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
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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
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 232,850 1,044,359 SH   SOLE   1,044,359 0 0
ALPHABET INC CAP STK CL C 02079K107 8,542,766 2,952,307 SH   SOLE   2,952,307 0 0
ALPHABET INC CAP STK CL A 02079K305 1,790,432 618,021 SH   SOLE   618,021 0 0
BOSTON PROPERTIES INC COM 101121101 1,435,010 12,458,851 SH   SOLE   12,458,851 0 0
CANADIAN NATL RY CO COM 136375102 4,510,742 36,699,825 SH   SOLE   36,699,825 0 0
CANADIAN PAC RY LTD COM 13645T100 4,020,373 55,860,385 SH   SOLE   55,860,385 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108 6,389,700 9,800,605 SH   SOLE   9,800,605 0 0
MICROSOFT CORP COM 594918104 5,610,841 16,683,044 SH   SOLE   16,683,044 0 0
MOODYS CORP COM 615369105 2,563,295 6,562,790 SH   SOLE   6,562,790 0 0
S&P GLOBAL INC COM 78409V104 1,768,456 3,747,284 SH   SOLE   3,747,284 0 0
UNION PAC CORP COM 907818108 1,548,340 6,145,915 SH   SOLE   6,145,915 0 0
VISA INC COM CL A 92826C839 5,004,792 23,094,422 SH   SOLE   23,094,422 0 0
IHS MARKIT LTD SHS G47567105 1,018,261 7,660,706 SH   SOLE   7,660,706 0 0