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

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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
AMERICAN EXPRESS CO COM 025816109 35,666 334,924 SH   SOLE   334,924 0 0
AUTOZONE INC COM 053332102 37,922 48,888 SH   SOLE   48,888 0 0
ESTEE LAUDER COMPANIES-CL A COM 518439104 68,933 474,350 SH   SOLE   474,350 0 0
EXPEDITORS INTL WASH INC COM 302130109 138,486 1,883,398 SH   SOLE   1,883,398 0 0
MASTERCARD INC - A CL A 57636Q104 105,255 472,823 SH   SOLE   472,823 0 0
S&P GLOBAL INC COM 78409V104 53,571 274,177 SH   SOLE   274,177 0 0
MOODY'S CORP COM 615369105 60,346 360,923 SH   SOLE   360,923 0 0
STARBUCKS CORP COM 855244109 135,066 2,376,252 SH   SOLE   2,376,252 0 0
VISA INC-CLASS A SHARES COM CL A 92826C839 36,391 242,460 SH   SOLE   242,460 0 0
Procter & Gamble COM 742718109 71,665 861,050 SH   SOLE   861,050 0 0