The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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 MANAGER SOLE SHARED NONE
ALPHABET INC CAP STK CL C 02079K107 3,757,346 3,476,095 SH   SOLE   3,476,095 0 0
ALPHABET INC CAP STK CL A 02079K305 595,238 549,721 SH   SOLE   549,721 0 0
ANTHEM INC COM 036752103 850,041 3,012,085 SH   SOLE   3,012,085 0 0
CANADIAN NATL RY CO COM 136375102 1,757,269 18,992,423 SH   SOLE   18,992,423 0 0
CANADIAN PAC RY LTD COM 13645T100 2,391,674 10,157,465 SH   SOLE   10,157,465 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108 3,839,592 9,716,058 SH   SOLE   9,716,058 0 0
EQUIFAX INC COM 294429105 220,993 1,634,083 SH   SOLE   1,634,083 0 0
MICROSOFT CORP COM 594918104 2,200,370 16,425,574 SH   SOLE   16,425,574 0 0
MOODYS CORP COM 615369105 1,176,335 6,022,912 SH   SOLE   6,022,912 0 0
S&P GLOBAL INC COM 78409V104 451,574 1,982,414 SH   SOLE   1,982,414 0 0
UNION PACIFIC CORP COM 907818108 799,515 4,727,781 SH   SOLE   4,727,781 0 0
UNIVAR INC COM 91336L107 347,445 15,764,300 SH   SOLE   15,764,300 0 0
VISA INC COM CL A 92826C839 151,006 870,100 SH   SOLE   870,100 0 0