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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ADOBE INC COM 00724F101   130,804,935 259,225 SH   DFND   196,332 0 62,893
ADOBE INC COM 00724F101   101,167,254 200,490 SH   DFND 1 190,954 0 9,536
AGILENT TECHNOLOGIES INC COM 00846U101   227,834,465 1,565,765 SH   DFND 1 1,475,427 0 90,338
AGILENT TECHNOLOGIES INC COM 00846U101   291,702,878 2,004,693 SH   DFND   1,514,779 0 489,914
ALPHABET INC CAP STK CL A 02079K305   319,775,844 2,118,703 SH   DFND 1 1,996,107 0 122,596
ALPHABET INC CAP STK CL A 02079K305   409,350,988 2,712,191 SH   DFND   2,049,446 0 662,745
AMERICAN TOWER CORP NEW COM 03027X100   232,505,931 1,176,709 SH   DFND   889,647 0 287,062
AMERICAN TOWER CORP NEW COM 03027X100   181,715,817 919,661 SH   DFND 1 866,424 0 53,237
ANALOG DEVICES INC COM 032654105   272,920,729 1,379,851 SH   DFND 1 1,300,008 0 79,843
ANALOG DEVICES INC COM 032654105   349,339,071 1,766,212 SH   DFND   1,334,643 0 431,569
AON PLC SHS CL A G0403H108   175,062,504 524,579 SH   DFND 1 494,312 0 30,267
AON PLC SHS CL A G0403H108   224,130,023 671,611 SH   DFND   507,483 0 164,128
APPLIED MATLS INC COM 038222105   394,519,227 1,913,006 SH   DFND   1,445,461 0 467,545
APPLIED MATLS INC COM 038222105   308,178,563 1,494,344 SH   DFND 1 1,408,159 0 86,185
AUTODESK INC COM 052769106   243,923,174 936,653 SH   DFND   708,189 0 228,464
AUTODESK INC COM 052769106   190,629,784 732,009 SH   DFND 1 689,689 0 42,320
BLACKROCK INC COM 09247X101   213,525,577 256,118 SH   DFND   215,513 0 40,605
BLACKROCK INC COM 09247X101   185,747,526 222,799 SH   DFND 1 209,914 0 12,885
BROADCOM INC COM 11135F101   471,572,926 355,794 SH   DFND 1 335,284 0 20,510
BROADCOM INC COM 11135F101   604,245,141 455,893 SH   DFND   344,624 0 111,269
CANADIAN PACIFIC KANSAS CITY COM 13646K108   176,662,438 2,003,657 SH   DFND   1,513,028 0 490,629
CANADIAN PACIFIC KANSAS CITY COM 13646K108   137,900,966 1,564,035 SH   DFND 1 1,473,589 0 90,446
CBRE GROUP INC CL A 12504L109   218,004,204 2,241,919 SH   DFND 1 2,112,349 0 129,570
CBRE GROUP INC CL A 12504L109   279,169,817 2,870,936 SH   DFND   2,168,533 0 702,403
CDW CORP COM 12514G108   155,611,181 608,379 SH   DFND 1 573,222 0 35,157
CDW CORP COM 12514G108   199,235,227 778,932 SH   DFND   588,526 0 190,406
CME GROUP INC COM 12572Q105   217,901,252 1,012,129 SH   DFND   764,771 0 247,358
CME GROUP INC COM 12572Q105   170,178,564 790,462 SH   DFND 1 744,887 0 45,575
CREDIT ACCEP CORP MICH COM 225310101   76,153,612 138,072 SH   DFND   104,326 0 33,746
CREDIT ACCEP CORP MICH COM 225310101   59,489,631 107,859 SH   DFND 1 101,584 0 6,275
ECOLAB INC COM 278865100   126,698,063 548,714 SH   DFND 1 516,909 0 31,805
ECOLAB INC COM 278865100   162,139,365 702,206 SH   DFND   530,719 0 171,487
ENTEGRIS INC COM 29362U104   155,080,409 1,103,461 SH   DFND 1 1,039,652 0 63,809
ENTEGRIS INC COM 29362U104   198,502,912 1,412,430 SH   DFND   1,067,373 0 345,057
EQUIFAX INC COM 294429105   231,794,042 866,455 SH   DFND 1 816,383 0 50,072
EQUIFAX INC COM 294429105   296,692,253 1,109,047 SH   DFND   838,043 0 271,004
FASTENAL CO COM 311900104   229,928,575 2,980,666 SH   DFND   2,252,359 0 728,307
