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
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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
Arch Capital Group Ltd COM G0450A105 136,486 1,440,179 SH   SOLE   1,437,764 0 2,415
Capella Education Co COM 139594105 3,001 35,300 SH   SOLE   35,300 0 0
Chipotle Mexican Grill Cl A COM 169656105 51,148 114,805 SH   SOLE   114,645 0 160
Cummins Inc COM 231021106 89,112 589,362 SH   SOLE   588,907 0 455
Deere & Co. COM 244199105 85,317 783,733 SH   SOLE   782,628 0 1,105
Expeditors International of Washington COM 302130109 69,039 1,222,150 SH   SOLE   1,220,820 0 1,330
Fastenal Co COM 311900104 83,325 1,617,960 SH   SOLE   1,615,695 0 2,265
Goldman Sachs Group Inc COM 38141G104 115,183 501,407 SH   SOLE   500,737 0 670
Mastercard Inc Class A COM 57636Q104 59,487 528,913 SH   SOLE   528,268 0 645
Moody's Corp. COM 615369105 137,029 1,223,039 SH   SOLE   1,221,324 0 1,715
NVR Inc. COM 62944T105 96,067 45,597 SH   SOLE   45,513 0 84
Ross Stores Inc COM 778296103 51,990 789,287 SH   SOLE   788,192 0 1,095
Strayer Education Inc COM 863236105 45,917 570,468 SH   SOLE   569,591 0 877
US Bancorp COM 902973304 55,522 1,078,100 SH   SOLE   1,076,875 0 1,225
Union Pacific Corporation COM 907818108 69,287 654,149 SH   SOLE   653,064 0 1,085
Visa Inc Cl A COM 92826C839 59,487 669,375 SH   SOLE   668,435 0 940
Waters Corp COM 941848103 16,456 105,275 SH   SOLE   105,275 0 0
YUM! Brands Inc COM 988498101 56,423 882,994 SH   SOLE   880,972 0 2,022
YUM! China Holdings Inc. COM 98850P109 1,392 51,169 SH   SOLE   51,169 0 0