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 137,290 1,160,724 SH   SOLE   1,160,724 0 0
ESTEE LAUDER COMPANIES-CL A COM 518439104 61,436 308,800 SH   SOLE   308,800 0 0
EXPEDITORS INTL WASH INC COM 302130109 286,764 3,860,063 SH   SOLE   3,860,063 0 0
MASTERCARD INC - A COM CL A 57636Q104 117,525 432,760 SH   SOLE   432,760 0 0
S&P GLOBAL INC COM 78409V104 94,841 387,138 SH   SOLE   387,138 0 0
MOODY'S CORP COM 615369105 103,037 503,039 SH   SOLE   503,039 0 0
STARBUCKS CORP COM 855244109 57,305 648,103 SH   SOLE   648,103 0 0
VISA INC-CLASS A SHARES COM CL A 92826C839 74,121 430,910 SH   SOLE   430,910 0 0
C.H. ROBINSON WORLDWIDE INC COM 12541W209 105,304 1,242,083 SH   SOLE   1,242,083 0 0
FACTSET RESEARCH SYSTEMS INC COM 303075105 57,304 235,850 SH   SOLE   235,850 0 0
WELLS FARGO & CO COM 949746101 71,968 1,426,800 SH   SOLE   1,426,800 0 0