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 52,008 475,824 SH   SOLE   475,824 0 0
ESTEE LAUDER COMPANIES-CL A COM 518439104 46,230 279,250 SH   SOLE   279,250 0 0
EXPEDITORS INTL WASH INC COM 302130109 200,350 2,639,663 SH   SOLE   2,639,663 0 0
MASTERCARD INC - A CL A 57636Q104 147,715 627,373 SH   SOLE   627,373 0 0
S&P GLOBAL INC COM 78409V104 85,278 405,027 SH   SOLE   405,027 0 0
MOODY'S CORP COM 615369105 102,954 568,523 SH   SOLE   568,523 0 0
STARBUCKS CORP COM 855244109 44,791 602,511 SH   SOLE   602,511 0 0
VISA INC-CLASS A SHARES COM CL A 92826C839 48,967 313,510 SH   SOLE   313,510 0 0
NIKE INC -CL B CL B 654106103 10,826 128,556 SH   SOLE   128,556 0 0