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
AUTOZONE INC COM 053332102 150,204 69,891 SH   SOLE   69,891 0 0
NIKE INC COM CL B 654106103 137,775 1,348,093 SH   SOLE   1,348,093 0 0
ANHEUSER-BUSCH INBEV-SPN ADR SPONSORED ADR 03524A108 306,173 5,675,120 SH   SOLE   5,675,120 0 0
S&P GLOBAL INC COM 78409V104 168,823 500,870 SH   SOLE   500,870 0 0
MOODY'S CORP COM 615369105 216,384 795,616 SH   SOLE   795,616 0 0
EXPEDITORS INTL WASH INC COM 302130109 98,309 1,008,708 SH   SOLE   1,008,708 0 0
OTIS WORLDWIDE CORP COM 68902V107 443,293 6,272,715 SH   SOLE   6,272,715 0 0
AUTOMATIC DATA PROCESSING COM 053015103 244,777 1,165,382 SH   SOLE   1,165,382 0 0
YUM CHINA HOLDINGS INC COM 98850P109 295,427 6,091,286 SH   SOLE   6,091,286 0 0
MASTERCARD INC - A COM CL A 57636Q104 187,507 594,355 SH   SOLE   594,355 0 0
VISA INC-CLASS A SHARES COM CL A 92826C839 162,324 824,440 SH   SOLE   824,440 0 0
STARBUCKS CORP COM 855244109 261,728 3,426,208 SH   SOLE   3,426,208 0 0
THE ESTEE LAUDER COMPANIES INC COM 518439104 131,125 514,882 SH   SOLE   514,882 0 0