| As of
3/31/08
| Security
Name |
Number
of Shares |
Market
Value |
| White Mountains Ins. |
108,275 |
51,972,000 |
| Berkshire Hathaway |
325 |
43,355,000 |
| Brown & Brown Inc. |
1,879,696 |
32,669,116 |
| General Electric |
763,875 |
28,271,014 |
| Ross Stores, Inc. |
921,422 |
27,605,803 |
| Markel Corporation |
61,850 |
27,212,145 |
| John Wiley & Sons |
661,700 |
26,269,490 |
| Yum! Brands, Inc. |
660,600 |
24,580,926 |
| Protective Life Corp. |
591,400 |
23,987,184 |
| IDEX Corp. |
771,750 |
23,685,008 |
| Federated Investors |
600,000 |
23,496,000 |
| Westamerica Bancorp. |
436,100 |
22,938,860 |
| Kaydon Corp. |
491,100 |
21,564,201 |
| Zebra Technology |
638,502 |
21,274,887 |
| International Speedway |
515,688 |
21,246,346 |
| Johnson & Johnson |
300,000 |
19,461,000 |
| Heartland Express |
1,333,333 |
19,013,329 |
Mohawk Industries |
248,100 |
17,766,441 |
| Meredith Corp. |
447,450 |
17,114,963 |
| Amsurg Corp. |
696,150 |
16,484,832 |
| Forward Air Corp. |
439,233 |
15,566,418 |
| Forest City Enterprise |
400,000 |
14,720,000 |
| TCF Financial Corp. |
796,000 |
14,264,320 |
| Allied Capital Corp. |
736,391 |
13,571,686 |
| Pediatrix Medical |
200,000 |
13,480,000 |
| Bed Bath & Beyond |
452,600 |
13,351,700 |
| Donaldson Company |
311,200 |
12,535,136 |
| Barr Pharmaceuticals |
250,000 |
12,077,500 |
| Vulcan Materials |
177,065 |
11,757,116 |
| Carmax, Inc. |
600,000 |
11,652,000 |
| Martin Marietta Materials |
108,443 |
11,513,393 |
| M & T Bank Corp. |
143,000 |
11,508,640 |
| Illinois Tool Works |
199,950 |
9,643,589 |
| Graco, Inc. |
261,550 |
9,483,803 |
American Express |
177,000 |
7,738,440 |
| Whole Foods Market |
200,000 |
6,594,000 |
| SCP Pool Corp. |
290,950 |
5,496,046 |
| Winnebago Industries |
317,900 |
5,372,510 |
| Knight Transport |
300,000 |
4,938,000 |
| CBL & Associates |
100,000 |
2,353,000 |
| First American Treasury Fund |
65,957,914 |
65,957,914 |
|
By accessing the portfolio holdings, you
agree not to reproduce, distribute or disseminate the portfolio
holdings, in whole or in part, in any form withour prior written
permission of FAM Value Fund. The portfolio holdings are provided
on an "as is" basis, and FAM Value Fund makes no
express or implied warranties or representations with respect
to the accuracy, completeness, reliability or fitness of the
portfolio holdings or any financial results you may achieve
from their use.
In no event shall FAM Value Fund or its affiliates
have any liability relating to the use of the portfolio holdings.
The portfolio holdings are provided on a delayed basis and
will not necessarily represent all of the actual investments
held by the relevant FAM Value Fund.
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