FASTENAL CO COM 311900104   179,632,832 2,328,660 SH   DFND 1 2,194,009 0 134,651
FERGUSON PLC NEW SHS G3421J106   175,886,607 805,231 SH   DFND 1 758,593 0 46,638
FERGUSON PLC NEW SHS G3421J106   225,064,156 1,030,372 SH   DFND   778,883 0 251,489
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   229,292,483 2,052,569 SH   DFND   1,550,926 0 501,643
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   179,086,211 1,603,135 SH   DFND 1 1,510,605 0 92,530
INTERCONTINENTAL EXCHANGE IN COM 45866F104   295,140,957 2,147,573 SH   DFND   1,622,813 0 524,760
INTERCONTINENTAL EXCHANGE IN COM 45866F104   230,548,857 1,677,573 SH   DFND 1 1,580,756 0 96,817
IQVIA HLDGS INC COM 46266C105   196,014,786 775,099 SH   DFND 1 730,275 0 44,824
IQVIA HLDGS INC COM 46266C105   250,927,826 992,241 SH   DFND   749,744 0 242,497
LIVE NATION ENTERTAINMENT IN COM 538034109   148,673,802 1,405,633 SH   DFND 1 1,324,467 0 81,166
LIVE NATION ENTERTAINMENT IN COM 538034109   190,392,452 1,800,061 SH   DFND   1,360,037 0 440,024
MICROSOFT CORP COM 594918104   266,874,897 634,329 SH   DFND 1 597,637 0 36,692
MICROSOFT CORP COM 594918104   341,600,659 811,943 SH   DFND   613,546 0 198,397
MOODYS CORP COM 615369105   112,616,458 286,534 SH   DFND   216,536 0 69,998
MOODYS CORP COM 615369105   87,988,412 223,872 SH   DFND 1 210,902 0 12,970
ORACLE CORP COM 68389X105   69,771,331 555,460 SH   DFND   418,947 0 136,513
ORACLE CORP COM 68389X105   54,325,320 432,492 SH   DFND 1 407,560 0 24,932
S&P GLOBAL INC COM 78409V104   386,546,852 908,560 SH   DFND 1 856,015 0 52,545
S&P GLOBAL INC COM 78409V104   494,786,437 1,162,972 SH   DFND   878,772 0 284,200
SS&C TECHNOLOGIES HLDGS INC COM 78467J100   176,366,848 2,739,892 SH   DFND   2,070,401 0 669,491
SS&C TECHNOLOGIES HLDGS INC COM 78467J100   137,775,681 2,140,371 SH   DFND 1 2,016,606 0 123,765
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   247,658,345 1,820,348 SH   DFND   1,375,518 0 444,830
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   193,458,474 1,421,966 SH   DFND 1 1,339,775 0 82,191
THERMO FISHER SCIENTIFIC INC COM 883556102   220,403,550 379,215 SH   DFND 1 357,341 0 21,874
THERMO FISHER SCIENTIFIC INC COM 883556102   282,176,874 485,499 SH   DFND   366,870 0 118,629
TRADEWEB MKTS INC CL A 892672106   75,539,813 725,159 SH   DFND   548,099 0 177,060
TRADEWEB MKTS INC CL A 892672106   58,951,886 565,920 SH   DFND 1 533,430 0 32,490
TRINET GROUP INC COM 896288107   170,494,757 1,286,850 SH   DFND 1 1,212,618 0 74,232
TRINET GROUP INC COM 896288107   217,704,388 1,643,176 SH   DFND   1,241,465 0 401,711
VERISIGN INC COM 92343E102   142,543,168 752,167 SH   DFND 1 708,751 0 43,416
VERISIGN INC COM 92343E102   182,494,340 962,980 SH   DFND   727,629 0 235,351
VISA INC COM CL A 92826C839   273,467,143 979,888 SH   DFND 1 923,198 0 56,690
VISA INC COM CL A 92826C839   350,038,323 1,254,258 SH   DFND   947,775 0 306,483
YUM BRANDS INC COM 988498101   112,692,086 812,781 SH   DFND   614,457 0 198,324
YUM BRANDS INC COM 988498101   87,976,059 634,519 SH   DFND 1 597,708 0 36,811
ZOETIS INC CL A 98978V103   103,322,672 610,618 SH   DFND 1 575,340 0 35,278
ZOETIS INC CL A 98978V103   132,261,981 781,644 SH   DFND   590,684 0 190,960