579,527 0 0 MICROCHIP TECHNOLOGY INC COMMON STOCKS 595017104 18,614 508,162 SH SOLE 508,162 0 0 MITSUBISHI ELEC CORP ADR COMMON STOCKS 606776201 782 40,742 SH SOLE 40,742 0 0 MORNINGSTAR INC COMMON STOCKS 617700109 6,493 109,221 SH SOLE 109,221 0 0 NVE CORP COM NEW COMMON STOCKS 629445206 6,642 119,620 SH SOLE 119,620 0 0 NVR INC COMMON STOCKS 62944T105 2,314 3,373 SH SOLE 3,373 0 0 NATIONAL BEVERAGE CORP COM COMMON STOCKS 635017106 13,401 833,919 SH SOLE 833,919 0 0 NATIONAL GRID PLC SPON ADR COMMON STOCKS 636274300 377 7,779 SH SOLE 7,779 0 0 NATIONAL INSTRUMENTS CORPORATION COMMON STOCKS 636518102 12,638 487,022 SH SOLE 487,022 0 0 NATIONAL-OILWELL VARCO INC COMMON STOCKS 637071101 27,052 397,887 SH SOLE 397,887 0 0 NATIONAL RESEARCH CORP COMMON STOCKS 637372103 12,552 323,413 SH SOLE 323,413 0 0 NIKE INC CL B COMMON STOCKS 654106103 20,749 215,302 SH SOLE 215,302 0 0 NOVARTIS AG ADR COMMON STOCKS 66987V109 7,973 139,457 SH SOLE 139,457 0 0 OMNICOM GROUP COMMON STOCKS 681919106 9,794 219,694 SH SOLE 219,694 0 0 OMEGA FLEX INC COMMON STOCKS 682095104 2,380 168,440 SH SOLE 168,440 0 0 ORACLE CORP COMMON STOCKS 68389X105 17,403 678,479 SH SOLE 678,479 0 0 OWENS & MINOR INC COMMON STOCKS 690732102 93,778 3,374,534 SH SOLE 3,374,534 0 0 PNC FINANCIAL CORP COMMON STOCKS 693475105 8,613 149,349 SH SOLE 149,349 0 0 PPG INDUSTRIES INC COMMON STOCKS 693506107 5,942 71,170 SH SOLE 71,170 0 0 PEPSICO INC COMMON STOCKS 713448108 4,975 74,987 SH SOLE 74,987 0 0 PHILIP MORRIS INTERNATIONAL INC COMMON STOCKS 718172109 209 2,660 SH SOLE 2,660 0 0 PLAINS ALL AMER PIPELINE L UNIT L P COMMON STOCKS 726503105 277 3,769 SH SOLE 3,769 0 0 INT POOL CORP COMMON STOCKS 73278L105 77,848 2,586,310 SH SOLE 2,586,310 0 0 PRAXAIR INC COMMON STOCKS 74005P104 21,867 204,554 SH SOLE 204,554 0 0 PRECISION CASTPARTS CORP COM COMMON STOCKS 740189105 11,311 68,641 SH SOLE 68,641 0 0 T ROWE PRICE GROUP INC COMMON STOCKS 74144T108 19,676 345,498 SH SOLE 345,498 0 0 PRICELINE INC COMMON STOCKS 741503403 10,828 23,151 SH SOLE 23,151 0 0 PRICESMART INC COM COMMON STOCKS 741511109 18,477 265,507 SH SOLE 265,507 0 0 PROCTER & GAMBLE COMPANY COMMON STOCKS 742718109 5,105 76,524 SH SOLE 76,524 0 0 QUALCOMM INC COMMON STOCKS 747525103 16,741 306,044 SH SOLE 306,044 0 0 QUALITY SYSTEMS INC COMMON STOCKS 747582104 3,595 97,189 SH SOLE 97,189 0 0 QUANTUM CORP COMMON STOCKS 747906204 37 15,250 SH SOLE 15,250 0 0 QUESTAR CORP COM COMMON STOCKS 748356102 1,733 87,279 SH SOLE 87,279 0 0 RLI CORP COMMON STOCKS 749607107 94,672 1,299,368 SH SOLE 1,299,368 0 0 RBC BEARINGS INC COMMON STOCKS 75524B104 37,412 897,167 SH SOLE 897,167 0 0 REALTY INCOME CORP COMMON STOCKS 756109104 796 22,775 SH SOLE 22,775 0 0 REED ELSEVIER N V SPONS ADR COMMON STOCKS 758204200 779 33,548 SH SOLE 33,548 0 0 RIO TINTO PLC SPONSORED ADR COMMON STOCKS 767204100 480 9,812 SH SOLE 9,812 0 0 ROCKWELL COLLINS INC COMMON STOCKS 774341101 3,617 65,333 SH SOLE 65,333 0 0 ROLLINS INC COMMON STOCKS 775711104 26,245 1,181,143 SH SOLE 1,181,143 0 0 ROPER INDUSTRIES INC COMMON STOCKS 776696106 11,672 134,362 SH SOLE 134,362 0 0 ROSS STORES INC COMMON STOCKS 778296103 35,317 743,044 SH SOLE 743,044 0 0 ROYAL DUTCH SHELL PLC SPONSORED ADR B COMMON STOCKS 780259107 744 9,788 SH SOLE 9,788 0 0 ROYAL DUTCH SHELL PLC SPONSORED ADR A COMMON STOCKS 780259206 1,422 19,459 SH SOLE 19,459 0 0 SPDR S&P DEPOSITARY RECEIPT ETF/ISHARE - 78462F103 1,335 10,639 SH SOLE 10,639 0 0 EQUITY SPDR GOLD TRUST ETF/ISHARE - 78463V107 7,406 48,725 SH SOLE 48,725 0 0 EQUITY SANOFI-AVENTIS SPON ADR COMMON STOCKS 80105N105 1,011 