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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Microsoft Corp COM 594918104   100,239,317 236,413 SH   SOLE   96,885 0 139,528
Amazon Com Inc COM 023135106   85,800,421 467,608 SH   SOLE   192,887 0 274,721
Mastercard Incorporated CL A 57636Q104   81,670,357 171,599 SH   SOLE   68,896 0 102,703
Moodys Corp COM 615369105   72,707,752 183,648 SH   SOLE   74,848 0 108,800
Copart Inc COM 217204106   67,105,702 1,173,256 SH   SOLE   482,780 0 690,476
Alphabet Inc CAP STK CL C 02079K107   63,327,825 405,964 SH   SOLE   148,184 0 257,780
Waste Mgmt Inc Del COM 94106L109   52,037,683 248,593 SH   SOLE   106,169 0 142,424
MSCI Inc. COM 55354G100   49,394,504 88,611 SH   SOLE   41,877 0 46,734
Verisk Analytics Inc COM 92345Y106   45,947,695 197,951 SH   SOLE   85,668 0 112,283
AON Plc SHS CL A G0403H108   45,704,812 140,355 SH   SOLE   61,133 0 79,222
Marsh & McLennan Cos Inc COM 571748102   44,379,787 216,405 SH   SOLE   98,033 0 118,372
CoStar Group Inc COM 22160N109   42,698,844 444,289 SH   SOLE   203,109 0 241,180
Intuit COM 461202103   39,730,242 61,440 SH   SOLE   26,583 0 34,857
Republic Svcs Inc COM 760759100   38,491,508 202,542 SH   SOLE   95,284 0 107,258
CBRE Group Inc CL A 12504L109   37,770,905 390,839 SH   SOLE   165,570 0 225,269
Progressive Corp COM 743315103   34,836,109 169,397 SH   SOLE   70,563 0 98,834
S&P Global Inc COM 78409V104   34,223,069 79,425 SH   SOLE   34,240 0 45,185
Apple Inc COM 037833100   33,484,727 196,487 SH   SOLE   81,107 0 115,380
Canadian Pacific Kansas City COM 13646K108   33,210,407 374,182 SH   SOLE   169,715 0 204,467
Canadian Natl Ry Co COM 136375102   32,872,238 250,329 SH   SOLE   113,392 0 136,937
Nike Inc CL B 654106103   27,784,009 301,223 SH   SOLE   125,059 0 176,164
Lauder Estee Cos Inc CL A 518439104   26,462,285 175,240 SH   SOLE   76,849 0 98,391
Berkshire Hathaway Inc Del CL B NEW 084670702   24,698,936 59,560 SH   SOLE   0 0 59,560
Adobe Inc COM 00724F101   22,800,869 45,908 SH   SOLE   15,675 0 30,233
Pepsico Inc COM 713448108   18,283,353 106,259 SH   SOLE   35,114 0 71,145
Colgate Palmolive Co COM 194162103   18,161,507 204,943 SH   SOLE   82,613 0 122,330
Procter and Gamble Co COM 742718109   18,148,229 114,328 SH   SOLE   42,509 0 71,819
Ferrari N V COM N3167Y103   15,317,921 35,586 SH   SOLE   22,928 0 12,658
Unilever PLC SPON ADR NEW 904767704   14,289,349 290,535 SH   SOLE   127,082 0 163,453
Visa Inc COM CL A 92826C839   13,444,473 48,424 SH   SOLE   18,925 0 29,499
CME Group Inc COM 12572Q105   12,794,140 60,269 SH   SOLE   27,389 0 32,880
Coca Cola Co COM 191216100   4,997,215 83,677 SH   SOLE   0 0 83,677
Equifax Inc COM 294429105   1,576,440 6,000 SH   SOLE   0 0 6,000
Stryker Corporation COM 863667101   1,245,380 3,549 SH   SOLE   0 0 3,549
Fair Isaac Corp COM 303250104   937,473 769 SH   SOLE   0 0 769
Johnson & Johnson COM 478160104   542,914 3,565 SH   SOLE   0 0 3,565
Becton Dickinson & Co COM 075887109   393,542 1,601 SH   SOLE   0 0 1,601
Schwab Charles Corp COM 808513105   277,160 3,835 SH   SOLE   0 0 3,835