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
AMERICAN EXPRESS CO COM 025816109 109,556 887,524 SH   SOLE   887,524 0 0
ESTEE LAUDER COMPANIES-CL A COM 518439104 53,953 294,650 SH   SOLE   294,650 0 0
EXPEDITORS INTL WASH INC COM 302130109 233,517 3,078,263 SH   SOLE   3,078,263 0 0
MASTERCARD INC - A COM CL A 57636Q104 154,518 584,123 SH   SOLE   584,123 0 0
S&P GLOBAL INC COM 78409V104 89,755 394,027 SH   SOLE   394,027 0 0
MOODY'S CORP COM 615369105 95,271 487,793 SH   SOLE   487,793 0 0
STARBUCKS CORP COM 855244109 54,590 651,203 SH   SOLE   651,203 0 0
VISA INC-CLASS A SHARES COM CL A 92826C839 61,022 351,610 SH   SOLE   351,610 0 0
C.H. ROBINSON WORLDWIDE INC COM 12541W209 68,775 815,356 SH   SOLE   815,356 0 0
FACTSET RESEARCH SYSTEMS INC COM 303075105 52,197 182,150 SH   SOLE   182,150 0 0