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 37,577 394,224 SH   SOLE   394,224 0 0
ESTEE LAUDER COMPANIES-CL A COM 518439104 67,802 521,150 SH   SOLE   521,150 0 0
EXPEDITORS INTL WASH INC COM 302130109 142,782 2,096,963 SH   SOLE   2,096,963 0 0
MASTERCARD INC - A CL A 57636Q104 106,365 563,823 SH   SOLE   563,823 0 0
S&P GLOBAL INC COM 78409V104 63,035 370,927 SH   SOLE   370,927 0 0
MOODY'S CORP COM 615369105 72,796 519,823 SH   SOLE   519,823 0 0
STARBUCKS CORP COM 855244109 52,017 807,711 SH   SOLE   807,711 0 0
VISA INC-CLASS A SHARES COM CL A 92826C839 37,730 285,960 SH   SOLE   285,960 0 0
NIKE INC -CL B CL B 654106103 36,699 495,000 SH   SOLE   495,000 0 0