27,678 SH SOLE 27,678 0 0 SAP AG SPONSORED ADR COMMON STOCKS 803054204 1,348 25,463 SH SOLE 25,463 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 ------------------------------------- -------------- --------- -------- --------- --- ---- ---------- -------- --------- ------ ---- SCANSOURCE INC COMMON STOCKS 806037107 11,656 323,790 SH SOLE 323,790 0 0 SCHLUMBERGER LIMITED COMMON STOCKS 806857108 19,166 280,575 SH SOLE 280,575 0 0 THE CHARLES SCHWAB CORPORATION COMMON STOCKS 808513105 2,156 191,442 SH SOLE 191,442 0 0 SIGMA ALDRICH CORP COMMON STOCKS 826552101 22,401 358,644 SH SOLE 358,644 0 0 SILGAN HOLLDINGS INC COMMON STOCKS 827048109 7,794 201,706 SH SOLE 201,706 0 0 SIRONA DENTAL SYSTEMS INC COM COMMON STOCKS 82966C103 30,583 694,448 SH SOLE 694,448 0 0 STATE STREET CORP COMMON STOCKS 857477103 376 9,320 SH SOLE 9,320 0 0 STERICYCLE INC COMMON STOCKS 858912108 5,136 65,916 SH SOLE 65,916 0 0 SYNGENTA AG ADR COMMON STOCKS 87160A100 254 4,309 SH SOLE 4,309 0 0 SYNTEL INC COMMON STOCKS 87162H103 41,302 883,090 SH SOLE 883,090 0 0 SYSCO CORP COMMON STOCKS 871829107 271 9,242 SH SOLE 9,242 0 0 THE TJX COMPANIES INC COMMON STOCKS 872540109 8,592 133,106 SH SOLE 133,106 0 0 TECHNE CORP COMMON STOCKS 878377100 78,613 1,151,666 SH SOLE 1,151,666 0 0 TELENOR ASA SPONSORED ADR COMMON STOCKS 87944W105 926 18,770 SH SOLE 18,770 0 0 TEMPUR-PEDIC INTERNATIONAL INC COMMON STOCKS 88023U101 105,166 2,002,026 SH SOLE 2,002,026 0 0 TEVA PHARMACEUTICAL INDS ADR COMMON STOCKS 881624209 959 23,770 SH SOLE 23,770 0 0 3M COMPANY COMMON STOCKS 88579Y101 11,276 137,964 SH SOLE 137,964 0 0 TOTAL SA SPONSORED ADR COMMON STOCKS 89151E109 1,485 29,062 SH SOLE 29,062 0 0 THE TRAVELERS COMPANIES INC COMMON STOCKS 89417E109 8,802 148,755 SH SOLE 148,755 0 0 UNILEVER N V ADR COMMON STOCKS 904784709 1,053 30,623 SH SOLE 30,623 0 0 UNION PACIFIC CORPORATION COMMON STOCKS 907818108 11,470 108,268 SH SOLE 108,268 0 0 VCA ANTECH INC COMMON STOCKS 918194101 9,725 492,381 SH SOLE 492,381 0 0 VF CORPORATION COMMON STOCKS 918204108 6,438 50,693 SH SOLE 50,693 0 0 VANGUARD EMERGING MARKETS ETF ETF/ISHARE - 922042858 6,949 181,863 SH SOLE 181,863 0 0 EQUITY VERSUS TECHNOLOGY INC COMMON STOCKS 925313108 5 100,000 SH SOLE 100,000 0 0 VISA INC CL A COMMON STOCKS 92826C839 20,988 206,716 SH SOLE 206,716 0 0 VODAFONE GROUP INC COMMON STOCKS 92857W209 850 30,341 SH SOLE 30,341 0 0 WD-40 COMPANY COMMON STOCKS 929236107 50,286 1,244,389 SH SOLE 1,244,389 0 0 WAL MART STORES INC COMMON STOCKS 931142103 1,282 21,456 SH SOLE 21,456 0 0 WALGREEN COMPANY COMMON STOCKS 931422109 620 18,739 SH SOLE 18,739 0 0 WATERS CORP COMMON STOCKS 941848103 16,918 228,473 SH SOLE 228,473 0 0 WELLS FARGO & CO COMMON STOCKS 949746101 4,044 146,745 SH SOLE 146,745 0 0 WESTERN UNION COMPANY COMMON STOCKS 959802109 6,143 336,445 SH SOLE 336,445 0 0 JOHN WILEY & SONS COMMON STOCKS 968223206 67,041 1,509,931 SH SOLE 1,509,931 0 0 WOLVERINE WORLD WIDE INC COMMON STOCKS 978097103 11,038 309,710 SH SOLE 309,710 0 0 WORLD FUEL SERVICES CORPORATION COMMON STOCKS 981475106 79,671 1,897,835 SH SOLE 1,897,835 0 0 XILINX INC COMMON STOCKS 983919101 18,555 578,761 SH SOLE 578,761 0 0 YOUNG INNOVATIONS INC COMMON STOCKS 987520103 14,332 483,706 SH SOLE 483,706 0 0 ACCENTURE PLC CL A COMMON STOCKS G1151C101 19,745 370,946 SH SOLE 370,946 0 0 CLICKSOFTWARE TECHNOLOGIES LTD COMMON STOCKS M25082104 6,038 629,572 SH SOLE 629,572 0 0 CORE LABORATORIES N V COMMON STOCKS N22717107 11,385 99,913 SH SOLE 99,913 0 0 STEINER LEISURE LIMITED COMMON STOCKS P8744Y102 40,747 897,711 SH SOLE 897,711 0 0