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
ARRIS INTL INC SHS G0551A103 377 12,325 SH   SOLE   12,325 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 60,737 1,583,747 SH   SOLE   1,583,747 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 371 23,000 SH   SOLE   23,000 0 0
COMCAST CORP NEW CL A 20030N101 78,679 2,310,682 SH   SOLE   2,310,682 0 0
CORE LABORATORIES N V COM N22717107 16,233 272,096 SH   SOLE   272,096 0 0
ECOLAB INC COM 278865100 115,240 782,083 SH   SOLE   782,083 0 0
EXPEDITORS INTL WASH INC COM 302130109 111,003 1,630,237 SH   SOLE   1,630,237 0 0
FASTENAL CO COM 311900104 105,118 2,010,288 SH   SOLE   2,010,288 0 0
NIKE INC CL B 654106103 65,926 889,211 SH   SOLE   889,211 0 0
OUTFRONT MEDIA INC COM 69007J106 227 12,500 SH   SOLE   12,500 0 0
PAYCHEX INC COM 704326107 121,258 1,861,209 SH   SOLE   1,861,209 0 0
PROGRESSIVE CORP OHIO COM 743315103 160,335 2,657,625 SH   SOLE   2,657,625 0 0
PROSHARES TR SHRT 20+YR TRE 74347X849 1,209 54,000 SH   SOLE   54,000 0 0
REGENERON PHARMACEUTICALS COM 75886F107 52,447 140,420 SH   SOLE   140,420 0 0
ROPER TECHNOLOGIES INC COM 776696106 14,127 53,007 SH   SOLE   53,007 0 0
SCHLUMBERGER LTD COM 806857108 1,696 47,000 SH   SOLE   47,000 0 0
TESARO INC COM 881569107 631 8,500 SH   SOLE   8,500 0 0
U S G CORP COM NEW 903293405 1,324 31,030 SH   SOLE   31,030 0 0
UNION PAC CORP COM 907818108 77,228 558,690 SH   SOLE   558,690 0 0
US BANCORP DEL COM NEW 902973304 441 9,649 SH   SOLE   9,649 0 0
WELLS FARGO CO NEW COM 949746101 83,579 1,813,783 SH   SOLE   1,813,783 0 0