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 171,544 1,377,974 SH   SOLE   1,377,974 0 0
ESTEE LAUDER COMPANIES-CL A COM 518439104 96,506 467,250 SH   SOLE   467,250 0 0
EXPEDITORS INTL WASH INC COM 302130109 314,012 4,024,763 SH   SOLE   4,024,763 0 0
MASTERCARD INC - A COM CL A 57636Q104 124,784 417,910 SH   SOLE   417,910 0 0
S&P GLOBAL INC COM 78409V104 108,234 396,388 SH   SOLE   396,388 0 0
MOODY'S CORP COM 615369105 122,810 517,289 SH   SOLE   517,289 0 0
STARBUCKS CORP COM 855244109 77,827 885,203 SH   SOLE   885,203 0 0
VISA INC-CLASS A SHARES COM CL A 92826C839 90,072 479,360 SH   SOLE   479,360 0 0
C.H. ROBINSON WORLDWIDE INC COM 12541W209 117,682 1,504,883 SH   SOLE   1,504,883 0 0
FACTSET RESEARCH SYSTEMS INC COM 303075105 97,286 362,600 SH   SOLE   362,600 0 0
WELLS FARGO & CO COM 949746101 96,536 1,794,350 SH   SOLE   1,794,350 0 0